You might have been told certain things about credit cards that either encouraged you to cancel yours or simply not sign up for one in the first place. While it can be argued that there are downsides to having them, the truth of the matter is that they offer considerable value. Nonetheless, there are many myths that continue to be passed around as factual. Here are just a few of the myths in question that Robert Jain and others can debunk.
"Having a balance on one's credit card is beneficial." When it comes to myths regarding credit cards, this is one of the most harmful. The reason for this is that if you have a remaining balance to pay off, you have interest to cover as well. In short, you'll end up owing more than you should have to pay. For this reason - and names like Bob Jain will agree - pay off what you owe in full. Your credit score will thank you for it.
"It's wise to have one of each major credit card." Even though you may fear the idea of being in a store or restaurant that won't take your credit card, this is the exception rather than the rule. If you have a Mastercard, for example, you will most likely be able to use it anywhere you go. What about locations that are more particular about credit cards, though? Before you travel, research these locations so that you can be prepared.
"There's nothing wrong with signing up for numerous credit cards." This is largely dependent on one's unique situation. For instance, if you have a credit score in the 700s, you may not have to worry about it taking it a hit if you sign up for a card. However, anything below that can have a negative impact. For this reason, focus on boosting your credit score prior to applying for other cards. This will make it easier to become approved, too.
With these credit card myths in mind, hopefully you'll be more open to taking part in the application process. There's no denying the fact that credit is a common payment, though not everyone uses it at the same pace. In fact, many people keep their cards for emergency situations or purchases that are simply too expensive to make at the moment. It never hurts to have options, so research credit cards so that you can find the best one to apply for.
"Having a balance on one's credit card is beneficial." When it comes to myths regarding credit cards, this is one of the most harmful. The reason for this is that if you have a remaining balance to pay off, you have interest to cover as well. In short, you'll end up owing more than you should have to pay. For this reason - and names like Bob Jain will agree - pay off what you owe in full. Your credit score will thank you for it.
"It's wise to have one of each major credit card." Even though you may fear the idea of being in a store or restaurant that won't take your credit card, this is the exception rather than the rule. If you have a Mastercard, for example, you will most likely be able to use it anywhere you go. What about locations that are more particular about credit cards, though? Before you travel, research these locations so that you can be prepared.
"There's nothing wrong with signing up for numerous credit cards." This is largely dependent on one's unique situation. For instance, if you have a credit score in the 700s, you may not have to worry about it taking it a hit if you sign up for a card. However, anything below that can have a negative impact. For this reason, focus on boosting your credit score prior to applying for other cards. This will make it easier to become approved, too.
With these credit card myths in mind, hopefully you'll be more open to taking part in the application process. There's no denying the fact that credit is a common payment, though not everyone uses it at the same pace. In fact, many people keep their cards for emergency situations or purchases that are simply too expensive to make at the moment. It never hurts to have options, so research credit cards so that you can find the best one to apply for.
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For more information regarding what you have just read, please contact Bobby Jain.. Free reprint available from: Credit Card Myths Debunked By Robert Jain.
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