Is it wiser to pay through credit cards allthe time?

Question

we pay intrest on our credit cards so y not use money... and if so...are we gaining the oppertunity lost cost?....experts in finance plzz help...which is the right way to spend through money or through credit cards?

Answer 1

The best way is to use the cards, but pay them monthly.  Keep your income in an interest-bearing account so you can get a little interest before you pay your bills.

Use only credit cards with no fees.  Pickup a rewards card that gives you cash back for usage.

This will only work if you pay your balances off monthly.  If you do not plan on paying off the balances monthly, then paying cash is best.

Answer 2

If you are not paying your balance off every month, then it is foolish to continue using your credit cards.  You are paying an enormous amount of interest and the interest is being charged on your new purchases with no grace period.

Answer 3

It is wiser to use your credit card and pay them in full every month.

Most credit cards offer rewards or cash back. As long as you pay them off you pay no interest and the credit card company actually pays you money.

The interest rates on credit card is high, it is not tax deductible. Don't keep using the credit card and paying only a portion or the minimum amounts. It takes years to pay off the balance and costs you a lot more.