There are many pros to having a credit card, but lets take a look at some of the cons. Banks will never let you know about them so we've made a list here:

1. No Annual Fee - Most credit cards except for American Express will negotiate or waive annual fees if you press them about it. The next time you receive a call from your bank about an annual fee just tell them that you prefer not to pay it. The bank will likely waive the fee if you upgrade or allow you to pay using reward points. Some credit card issuers will even abandon the fee alltogether!
2. Rollovers - Rolling over is the term for carrying your credit card balance forward rather than paying it on time. The cost is typically 24% per year, which is the highest that banks can charge for loans. This is never a good deal for you and should be avoided at all costs.
3. Balance Transfers - Typical bank promotions will tell you to transfer your debt and only pay a four percent processing fee and no interest for one year. This sounds good in theory but banks require you to pay off your old balance before spending any more. This means that if you make a new purchase you will be charged interest on that purchase (carrying over) until you pay off the transfer balance. You can beat the game by opening a second credit card or transferring your balance again, but this may only result in more confusion.
4. Unauthorized Charges - Criminals that steal your credit card and use it to make fraudulent purchases while signing your name aren't covered under the typical liability policies of credit card companies. In these situations, banks will only pay for charges made after you reported the card stolen. And even then, federal law permits them to charge you $50 of this amount before being required to cover the rest.
5. Free Cards - Many credit cards are free but only if you pay off your balance every time. If you do, you should get as many as possible as it gives you access to great deals. If not, re-evaluate your need for credit cards as they can quickly become a burden with excessive interest rates.
   

In the end, credit cards can be a good or a bad thing. If religiously paid off, credit cards give you access to free money and great rewards. However, if you fail to make payments, credit card debt can become crushing with high interest rates and other fees. Therefore, it is very important to evaluate your financial situation before using a credit card to make sure you have enough to cover.