Pro’s and Con’s of Having a Credit Card

If you are thinking about getting a credit card then you should give this list of pro's and con's a read. Credit cards have both good and bad points and you should consider all of them before applying.


  1. It’s easier to keep track of what you spend every month if you receive one statement with all your expenditures on it. ie: credit card statement
  2. You have a large amount of money available to you instantly for those expenses that require a few extra days to get funding in place for.
  3. You have emergency money available should you suddenly need it.
  4. If you use your credit card for all your purchases then you accumulate points or credits – or whatever promotion your card offers – faster. This could result in cash back, or reduced air travel fees etc.
  5. Credit cards allow for easier internet shopping.
  6. Credit cards often insure your purchase against breakage or theft for a limited period of time.
  7. Credit card companies monitor your spending and alerts you if your spending pattern suddenly changes.


  1. Vigilance and control are a must to prevent over spending.
  2. High interest rates on unpaid balances ever month.
  3. If your card is lost or stolen then you could incur huge expenses.
  4. Credit card companies could suddenly ‘stop’ your card if your spending pattern changes.
  5. You sometimes have to show your ID when using your credit card.

It is up to the individual to exercise control over spending no matter how they plan to pay for their purchases. Credit cards with high spending limits are like any other means of credit. They are no different than carrying a debit card and maintaining a high balance in the bank – or a low balance and living off of a credit line.