Five Common Credit Card Myths
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Unrecognizable black guy holding cellphone and credit card, cropped of african american man shopping online or paying bills on Internet, using banking mobile application on smartphone
There are many common myths about credit cards that either make people reluctant to get them or misuse them. Here are five common credit card myths.
- A credit card gives you free money. No, you have to pay back the money that you use on your card.
- A credit card will definitely put you in debt. Nope, a credit card will only put you in debt if you spend more than you can afford or you don’t pay back your bill in full and on time.
- You will always pay interest on your card. That is not true. Once you pay the bill in its entirety by the due date, then you only pay for what you’ve spent!
- You have to pay back the money if your card is scammed. This is actually not true. Once your card is scammed and it is reported, an investigation will be conducted and you don’t have to worry about paying for something that you didn’t use.
- Paying the minimum balance on your card is enough. Sadly this is not so. You will never fully pay off your credit balance if you keep paying only the minimum balance.
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