Advantages & Disadvantages of Credit Card | Credit Card Details in Tamil | Credit Card Pros & Cons

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A credit card offers discounts, offers, and deals unmatched by any other financial product and is a gold mine for the savvy user. Due to their simplicity of use and practical pay-back options, credit cards have become a necessary part of our lives. However, if misused or if you spend more than you can afford to pay back when the bill arrives, credit cards can turn into debt traps.

The use of a credit card has several advantages. Among many other benefits, credit cards provide excellent financial stability, a raised credit score, balance transfers, simple loan approval, quick access to money in an emergency, and reasonable EMIs. A few drawbacks of credit cards are high-interest rates, excessive cardholder spending, fraud risk, etc. Additionally, there can be a few other costs related to a credit card, such as yearly fees, international transaction fees, fees for cash withdrawals, etc. These drawbacks, however, are readily overcome if you use your credit card wisely and manage your money appropriately.


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