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Top five Credit Card Biggest Myths Should Aware Of

by ritikasharma on Aug 5, 2011

Credit card myths can cost you money and affect your credit rating. Here are the five biggest myths.

Credit card issuers generally do not disclose much information about their product. There are many myths about credit cards in the market, and believing in one can cost you dearly. The best thing to do? Know these myths and get wiser.

Here are top five credit card myths you should be aware of:

Myth No. 1: Some credit cards have no credit limit.
You must be aware of the popular tagline advertised by American Express - "No present spending limit”. However, all credit cards come with a credit limit.

This tagline is more of a marketing gimmick. It does not mean that anybody who owns an AmEx card can shop for a sports car worth $250,000. This tagline comes with an asterisk sign which further reads -- “... does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending...Read More >>



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