We've all heard about Canadians losing their life savings because of too much credit card debt. But credit cards also have advantages, such as convenience, rewards programs and cash-back features. The following YouTube videos highlight both the risks and benefits of owning a credit card. 

1. Credit card magic. Poof! Your cash turns into plastic.
Why it's amazing: Because turning credit card debt back into money is much harder. Cash back cards afford one way; but some programs require you to spend a minimum amount before you receive any money.
Tip: Select cash-back cards without minimum spending requirements.

2. Superhero credit limits. Batman bids seven million dollars on villainess Poison Ivy, using his bat credit card.
Why it's amazing: High credit card limits can lead to excessive debt and make you a credit risk.
Tip: To help control overspending, ask card companies to lower your credit limit.

3. Baby laughs at statement tearing. Dad delights his infant by tearing up a job rejection letter and then a credit card statement.
Why it's amazing: Happily, statements can be useful monthly expense reports for budgeting.
Tip: Carefully review credit card statements, watching for rate changes and extra fees.

4. World's worst credit card offer. This $300 card costs $247 in fees.
Why it's amazing: Before you get this card in the mail, you're already $53 away from going over the limit. There's a $99 set-up fee, $89 participation fee, $49 annual fee plus a $10 monthly maintenance fee.
Tip: Before signing, thoroughly read cardholder agreements for all charges.

5. Credit cards in a food processor? Canadians who abuse their credit card privileges may feel like they're also inside a blender trying to keep up with monthly payments.
Why it's amazing: But if you pay off your credit card balance every month, you may qualify for perks that could pay for a nice restaurant meal or a new food processor.
Tip: Maximize rewards ranging from air mile points to cash-back offers by choosing no-fee cards.

6. Practical auto card organizer. Simply push a button to organize, protect and select up to six credit cards.
Why it's amazing: Cards with different monthly due dates can be confusing, causing you to miss payments. Consider replacing less helpful cards with the one card with statements that best categorize purchases and show spending patterns.
Tip: Simplify and organize your accounts by consolidating high interest cards.

7. Sawing credit card in half trick. Short-term teaser rates can significantly cut card costs.
Why it's amazing: While many cards offer low introductory rates, you'll have to pay much higher rates after the teaser-rate period ends.
Tip: Budget for costs after low initial rates go up.

8. Credit card fairy wake-up call. Newsflash: Being a couch potato won't improve your credit score.
Why it's amazing: Does anybody seriously think that they can better their credit rating by doing nothing? You have to do your homework. For example, low card rates may only apply to new purchases, yet some balance transfer cards don't allow discounted rates on those same charges.
Tip: Learn the latest news on credit score safety from free online resources like CreditCards.ca.

9. Skateboard "credit card" hurts. Dude, it's slang, but you don't want to experience penalties like the punishing skateboard "credit card."
Why it's amazing: Card companies can impose a surprising range of painful penalties, even for paying a transferred balance too soon or for carrying too much debt on a different credit card.
Tip: Carefully study cardholder agreements for all penalties.

10. Cutting up plastic. Learn how to hack any credit card in the world.
Why it's amazing: Consumers sometimes order low interest credit cards strictly for convenient short-term financing. After attaining their goals, they cut up their credit cards, but forget about ongoing annual fees.
Tip: To cancel credit card accounts, you must contact the card issuers.