Is it good to have Credit Cards?

[raaman]

Is it good to have Credit Cards?

Are you trying to get a credit card? Your credit limit and the credit card issuing company's policies will determine how many credit cards you are permitted to own. The majority of financial institutions often permit you to have up to four or five credit cards.

However, having too many credit cards is not advisable as having numerous credit cards can only increase your credit utilization ratio, which could result in lowering your credit score, and soon you may fall into a debt trap. So, it is important to keep that aspect in mind.

Of course, you can very well avoid credit card debt. Paying off the amount payable as quickly as you can is the best course of action when you hold a credit card. Your credit history, income, and other criteria are taken into account when determining your credit card limitations.

From one credit card to another, the interest rates, and the maximum admissible credit can also differ. Therefore, you have to be very careful about it and avoid repenting later on. To obtain the best rate and limit for you, it is better to do your homework on credit cards.​

 

[Shortie]

I am someone that refuses to have a credit card myself. My reason for this is that I know if I was given one with a credit limit I would probably spend quite a bit if not all of it and that would run me into issues with me having to pay it back. I would rather have a debit card and only be able to spend what I have access to rather than have an amount that I can spend as and when I like and struggle to pay it back.

 

[saoussen57651]

The bank credit card doesn't allow us to make purchases from external countries and this is case for several countries where credit card is in national currency so you could not for example pay hosting on Hostinger or deposit to Binance, so I think it is good only if you are someone purchasing everyday from local stores or to skip waiting queue for pay water, internet, electricity bill.

 

[RicAngelo]

I used to have 4 credit cards before and i can managed to used it very well, i got this cards because i have stable income and i used to works in several big companies and i got good salary to pay my bills every month. FYI i always paid my bills with full payment, its good to avoid the late fee and others fee.

Credit cards also offers us a lot of benefit like cashback and many rewards and it was good for me to use it that time

Now, i closed all of my credit cards because i dont have stable income anymore (for now) and i realize that having 4 credit cards is not good for me now. So my wife and i decided to closed all of them to avoid debt

 

[raaman]

I am someone that refuses to have a credit card myself. My reason for this is that I know if I was given one with a credit limit I would probably spend quite a bit if not all of it and that would run me into issues with me having to pay it back. I would rather have a debit card and only be able to spend what I have access to rather than have an amount that I can spend as and when I like and struggle to pay it back.

I also do not like having a credit card and the reason for this is simple. It will only make us buy all unwanted things and make us become indebted without any necessity for it. I only use debit card for all transactions and that way I am able to control the expenses and I am able to know where my money is going and am able to spend on only those essential expenses and am in control of my money. So, no headache, and no worries.