Credit card use often begins in high school.
We're told as children that a good credit score is a necessity, earned one payment at a time. The creation of pre-paid credit cards made it possible for parents to give credit cards to children without the worry of how much the child might spend.
Some credit cards require payment in full every month.
It doesn't take long to learn that all credit cards are not created equal. Some credit cards allow the balance to be paid in installments over time. Other credit cards require the balance to be paid in full every month. Some credit cards require a deposit or pre-payment to use.
Hospitals are just one of the many places that accept credit cards.
Convenience is one of the most popular reasons we use credit cards. It's much more convenient to carry a plastic card than cash. Once limited to retail stores and restaurants, credit cards are accepted payment method at clinics, hospitals and other places.
Some credit card companies do the work for you and provide categorized statements.
Credit cards not only make it easy to track expenses, they provide an automatic detailed report for accounting and tax purposes. Some business owners prefer to operate entirely on credit cards. Some credit card companies send detailed end-of-the-year reports with expenses categorized and totaled.
Forced savings is offered by some credit card companies.
When credit card companies started offering cash-back rewards, credit card use increased. In addition to a percentage cash-back reward, some credit cards feature an automatic savings plan. The credit card is always charged an even dollar amount for purchases and the change goes into the savings account.
Credit card balances can add up quickly.
One big drawback with credit cards is the fact they are so easy to use. It's easy to pull out the plastic without thinking about how much expense is actually building up.
