Many preconceived ideas are still conveyed on credit cards. We share nine of them and explain how to twist their necks.

On the contrary. In addition to the card number, you also need the security code on the back of the card to make a payment. Today, a PIN code is required for almost all transactions (except contactless payments for small amounts). Someone else just can’t use your card. And it doesn’t stop there. Banks like Cream Bank protect their customers from abuse by proactively detecting fraud. So you can sleep on both ears.


Credit cards are expensive

Credit cards are expensive

The annual fee varies depending on the card chosen, but as a general rule, you do not pay more than 5 to 35 USD per year. In many cases, you can request an additional card at no additional cost by tying it to the same line of credit.

A credit opening is linked to Cream Bank credit cards. The total amount due depends on the use of your credit facility. With the credit card, you benefit from a free payment deferral of your purchase. Until the (fixed) date on which you receive your extract. When you receive your extract, you have a choice. Either you repay the entire amount due, and you pay no interest. Either you pay less. And in this case, you pay interest for the period and on the amount for which you defer payment. So you have it under control.


Credit cards have hidden fees

The fees vary slightly from card to card, but the issuer is legally obliged to inform you of these. Generally, you only need to check your bank’s website. There may be additional charges when using abroad or withdrawing money from an ATM.


With a credit card, you live on borrowed money

credit card, you live on borrowed money

This is not necessarily true. If, at the end of the month, you repay the entire amount you used with your credit card, you only benefit from a delay in payment and not from real credit. You do not pay interest on the refunded amounts. It is only when you spend more than you can (or want to) repay at the end of the month that we will talk about credit. In this case, interest will be charged to the amount due, as in the case of a loan.


A credit card is redundant if you already have a contact / Maestro card

Your bank card offers many possibilities, but you open even more doors with a credit card. A credit card is accepted almost everywhere, in Belgium and abroad, even outside the dollar zone. And if you want to replenish your current account balance while waiting for your salary to be paid, using your credit card can be a good solution.


 In the end, all credit cards are the same

credit cards are the same

Inaccurate! There are a wide variety of credit cards. The two best known issuers – Visa and Mastercard – both offer cards that meet the specific needs of a specific audience. The opening of credit, the cost and the advantages linked to a card will make you appreciate this one rather than this one. These range from loyalty systems with points to insurance which covers part of your purchases in the event of accidental damage or theft characterized.


You don’t need to have more than one credit card

A credit card is often sufficient, but it is sometimes convenient to have a Visa card and a Mastercard. You have access to more places for more freedom in your transactions. And if you have more than one credit card in the family, you can combine the benefits depending on the situation.


Credit cards entice people to buy unnecessary products

Credit cards have hidden fees

As with other payment services, it is an easier way to make purchases, but you remain the sole decision maker. It is not specific to a credit card, since by using it you are spending real money and you are ultimately paying the bill. It is essential to remain responsible in the use of your credit card.


Anyone can receive a credit card

Anyone can apply for a credit card, but it’s up to the bank to decide whether to grant it. This decision is made based on your profile. If you do not have past defaults and have a fixed income in line with the desired line of credit, this will generally not be a problem. Your bank can analyze the possibilities with you.

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