Getting a credit card is a big financial responsibility. This is something that should be done once you’ve thoroughly weighed the credit card pros and cons. 

By assessing credit card pros and cons you will be able to clearly identify which option will be ideal for your unique needs.

Credit card pros:

Immediate access

Once you have been approved for a credit card, you have immediate access to extra funds, which you can use however you wish. There are no long waiting periods.


Credit cards make it easier to make payments and provide convenience for online shopping.  Carrying a credit card around is also more convenient than having to carry cash around. It’s also a safer option on this way.

Earn rewards

You get rewards if you build up a good credit rating and stick to the rules of paying your balance on time and in full each month.

Lost card protection

If your credit card is lost or stolen, you will be reimbursed for any fraudulent activity.

Back up for emergencies

Using a credit card is ideal in cases of emergency

Good way to build up credit

You get to build up a credit history, which can be helpful for when you’re applying for bigger loans

Credit Card Cons:

They can be expensive

Credit cards can cost you a lot of money, if you don’t keep track of your spending.

Credit rating affected by non-payment

If you default on payments, it can hurt your credit rating

High interest charges

You can expect to be charged high interest charges for late payments

Hidden Fees

Some credit cards have hidden fees. Before signing your credit card agreement, you need to make sure that you fully understand the fees involved.

There’s the possible danger of overspending

If you aren’t careful with how you use your credit card, you may end up overspending and falling into a debt trap.