The Benefits and Disadvantages of Credit Cards
Credit cards can be a financial stumbling point for most people. You spend too much, get caught paying off the high interest rates, and end up bleeding a lot of money in interest payments.
However, there are benefits to some credit cards that will give you some of that money back. There are the money back, airmiles, aeroplan points, rewards programs, rental car insurance, travel insurance, and more that get packaged into these cards.
If you are someone who is paying a lot of services that are covered under a credit card, it might be a great opportunity to save a bit of money. Not paying these additional fees can be a huge benefit.
I have personally used a Mastercard that collects AirMiles for the past few years. It isn't the best deal, but it has still given me more than a few trips and free entertainment passes. The free money back cards are your best bet. A quick way to get 1% back on your purchases is to just sign up for a no-fee cashback card.
However, if you can't manage your credit card debt, you will end up paying through the nose. It can be a huge temptation when shopping to pick up something with the "pay later" attitude.
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Original Post: Monday, April 9th, 2007
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