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Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .



Disadvantages Credit Cards

Many people use credit cards for making purchase. Credit Cards are available under various terms and conditions and can be beneficial when cash is not available. However there are some disadvantages of credit cards. Read these few points carefully to know about the disadvantages of credit cards and how to use them effectively.

Disadvantages Credit Cards

Disadvantages Credit Cards

Drawbacks of credit cards

Overuse of card and increase of debt
The easy use of credit cards can lead to overuse and result in a minimum payment that isn’t affordable and a balance that can take years to pay off.

Keep a track of receipts
If you are using a card then you have to keep all the receipts so that you can match them from your statement. It is important that you keep a track of them as in this way you can see whether the company has charged the correct amount.

Introductory rates
Some credit cards offer a low introductory rate or promotional period where no payment is due. Once the time expires however the interest rate can change. Be sure you to verify the amount of interest you will be charged once this introductory period ends.

The interest charged is one of the major disadvantages to credit cards. The interest will compile on top of the balance leaving you with a higher amount to pay then if you were paying cash for the items.

It is important that you read and understand the terms and conditions of your credit card. If you have any confusion better to ask the person you are getting this financial help from. It is a good way to have a life free of unnecessary debts.

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