Credit Cards Are The BEST WAY To Do It? | ഏറ്റവും നല്ല മാർഗമാണ് ക്രെഡിറ്റ് കാർഡുകൾ?
1. Common Criticisms: Credit cards are often criticized, and many of these criticisms are valid.
2. Benefits of Credit Cards: If used correctly, credit cards can provide financial benefits, including rewards and interest-free periods.
3. Potential Disaster: Misuse of credit cards can lead to financial disaster, making it one of the worst forms of debt.
4. Psychological Impact: Credit cards create an illusion of having money when, in fact, it's borrowed money.
5. High Interest Rates: Credit cards typically have very high interest rates compared to other types of loans.
6. Merchant Fees: Merchants often pass the cost of credit card processing fees to customers, typically around 1.5% to 2.5%.
7. Minimum Payment Trap: Paying only the minimum amount due can lead to significant interest charges and long-term debt.
8. Credit Rating Impact: Regular and full payments improve credit scores, while missed payments can harm them.
9. Short-term Interest-free Loan: Credit cards offer an interest-free period if the full balance is paid off every month.
10. Rewards and Points: Using credit cards can earn rewards points, which can be redeemed for various benefits like travel miles or gift cards.
11. Smart Usage Advice: Only buy what you can afford to pay off in full each month, and avoid unnecessary expenses.
12. Payment Methods: Utilizing online and app-based payment methods can streamline the payment process and ensure timely payments.
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