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Here Are 4 Myths About Credit Cards That You Ought to Know


One of the most crucial financial tools in any person's possession is a credit card. And it can only leave one to wonder; is a credit card an ally or a foe!



With a lot of information revolving around credit cards, you can easily stumble upon a misguided concept that can cloud your judgment. It's essential to have factual information and debunk all fallacies revolving around this financial asset. Here are some of the credit card myths that you must know.

• Credit cards can make one a slave to debt

Here's one of the most widespread misconceptions about credit cards. Most people often believe that one's you become a victim of a debt rat race trap; it's nearly impossible to get out. Well, the reverse is true!

Better debt management opens vast opportunities. You can use your credit card wisely and pay what you owe each month. It would be best if you spent what you can only afford and more so use credit cards only for emergencies.

Did you know that getting a credit card is the start of building an excellent credit score history? You can acquire credit cards for no credit and begin your journey today!

• Prepaid, as well as debit cards, are the only way to evade debt

To most, it's better to have a debit or prepaid card. It’s because they see it as a better way to avoid racking up debt.

However, how will you establish a credit history? You ought to know that debit cards, as well as prepaid cards, have minimal effect on one’s credit ratings.

You ought to have a credit card and use it effectively to improve your ultimate credit score. It’s one of the ways to determine your financial responsibility.

• Carrying a balance on the credit card can assist your credit score

It’s vital that you know, having cash owning on our credit card won’t do you any good. Instead, it can worsen your credit score.

Whenever you aren’t paying full bills, it means you spend more on interest rates each month.

It would help if you kept all your accounts active. Don’t always pay interest rates unnecessarily.

• The number of credit cards you have to affect your credit ratings

Here's a common fallacy that most people hold on to at most times. Most people believe that having a wallet full of credit cards only looks impressive but can ultimately damage your ability to secure credit in the future. Nonetheless, this isn't true.

If you are responsible when it comes to repayments, you have a better chance at the various credit cards.
The trick behind multiple credit cards is that you get each one to meet a specific need. You can exploit the different incentives as well as rewards. It would help if you kept an eye on interest rate free periods; pay the full balance, among others.

Credit cards provide a far better convenience that you would never find on debit cards. All you have to do is manage it well, acquire the right information, and maximize the benefits. If you don't have a credit history, you can get the right credit cards for no credit that works for you.



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Mardi 28 Janvier 2020
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