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Credit Card - Friend or Foe? - 06/21/2024

Is your credit card your friend or foe? Neither and both. Like so many things, it depends. Ultimately a credit card is a tool that you get to choose how you use it.

Credit cards are your friend if

  • They help you build credit rating

  • You are able to pay it off every month so pay no interest

  • You benefit from the perks your card offers

  • You don't have to carry as much cash

  • You only buy things you can afford

  • You use it as a tool for tracking your expenses

  • It provides fraud protection for unauthorized purchases

  • Allows you to make purchases that require a security deposit such as a hotel or car rental

  • It is easier than carrying cash

  • You use it for online purchases

Credit cards are your foe if

  • You can't pay off your balance monthly

  • It allows you to purchase things you don't need and can't afford

  • You pay high interest rates

  • Fees and surcharges add up quickly

  • It damages your credit rating because you miss payments

Like with many tools, how you use your credit card will determine if it is a friend or foe. It's possible that it is a little of each. In that case, see what you can change to enhance the friendly aspects and decrease the foe-type features.

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1 Comment

Jun 21

They're also sneaky because doing due diligence and closing one you don't use can harm your credit rating. How does that work exactly? Could you touch on that at some point?

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