If you have a credit card and you pay all the bills on time, then it shows the bank that you can handle a loan and repay it timely. Credit Card can be used instead of Debit Cards to gain benefits like Collecting travel points, Cash backs, etc. It is not an indicator of Financial wealth. It is just a mode of payment that you can used to gain extra benefits. Thanks.
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Is buying a credit card an asset or liability. How it indicates financial wealth
If you have a credit card and you pay all the bills on time, then it shows the bank that you can handle a loan and repay it timely. Credit Card can be used instead of Debit Cards to gain benefits like Collecting travel points, Cash backs, etc. It is not an indicator of Financial wealth. It is just a mode of payment that you can used to gain extra benefits. Thanks.