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Are Credit Cards Bad?

November 13, 2017

A credit card is a wonderful financial tool when used properly and if you pay off your balance in full every month. They are a necessary part of day to day transactions. I think everybody should have a credit card for the free 30-day credit, that is if you pay off your balance every month in full. It should be noted that some credit card companies will charge you interest on your full balance even if you paid off 99.9% of the balance just before the end of the billing cycle. In those cases, the interest charged accrues on a daily balance.


On the down side, credit card interest rates are one of the highest you can think of and they come second only to usurious rates of loan sharks. Some charge up to 79.9% APR when the prime rate as of today is only 4.25%. The prime rate is the interest rate that commercial banks charge their most credit-worthy customers. Generally, a bank's best customers consist of large corporations.

The credit card vendors already make a small commission off the vendor every time you use your card in a store so don’t let them charge you interest as well. Pay off your full balance every month if you can. If you credit card company is charging you a very high interest rate (anything above 10%), call them to lower your rate or shop around. Credit card companies are marketing geniuses, so you must be very smart to out-maneuver them.

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