What is the downside most consumers face having a credit card?
ADVERTISING DISCLOSURE
ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site.
Credit-Land.com receives compensation from most issuers whose offers appear on our site.
Compensation from our advertising partners may impact how and where their products appear on our site,
including, for example, the order in which they may appear within review lists.
Credit-Land.com has not reviewed all available credit card offers in the marketplace.
What is the downside most consumers face having a credit card?
Answered on May 8, 2010
Updated on May 8, 2010
The content is accurate at the time of publication and is subject to change.
The major drawback about owning a credit card are for those consumers who tend to lose control while shopping and buy goods and services beyond the limit they can afford. This may leave the consumer running in circles to repay this debt.
questions RELATED TO THIS TOPIC
I froze my credit with the three credit agencies. Do I need to unfreeze before I can apply for the Wells Fargo Active Cash? I have excellent/good credit and have my mortgage with Wells Fargo.
Yes, you need to unfreeze your credit report before applying for new credit, such as a loan, credit card, or mortgage. If your credit is frozen, lenders won't be able to access your credit report.
Before applying for the...
I'm thinking about going for the PenFed Power Cash Rewards Visa Signature® card. From what I've read, people with a good profile get limits starting at $5,000. Thanks!!!
The highest limits often come with elite top-tier cards, typically aimed at applicants with very good to excellent credit. In general, the higher your credit score, the higher the credit limit you can get. Every issuer has its own process, but in...
The Sears Card® issued by Citibank (Citi is a Credit-Land.com advertising partner) is a store card. It can only be used at Sears and Kmart locations and services. This card will suit you if you shop at Sears very often and spend quite a lot...
I mainly travel throughout Central and South America and consider applying for the Avianca miles credit card from Banco Popular. What are the qualification requirements?
The credit card offer you were interested in has expired and is no longer available for U.S. customers. Rewards credit cards are typically geared to consumers with good to excellent credit, which typically means a FICO score of 670 or higher. But...
Do I have to use credit cards like the Synchrony CareCredit card at a specific doctor?
If you need to pay your doctor, you can check out medical credit cards like the Synchrony CareCredit card. Most of these cards can be used for specific medical procedures and for doctor visits at particular medical institutions and providers. That...
Earn 60,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $600 in gift cards or travel rewards at thankyou.com.