5 Credit Card Myths Hurting Your Wallet and Credit Score

Thus far I haven’t re-posted any of my articles that I’ve been writing over at MagnifyMoney.com, but I feel very strongly that this one needs as many eyeballs as possible!!

Credit cards, like any financial product, seem to create a certain amount of anxiety for people. There are myths and rumors running rampant about how to spend on a card, when to pay them off and whether or not to even have one. Unfortunately, some of these rumors may be causing your wallet – and your credit score – more harm than good.

Here are five myths we hope you’ll disregard next time you hear them.

1. Don’t get a credit card, just use prepaid or debit cards

Never drink one beer, you’ll just get incredibly sick.

That’s essentially what people are saying when they tell you not to get a credit card.

There is a common misconception that carrying a credit card will ultimately lead to damaging credit card debt. Sure, some people don’t understand how to handle credit cards – or have personality types (looking at you present hedonists), which aren’t conducive to having access to a credit limit.

Read the reason why and the other four myths over at MagnifyMoney’s Fine Print blog. 

Gif taken from GIPHY

Posted in Credit Cards Tagged with: , ,
7 comments on “5 Credit Card Myths Hurting Your Wallet and Credit Score
  1. Michelle says:

    I think credit cards are just like everything else in life. If you use it too much (liking drinking too much), then you will end up sick as a dog. If you use your credit card and use it wisely, then there will be a pay off with a higher credit score.

    • Broke Millennial says:

      Agreed. It’s just silly to tell people who are responsible and can handle them that they’re evil and will cause them to go in debt.

  2. Ken says:

    I keep 2 credit cards, always keep the balances low, always pay them on time (no automatic billing, they wait till the last minute) and my credit score was 790+ last time I checked.

  3. I never used a credit card and I never had one. However, I really don’t think a credit card, itself, is bad. It cannot do anything on its own. It’s the person who uses it that thinks and acts. The bottom line is that we should be responsible enough with regards to using credit cards, or else, we would be part of the myth.

  4. I have three credit cards. What I do is really think the things I am gonna buy are really needed. If not, I would just refuse to it. It’s about taking in control when it comes to using cc. I would leave my cc at home before I go to bar, promise!
    Jayson @ Monster Piggy Bank recently posted…Monster Piggy Bank Turns 2!My Profile

  5. I love that Michael Scott gif. But I can’t believe some people think carrying a balance will help their score. And even if it did, it’s costing you money! Just obscene. Great mythbusting Erin 🙂
    Ryan @ Impersonal Finance recently posted…Loyal3 for stock investingMy Profile

  6. The Nairs says:

    Credit Cards themselves aren’t the problem, managing it responsibly is. Credit Cards can be a wonderful tool if used wisely especially with sign up bonus points and such which can be used toward hotel stays and flights. The key is to pay it off every month!
    The Nairs recently posted…OCI Card Application, OCI Application StatusMy Profile

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