IS USING CREDIT CARD BOON OR BANE

Описание: Credit Card – Boon (Advantages)

1. Builds Strong Credit Score

Regular spending + timely repayment = high credit score.
Helps you get loans (home, car) at lower interest rates.


2. Interest-Free Period (45–55 Days)

You can use the bank’s money without interest.
Great for managing cash flow and emergencies.


3. Rewards, Cashback & Offers

Travel points, fuel surcharge waivers, online shopping discounts.
You essentially “earn money” on normal spending.


4. Safety & Fraud Protection

Credit cards offer better consumer protection than debit cards.
Fraudulent transactions can be disputed easily.

Credit Card – Bane (Disadvantages)

1. High Interest Rates (30–45% per annum)

If you don’t pay full due, interest + late fees can trap you in debt.


2. Minimum Payment Trap

Paying only minimum amount keeps you in a cycle of debt.
Bank earns heavily; your principal barely reduces.


3. Overspending Temptation

Easy swipe → unnecessary purchases → financial stress.


4. Hidden Charges

Late fee, over-limit fee, annual fee, cash withdrawal fee.
Cash withdrawal from credit card = no interest-free period + high charges.

#creditscore #credit #creditcard #creditcardtips #creditcards #debitcard #creditrepair