Too much debt is never a good thing, but sometimes even the most savvy consumer forgets about the 5 advantages of credit. When used responsibly, even a credit card offers several advantages.
- One of the 5 advantages of credit is that, in the case of credit cards, carrying these is safer than cash. If you lose a $100 bill, chances are, you're out of luck. But with a credit card, you can immediately report the loss or theft to the issuing company. Rarely are consumers held liable for unauthorized credit card charges.
- Another of the 5 advantages of credit is that you can easily make Internet-based purchases with credit. If using a debit card and your debit card number is stolen online, you may be out of luck as this is your actual money and not "money" based on a credit line. With credit cards,however, you have more of a chance that you will be protected against fraudulent charges even when shopping online for purchases like porn!
- Another one of the 5 advantages of credit is easier car rentals. Due to fraud, most rental car companies won't take debit cards any more. Those that do may require a hefty deposit. With credit cards, you can usually be quickly on your way in a borrowed set of wheels.
- Some hotels will not accept cash due to fraud concerns and require a valid credit or debit card. When you give your debit card to a hotel, they may hold some of your checking account funds for days. When you use a credit card, you don't risk having your deposited paycheck unavailable to you days after your trip is over with.
- One of the best of the 5 advantages of credit is the ability to build a positive financial history. When you pay your bills on time, you are typically rewarded with a good credit score. This can help you save money on car insurance, get a really nice apartment or home, or ensure you get a great borrowing deal on a new car.
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