Tag Archive | “Credit Cards”

How Many Credit Cards Should I have

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When we are talking about credit cards, I advise you to keep more than one credit card as it will  beneficial to hold more than one credit cards, then to rely on a single credit card for all your purchases.

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Perhaps one of the most important reasons to carry multiple credit cards is that in case if your credit card is denied due to any given reason, like may be your card is being maxed out or blocked by the card issuer. I have faced such situations where my credit card was denied just because of the reason that I had made a series of large purchases in a short period of time.

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When I face such situation then instead of walking away denied, if I had another card I could have pull out it to complete the transaction.

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Beginners Guide to Credit Cards

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It is almost impossible to do anything these days without credit cards. If you are among the minority who do not own a credit card, there is a fat chance that you would have a great deal of difficulty in accomplishing some simple tasks like renting a car or reserving a hotel room.

Even buying any products on-line is plain impossible. So, just what are credit cards and how do they work? Let’s start by explaining some beginner credit card basics.

What is a Credit Card?

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The dictionary defines a credit card as:

“A card which can be used to obtain cash, goods or services up to a stipulated credit limit.  The supplier is later paid by the credit card company which in due course is reimbursed by the credit card holder who will be charged interest at the end of the credit period if money is still owing”.

In other words, whatever you charge to your credit account has to be paid back within the credit cycle or an interest amount will be applied to the remaining balance.

Advantages and Disadvantages of Credit Cards

The obvious advantage to using a credit card is that it allows you to purchase some goods or services that you may not be able to pay for immediately.  The credit cycle is usually about 30 days, and if the money is paid in that amount of time, there is no interest attached to the money borrowed.  This sounds good in theory, but the bottom line is that most Americans don’t pay off their balances on a monthly basis.  This is where some of the disadvantages come into play.

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September 2011
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