Answer:
There are many advantages when using a credit card as a method for purchasing goods. The use of a credit card, instead of cash or personal funds, offers the following advantages of building credit history, a quick source of funds for an emergency, no accrued interest if bill is paid on time and in full each month, zero liability as consumers is not responsible for fraudulent charges when reported promptly.usually consumer protection ($50.00) if fraudulent charges are reported promptly in case the card is stolen or lost.
Along with the advantages listed above, the use of credit cards can also have several disadvantages. Such as established credit-worthiness needed before getting a credit card, encouraging impulsive and unnecessary “wanted” purchases, high-interest rates if not paid in full by the due date, annual fees for some credit cards – can become expensive, over the years, fee charged for late payments, and have a negative effect on credit history and credit score in case of improper usage.
Step-by-step explanation: