5 Myths About Credit Cards

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.

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