5 Myths About Credit Cards 1 comment


Incomplete knowledge is often considered dangerous, be it about any product or fact. Especially, if there are rumours about financial products like Credit Cards it proves to be very harmful. Either people stop using such products or lead to the incomplete use.

Digitisation has led to use of credit cards and debit cards everywhere. You can find Merchants Account in all sorts of business. Be it on a big scale or small scale

The write-up below will throw the light upon the most common Myths About Credit Cards. 5 Myths About Credit Cards

  1. Carrying A Credit Card Leads To Credit Card Debt:

This is the most common myth about using credit card. It causes no harm to your money. You can often listen to things like make use of prepaid cards or debit cards but it hardly matters. It is same as using prepaid or postpaid sim, either way you have to clear your bills.

Use of credit cards is convenient and makes your payment fast and reliable through Credit Card Machines

  1. You Should Use Only One Credit Card:

There is no such limits as long as you can keep the record of all your credit cards and pay the bills on time. If you are responsible enough to keep the track you can use as many cards as you want without any sort of losses.

  1. Don’t Accept Increase In Credit Limit:

Well, it can add up to your advantage if you manage your expenses and know how to use your credit card well. The amount of credit card limit you use is referred to as utilisation. Lower the utilisation higher is your credit score. If bank increase the credit limit but you do not increase your expenses it ends up in your favour.

  1. Opening A Credit Card Will Hurt the Credit Score:

Well it doesn’t make much difference if your credit score is high say above 700s. And opening a credit card only drops your score by 5 points. Credit score is useful only while you take up loan, to reduce interest rate, so there is nothing to worry about.

  1. Carrying Balance On Your Credit Card, Helps You Score:

Well, it’s yet another myth. Clearing off your balance at the earliest before due date, helps you score. Pending amounts only adds up to penalties.

Now, that you are cleared up with the use of credit card and false myth associated along. You can make use of credit cards. If you run a business and looking for POS Machines to cater all sorts of digital payments, you can look forward to the machine provided by Merchant Account Solutions.

Credit Alerts:
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About Karren Haller

I am a +70 Blogger that loves connecting with other women through blogging. A new recipe always intrigues, finding a new craft, creating bracelets occasionally and gardening is a favorite and writing brand reviews is a favorite for my readers. But most of all the connection to other bloggers. Creativity, simple life and getting things done

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One thought on “5 Myths About Credit Cards

  • Sheltie Times

    Credit cards are about self-control and disciplinary. If you know you can’t handle them, then you likely shouldn’t be using them. We use a balance of cash and credit. Cash forces us to face our spending more openly and honestly. When the money is spent it is gone you can’t put off facing it. However, we also use credit because it provide protections cash doesn’t. However, I was brought up to believe credit is a 30 day loan due on receipt of bill. Regardless of what the credit card company tells you, you don’t pay it off over time. This leads to being more honest about what you’ve charged, too.

    Teaching people to have emergency accounts for car/home repairs and other life challenges we all know will come also helps one to be less likely to fall into the credit card trap because you have the money to pay for the unexpected/expected expenses. You may not be able to predict what will break down or be destroyed, but you can put money into an account knowing at some point something is going to break down, be destroyed, or need repair.