1. Credit cards are bad.
Many people know that credit cards could potentially get you into financial difficulties so that automatically believe that having one is a bad thing. Credit cards can prove to be a good influence on your credit rating when used sensibly. Your credit rating should improve as long as you pay it off in a regular basis.

2. Credit cards last forever.
This is simply not the case. If you are a bad borrower and fail to pay-off your credit balance on a regular basis you may be refused other forms of lending in the future and have your credit card taken off you.

3. All credit cards are the same.
It’s a common misconception that every credit card on the market is the same as the next. There are a huge range of credit cards with different terms and conditions, differing benefits and different policies, depending on the type of card. It’s crucial to explore what options are available to you and ensure you choose the right card to suit your needs.

4. If you have a poor credit rating you’ll get a poor credit card.
It is true that if you have a good credit rating you will get a premium credit card deal. However, it isn’t necessarily true that you have to settle for a bad deal just because you have a poor credit rating. It’s important to shop around for the right deal to suit you.

5. You only need to pay the minimum amount on credit cards.
Although this is true it is worth bearing in mind that you are highly likely to incur larger amounts of debt and injure your credit rating. If possible pay-off the whole balance, if not then consider paying off as much as you can to keep yourself out of financial difficulties.