The cons of getting a credit card

  • Having a credit card could tempt you to spend more than you can afford, putting you at risk of high debt or bankruptcy

 

  • You’ll need to pay various fees and charges for a credit card

 

  • Credit cards generally have higher annual interest rates than personal loans. So for long term borrowing, consider a personal loan instead

 

  • You could damage your credit score if you use your credit card irresponsibly

 

  • It can be tempting to use your credit card for cash advances, but you’ll be charged a high fee and interest rate for this (so only use it for absolute emergencies)
Prev The pros of getting a credit card
Next When can you get a credit card?