What are some advantages of having a credit card?

  • Credit cards are a widely accepted form of payment, especially when compared to writing checks. Plus, credit cards are usually safer than carrying cash or checks.
  • If you do not agree with a merchant over an item purchased with your card, you may have the right to withhold payment depending on the circumstances. Buying expensive items with a credit card may provide you with more protection if the item breaks, does not work as advertised, or fails to meet your expectations.
  • Many cards have grace periods that last as long as 25 days. Essentially, you are given an interest-free loan for a month before you have to pay off your charges. Of course, this strategy is only successful if you pay your balance in full each month.
  • Credit cards are an extremely valuable source during emergencies that require significant amounts of cash quickly.
  • You are able to track your personal expenses with your credit card statement. Purchases can be identified by category so you will know where charges were made and when.
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