DISADVANTAGES OF CREDIT CARDS.

1. To acquire the card the applicant is required to have an established credit record.
2. The holder is charged high interest rate card company.
3. It is prone to abuse through fraud.
4. The interest is charged if there is delay in repayment.
5. A minimum age of 18 years is required for one to become a holder.
6. The holder may be tempted to overspend
7. Their use is limited toonly specific areas(urban areas).
8. Faces competition from other means of payment e.g. cheques,money orders and postal orders.
9. Only few businesses accept cards.
10. Long procedures are involved in getting the card.

The cards can only be afforded people with high income.