NAME TEACHER DATE

TOPIC: CREDIT CARD PRO’S AND CON’S

DISCUSSION PROTOCOLS:

TURN AND TALK WITH YOUR NEIGHBOR AND AGREE UPON ONE PRO OR ONE CON OF USING A CREDIT CARD ALONG WITH WHY ON A STICKY PAPER.

NAMES: PRO OR CON: WHY?

When you tally up the pros and cons of credit cards, a couple of things are clear. There are many reasons

to use a credit card, from convenience and credit building to 0% financing and rewards. But considering

how easy it is to overspend with a credit card, how expensive credit card debt can be and how missed

payments can hurt your credit score, there’s also reason to be cautious. We rack up billions of dollars in

credit card debt each year, for example. And anytime you’re 30+ days late on a payment, it’s noted

on your credit report for seven years. Most importantly, though, the advantages of credit cards vastly

outweigh the disadvantages for most people. You don’t even need to make purchases with a credit card

to benefit. Just educate yourself on what to do and what not to do, and you’ll be alright.

Rank Top 10 Credit Card Pros Top 10 Credit Card Cons

1 Credit Building Overspending and Debt

2 Convenience Fraud

3 Rewards Fees

4 Pay Over Time Fine Print

5 Theft Protection Vague Approval Requirement

6 Online Shopping Toxic When Misused

7 Hotel & Rental Car Reservations Deferred Interest Financing

8 Balance Transfers Short-Term Credit Hit

9 Travel Insurance No Business CARD Act

10 Cheap Currency Conversion No Preset Spending Limit