The word CREDIT mean to lend money ... and once you lend money to someone you should not ask for additional money which is called Interest in bank language since majority of the people are stuck in this scam does not know how to use credit cards ....
There are advantages and disadvantages of CC.
Advantage is when you use the CC and pay back within the time frame set to you then you are free of interest. Good banks rewards you with points system which has lots of benefits such as Citibank Emirates Credit Card where one can earn skywards points to redeem Emirates Airlines Tickets worldwide depending on the points collected. Also one can pay Electricity/ Telephone and other bills thru internet without any hassle and lots of other benefits.
Disadvantage, if you don't pay on time there is a Interest and late payment fee which adds up to your credit, so instead of reducing the credit amount, one is increasing his credit with the bank due to his neglect and ends up in disaster and the credit keep up adding to account and the monthly payment gets double month by month.
So it's upto the person how he uses the card, that's all ;-)
The word CREDIT mean to lend money ... and once you lend money to someone you should not ask for additional money which is called Interest in bank language since majority of the people are stuck in this scam does not know how to use credit cards ....
There are advantages and disadvantages of CC.
Advantage is when you use the CC and pay back within the time frame set to you then you are free of interest. Good banks rewards you with points system which has lots of benefits such as Citibank Emirates Credit Card where one can earn skywards points to redeem Emirates Airlines Tickets worldwide depending on the points collected. Also one can pay Electricity/ Telephone and other bills thru internet without any hassle and lots of other benefits.
Disadvantage, if you don't pay on time there is a Interest and late payment fee which adds up to your credit, so instead of reducing the credit amount, one is increasing his credit with the bank due to his neglect and ends up in disaster and the credit keep up adding to account and the monthly payment gets double month by month.
So it's upto the person how he uses the card, that's all ;-)
[img_assist|nid=53652|title=|desc=|link=none|align=center|width=|height=0]