Credit Card Vs. Credit Cards

James D Scurlock’s “Maxed Out” focused on the revolving use of credit cards to charge now and pay later and the fact that once the credit card was maxed out another one was sent from the credit card companies and the whole process begins all over again. Scurlock’s essay made the reader aware of the downfalls and hardships that can occur when credit cards are constantly used for purchases compared to Kevin O’Donnell’s “Why Won’t Anyone give Me a Credit Card”.

The controversy between cash and credit is something that needs to be addressed. The differences between using cash and credit cards for making purchases varies depending on the type of person. Many people believe that credit cards are a better choice between the two. Credit cards offer more protection, more benefits, and simpler ways of managing expenses compared to cash.

For many years, there has been an ongoing debate whether using credit cards is a positive or a negative idea. On the positive side, credit cards are a widely-accepted method of payment across the globe. One of the benefits of using your credit for payment is foreign travel, when you are traveling out of the country it saves you from having to exchange your dollars for the local currency, your credit card company calculates the exchange rate for you and automatically posts the correct charges to your account. (Yuille). In addition, credit cards are great for emergency situations where you find yourself in the position of having to spend a large sum of money that you had not budgeted for and may not have the money readily available. These unforeseen expenditures can then be worked into a monthly budget and be paid off in a series of monthly installments (Yuille). For instance, making a large purchase with a credit card and promptly making your monthly payments until the debt is satisfied, could improve your credit score which can help qualify for future loans should the need arise (Detweiler). Furthermore, many credit card programs have rewards programs you may be eligible for. Such as, being eligible to receive a percentage of your purchase as a cash back reward, earning airline frequent flyer miles for each dollar you charge to your credit card and often you are offered discounts on daily purchases (Vanderpool). Credit cards also allow for convenience. Having a credit card

Everyone wants the method of payment that they use to be the most convenient. If it is not convenient most people will not use it. A majority of grocery and retail stores accept cash. Some stores do not accept credit or debit cards. The Bank of America (2017) found that some businesses are cash-only or have credit card minimums, and that legally that minimum cannot be more than $10. You will rarely find a store that does not accept cash. Although, cash can be tricky when paying, as it takes longer to get the right amount of money out of your wallet than just grabbing a debit card and swiping it. Swiping a card is much faster than counting out money, giving the cashier money, and getting change back. It is pretty easy to get cash even when you have just a debit card. Laura Adams (2011) says that you can opt for “cash back” at most stores or use your debit card at an ATM and withdraw money. Convenience really depends on your preference

Picture this, you are purchasing your favorite drink and as you reach for your wallet, the only option you have for paying is electronically. That could become the case if we become a cashless society. You will see what a cashless society is and what it all entails. With disturbing someone’s privacy to the results of hijacking electronic accounts, cashless societies can have some advantages and disadvantages. As a list of countries that have already made the surface of topic when it comes to cashless societies, you will see how much of a difference cash is being used today as in years before. Cashless societies are creeping up upon people without them realizing it, but becoming aware of it could help people as they enter into the future.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

Although credit cards were fist introduced in the early 1900 's, they have continued to evolve and shape the way we as a society buy and pay for items. The introduction of the credit card has completely changed the way we make purchases, large and small. Making a large purchase used to mean that the consumer had to save money and pay for the entire transaction at once, but we can now purchase these items with a credit card. Buying items with a credit card means the merchant we buy from gets payment in full immediately, but the buyer can make monthly payments to the credit card company to gradually pay for the purchase.

In this modern era of technology, we extensively make use of virtual money. Credit and Debit cards have become an integral part of the world’s economy. Due to this extensive usage of cards, we have become a “cashless society”. We make use of credit cards to make online payments, to buy items at retailers and grocery stores; almost anywhere we go and purchase, we extensively make use of credit cards. This over dependency and usage of credit cards has given rise to new form of crime called the Credit Card fraud.

You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

Credit cards slowly and steadily have become convenience of modern society and a symbol of a developing modern global economy. They let you shop on credit and save you from the troubles of searching for an ATM or keeping cash on hand. Also, additional benefits of credit cards such as special offers and reward points are can make shopping fun and also helps banks attract new customers.

The credit card is an adaptable repayment tool accepted at over 30 million locations worldwide as it has turned into a good choice for cash. On many events, situations come up where you will need more cash than what exactly are immediately available. Emergencies such as a home or car vehicle repairs, medical expenditures, travel for a family group crisis, are achievable instantly with a greeting card. Such credit spending should be achieved with a short-term

To begin with, cash is generally accepted at any business, so you’ll rarely run into the problems of being forced to use a credit card. Unlike credit cards that are more unreliable unless you're shopping in a online store. Nonetheless one of the utmost issues of using a credit card is that many stores do not provide the technology to pay a transaction with a card. In the event that this occurs one will have to obtain an ATM machine in order to take out cash. Not only is this time consuming but it can also result in the machine being broken which is a huge inconvenience. For example, a card can end up being declined in a case of an emergency where money is needed or all of your money and personal information can also be hacked and stolen in seconds. Now you will need to go through the vigorous process of reporting your card being stolen to the

From the given data, twenty-one among twenty- five of the respondents answered that they use credit cards for emergency purposes. Two answered that they avail credit cards because they sometimes do not have cash on hand, one said that it is for the purchase of basic commodities and lastly, one said that the primary reason why he avail credit card is because of crdit card offers.It is noticeable that most of them prefer using credit cards for emergency purposes, on the other hand, the remaining number of people under consideration use credit cards for personal purposes and for the want of having promotional offers.

In this day and age, credit cards can be a lifesaver at times but can also cause a major financial burden at other times. Credit cards do have their advantages and disadvantages, which we will look at shortly, but by gaining a little knowledge, principle #1, on how to manage them better you will be able to get the most rewards from using them without them becoming a financial problem. We will also look at the CARD Act and see what new changes it brought to the table and how it helped the credit card user. Let us start with the many positive attributes of credit cards.

“ What is a credit card? ” . “A modern credit card is a rectangular piece of plastic, graphite, or a metallic alloy, that identifies a financial account. All contain a magnetic strip on the back, and some contain an RFID chip. An account number and the owner’s name or business name may be imprinted on the front”(Landes , 2013) . We made a project deals about with credit card. From that project, we got a lot of experience deals with credit cards. “ Why do people used credit cards ?”. “There are 10 reasons to use credit cards ; sign-up bonuses, rewards/points, cash back, frequent-flayer miles, safety, keeping vendors honest, grace period, insurance, universal acceptance, building credit.” (Fontinelle, 2017)Although he told “there has 10 reasons to use credit cards”, we could regard as 4 reasons ; sign-up bonuses, rewards/points, cash back, safety.