{"id":13577,"date":"2022-07-14T18:36:10","date_gmt":"2022-07-14T13:06:10","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=13577"},"modified":"2022-07-19T21:57:34","modified_gmt":"2022-07-19T16:27:34","slug":"pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/","title":{"rendered":"Pros and cons of credit cards. Do you really need a Credit card?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e9e2ed4e68f\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e9e2ed4e68f\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#What_are_credit_cards\" title=\"What are credit cards?\">What are credit cards?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#Can_you_withdraw_cash_through_a_credit_card\" title=\"Can you withdraw cash through a credit card?\">Can you withdraw cash through a credit card?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#Can_I_have_multiple_credit_cards_at_the_same_time\" title=\"Can I have multiple credit cards at the same time?\">Can I have multiple credit cards at the same time?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#Benefits_Of_Using_A_Credit_Card\" title=\"Benefits Of Using A Credit Card\">Benefits Of Using A Credit Card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#Cons_Of_Using_A_Credit_Card\" title=\"Cons Of Using A Credit Card\">Cons Of Using A Credit Card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#So_should_I_use_a_credit_card_or_not\" title=\"So, should I use a credit card or not?\">So, should I use a credit card or not?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#i-2\" title=\"\u00a0\">\u00a0<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\r\n<p><span data-preserver-spaces=\"true\">Credit cards in India have become a status symbol. A lot of people equate having a credit card to being wealthy. This has resulted in users getting credit cards just for the FOMO associated with it. A dangerous trend of relying on debt for day-to-day expenses is on the rise.\u00a0\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businessinsider.in\/finance\/banks\/news\/an-indian-credit-card-user-spends-14500-a-month-on-average-20x-more-than-debit-card-users\/articleshow\/91759657.cms\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report from RBI, <\/span><\/a><span data-preserver-spaces=\"true\">on average, credit card users spend 21X more than debit card users in India.\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">To put this into perspective, while an average debit card user spends only \u20b9700 per month on a single card, an average credit card user spends about \u20b914,500 for the same duration. This difference in spending is alarming.\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">This is because of the lucrative buy now, pay later scheme that credit cards offer. Even though most credit cards have an annual \u20b9500 service charge along with multiple penalty fees, their popularity has never been higher. And from the global data, we have seen a pattern of excessive usage of credit cards creating a population that is constantly in debt.\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">In the US,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/05\/10\/consumer-credit-card-debt-near-an-all-time-high.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the average credit card debt is at an all-time high<\/span><\/a><span data-preserver-spaces=\"true\">. This has increased average household debts significantly. With the rise in prices and interest rates, people are finding it more difficult to pay back these debts on a timely basis and are forced to pay interest almost every month.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Therefore, it is very important to have all the necessary information and consider various important factors before deciding to get a credit card. In this article, we have discussed in-depth the advantages and disadvantages of credit cards to help me make an informed decision.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"What_are_credit_cards\"><\/span><strong><span data-preserver-spaces=\"true\">What are credit cards?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Unlike debit cards, where you use the money present in your bank account to make transactions, credit cards use the bank\/credit card provider&#8217;s money to make transactions. This means that every time you make a transaction using a credit card, you are taking a personal loan from the bank\/credit card provider and you are liable to pay the loan back along with interest.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">The main reason people use credit cards is convenience. Credit cards, when used correctly can be a very convenient mode of payment and as long as you are paying them back on time, the interest will not be an issue.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">This credit limit will be decided by your credit card provider considering various factors such as your income, credit score, spending requirements, etc.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<blockquote>\r\n<p><em><span data-preserver-spaces=\"true\">Does that mean you can use unlimited money as long as you are paying it back on time?<\/span><\/em><\/p>\r\n<p><span data-preserver-spaces=\"true\">Well, no. Your credit card will come with a credit limit i.e. the maximum amount of credit you can use in a month. If you exceed that you will have to pay extra charges and penalties.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<\/blockquote>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"Can_you_withdraw_cash_through_a_credit_card\"><\/span><strong><span data-preserver-spaces=\"true\">Can you withdraw cash through a credit card?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Technically you can. But there is a cash withdrawal fee of 2.5% to 3% of the amount withdrawn. Your credit card provider might also charge an extra fee for regular cash withdrawal.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span data-preserver-spaces=\"true\"> This is why cash withdrawal using a credit card is discouraged.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"Can_I_have_multiple_credit_cards_at_the_same_time\"><\/span><strong><span data-preserver-spaces=\"true\">Can I have multiple credit cards at the same time?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Yes, you can have multiple credit cards at the same time. But it is highly advisable not to do so if you have never had a credit card before. If you are just starting or have had a credit card but have not used it much, then it is suggested that you stick to one so that you don&#8217;t get overwhelmed by the amount to be paid back each month.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Each credit card provider will also have different terms and conditions. This means you have to keep track of all that information to not cause any damage to your finances. Therefore, it is suggested that you stick to one for some time until you are used to the idea and process of using a credit card.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"Benefits_Of_Using_A_Credit_Card\"><\/span><strong><span data-preserver-spaces=\"true\">Benefits Of Using A Credit Card<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">The reason people use credit cards regularly is that it can be very beneficial to you if you use them wisely. Here are some reasons to use a credit card:<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">1. Better Credit Score:<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0This is one of the most important reasons for using a credit card. If you use a credit card and pay off the money regularly, it will positively affect your credit score*. And this credit score can affect you favorably in the future when you want to take a loan from the bank.<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">*Note: A credit score is a rating through which banks &amp; other financial institutions judge whether you are reliable enough to pay back your loans &amp; interest on time. People with higher credit scores tend to get better offers and deals on their borrowings.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">2. Cashbacks, Rewards &amp; Benefits:\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">Many credit cards give you 2X rewards, benefits, or sometimes even cashback on your spending. These rewards vary from one provider to another. These make it very attractive for users to use their credit cards to make purchases. Retailers also have special benefits for credit card purchases. These rewards can then be redeemed for travel bookings, shopping vouchers &amp; gift cards.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">3. Safety:<\/span><\/strong><\/p>\r\n<p><span style=\"font-weight: 400;\">While safety is not the first thing that comes to mind while talking about a credit card, it is a very important benefit.<\/span><span style=\"font-weight: 400;\"> Typically,<\/span>\u00a0<span style=\"font-weight: 400;\">i<\/span><span style=\"font-weight: 400;\">n case of theft &amp; fraud, the money will<\/span><span style=\"font-weight: 400;\"> be reimbursed by the credit card provider. This means that the money is<\/span> <span style=\"font-weight: 400;\">not <\/span><span style=\"font-weight: 400;\">going<\/span><span style=\"font-weight: 400;\"> out of your pocket. <\/span><span style=\"font-weight: 400;\">However, all kinds of thefts and frauds are not covered in this. Only certain types of frauds can be reimbursed up to a certain limit.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Nonetheless<\/span><span style=\"font-weight: 400;\">, you have limited liability in these<\/span><span style=\"font-weight: 400;\"> kinds of fraud\/theft<\/span><span style=\"font-weight: 400;\"> cases. You need to follow appropriate procedures and inform the provider about the fraudulent activities and they will deal with it. Your finances will not get heavily affected in these cases as it&#8217;s not your money.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">On the <\/span><span style=\"font-weight: 400;\">other hand<\/span><span style=\"font-weight: 400;\">, if any theft or fraud happens to your debit card, the money is going from your pocket and you need to run after the authorities to retrieve it back. It might also disrupt your personal finance as you might not be able to pay certain bills due to a lack of funds.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">Now, let&#8217;s understand why you should be careful &amp; sometimes wary while using a credit card.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<h3><span class=\"ez-toc-section\" id=\"Cons_Of_Using_A_Credit_Card\"><\/span><strong><span data-preserver-spaces=\"true\">Cons Of Using A Credit Card<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">1. High-Interest Rate:<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">Credit cards are notorious for charging a very high-interest rate for any default in payment. While the interest rate differs from one provider to another, the average interest rate can be 3% per month which is 36% per annum. This can cause a significant setback to your savings if you miss a couple of payments a year even.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">2. Hidden Costs &amp; Fees:\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">Other than charging an annual fee for credit services, most providers also have many hidden charges &amp; penalties that a user might not know off. These charges can accumulate over time and negatively affect your finances. Therefore it is very important to read the fine print while getting a credit card.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">3. Risk Of Low Credit Score:\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">This is one of the main disadvantages of using a credit card. Any default on the payment will not only require you to pay interest &amp; penalties but also negatively affect your credit score. This can be very dangerous because if your credit score is low you might not be eligible for future loans and it takes a significant amount of time &amp; effort to bring your credit score up.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">4. Risky Spending Habits:\u00a0<\/span><\/strong><\/p>\r\n<p><span data-preserver-spaces=\"true\">There is a mythical belief when it comes to credit cards that it is somehow free money. Since the money being used initially is not out of your pocket, it is easy to spend beyond your means. But this can cause a dangerous pattern where you always have to be in debt for your irresponsible spending habits.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><strong><span data-preserver-spaces=\"true\">5. Extreme Discipline Needed:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">When it comes to credit cards you cannot afford to be careless at all. Credit cards require extreme discipline and careful usage. You have to be vigilant about the transactions taking place from your card to ensure that all the transactions are correct &amp; made by you. You also have to always ensure that you have read every minute detail of the terms &amp; conditions of the credit card. And of course, it is vital that all the payments are done in time to avoid pesky interests and penalties.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"So_should_I_use_a_credit_card_or_not\"><\/span><strong><span data-preserver-spaces=\"true\">So, should I use a credit card or not?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">There is no simple answer to this. If you are confident about your ability to keep yourself accountable &amp; responsibly pay off all the payments without missing them, then yes you should use a credit card.\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\r\n<p><span data-preserver-spaces=\"true\">But if there is any doubt in terms of whether you can pay off your credit card at the right time without fail every single month, then it is better to not use them. You should also consider your past financial behavior. Have you been financially conscious and disciplined in the past? If yes, then credit cards might be beneficial for you but if you tend to make risky financial choices then this should be a hard pass for you.<\/span><\/p>\r\n<h3><span class=\"ez-toc-section\" id=\"i-2\"><\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\r\n<p>Watch\/hear on YouTube:<\/p>\r\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\r\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a>\u00a0and\u00a0<strong><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> <\/strong>and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>#MutualFundSahiHai #KuveraSabseSahiHai! #IPO<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Credit cards in India have become a status symbol. A lot of people equate having a credit card to being wealthy. This has resulted in users getting credit cards just for the FOMO associated with it. A dangerous trend of relying on debt for day-to-day expenses is on the rise.\u00a0\u00a0 \u00a0 According to a\u00a0report from [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":13584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[593],"tags":[1186,1185,1182,1183,1036,1184,1181,252,1167,96],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do you really need a Credit cards? | Kuvera<\/title>\n<meta name=\"description\" content=\"Credit card users spend 21X more than debit card users in India.\u00a0But\u00a0is credit card good for you?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do you really need a Credit cards? | Kuvera\" \/>\n<meta property=\"og:description\" content=\"Credit card users spend 21X more than debit card users in India.\u00a0But\u00a0is credit card good for you?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/\" \/>\n<meta property=\"og:site_name\" content=\"Kuvera\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kuvera.in\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-14T13:06:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-19T16:27:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/avery-evans-RJQE64NmC_o-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5147\" \/>\n\t<meta property=\"og:image:height\" content=\"2895\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kuvera\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:site\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kuvera\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Do you really need a Credit cards? | Kuvera","description":"Credit card users spend 21X more than debit card users in India.\u00a0But\u00a0is credit card good for you?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/","og_locale":"en_US","og_type":"article","og_title":"Do you really need a Credit cards? | Kuvera","og_description":"Credit card users spend 21X more than debit card users in India.\u00a0But\u00a0is credit card good for you?","og_url":"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/","og_site_name":"Kuvera","article_publisher":"https:\/\/www.facebook.com\/kuvera.in","article_published_time":"2022-07-14T13:06:10+00:00","article_modified_time":"2022-07-19T16:27:34+00:00","og_image":[{"width":5147,"height":2895,"url":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/avery-evans-RJQE64NmC_o-unsplash.jpg","type":"image\/jpeg"}],"author":"Kuvera","twitter_card":"summary_large_image","twitter_creator":"@Kuvera_In","twitter_site":"@Kuvera_In","twitter_misc":{"Written by":"Kuvera","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/#article","isPartOf":{"@id":"https:\/\/kuvera.in\/blog\/pros-and-cons-of-credit-cards-do-you-really-need-a-credit-card\/"},"author":{"name":"Kuvera","@id":"https:\/\/kuvera.in\/blog\/#\/schema\/person\/6b774e7d3516942b9e0242c93d7cb307"},"headline":"Pros and cons of credit cards. 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