In my 15 years as a financial professional, I’ve heard a lot of opinions about credit cards. From the good, the bad, to the ugly, their worth can be hotly contested. The truth is, it all comes down to how they’re used. Here are five common myths about credit cards — and what you need to know to make the right choice between cash, credit and debit.
1. Credit cards are evil. Contrary to popular belief or what any celebrity financial “guru” might say, credit cards are not evil; they’re plastic. Credit cards are a financial instrument, and when used responsibly, they can be very beneficial. Responsible use means limiting your spending to an amount you can afford to repay in full each billing cycle — or at least within a relatively short time period. Treat the plastic as cash, and it’ll help you stay out of credit card debt.
Find the card that’s right for you.
USAA’s mission is to facilitate the financial security of its members. USAA Bank offers credit cards with great rewards and competitive interest rates.
At the end of the day, YOU ultimately determine what is good or bad when it comes to credit cards. Smart financial choices have the power to turn a piece of plastic into a powerful financial instrument.
Have a question or additional credit card myth to bust? Leave a comment below.
256965 – 1218
Subject to credit approval.
This credit card is issued by USAA Savings Bank, Member FDIC.
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