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cards are a great financial tool, offering many benefits:
- They
can be safer and more convenient to use and carry than cash
- Credit
cards offer the ability to buy goods and services now and
pay for them later
- They
have valuable consumer protections under the law
- Major
credit cards are accepted by merchants around the world
- They
may provide a source of cash or payment in an emergency
- Credit
cards can guarantee hotel or travel reservations
- If
you are not happy with a purchase you made using a credit
card, you may have the right to withhold payment until the
problem is resolved
At the
same time, having a credit card is a big responsibility. If
you do not use it carefully, you may owe more than you can
repay, damage your credit report, and create credit problems
for yourself that can be difficult to fix.
To qualify
for a credit card you must be at least 18 years old and have
a regular source of income. Despite invitations from credit
card issuers, you will still have to demonstrate that you
are a good risk before they grant you credit. The proof is
in your credit report. Before you submit a credit card application,
you may want to obtain a copy of your credit
report to make sure it is accurate. If you are
new to this country and you do not have a credit history,
start by reading our article: How
to Establish Credit.
The information
in this section will help you make informed decisions about
credit cards, including how to compare credit cards, terms
to focus on in credit card offers, and steps for identity
theft protection.
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