What are Some Common Credit Card Myths?
While credit cards are common financial tools for many people, there are still a number of urban legends about their nature and use. Credit card myths are sometimes so ingrained in the public conscience that it is hard to dislodge them. Fortunately, consumer protection groups and even some credit card providers are working hard to help everyone understand the nature and function of the cards and thus minimize the impact of credit card myths. Perhaps the most common of all credit card myths is that an individual must have good credit in order to obtain a card. While it is true that good credit makes it possible to command a better rate of interest, there are a number of companies that offer high-risk credit card services. This is true of many of the credit cards that are promoted as being helpful in re-establishing good credit after some type of financial disaster. Often, the initial line of credit is lower. In some cases, the credit cards are secured with a deposit into a savings accou
