Credit Cards Disadvantages

1120 Words5 Pages
There are many banks in the world. They have been offering many services for their users. Among them, one service is credit cards. They produced many kinds of credit cards such as student card, everyday card, woman’s card, visa card, master card, platinum card, gold card, business card and so on. Credit cards are very useful in our daily life. It is an electronic payment system. It can use every time and everywhere. It is a small thing that makes a small plastic card. We can take it easy. Therefore, we don’t need to carry a lot of money. Recent year, credit cards are very popular in Myanmar. Although there are many advantages for using it, on the other hand, it has many disadvantages. Nowadays, almost people are used electronic payment cards such as credit card, debit card and so on. Credit cards are more popular than other electronic payment cards because it not requires saving money first in the user bank. According to Vera Birukova (26/12/2017), “a credit card allows you to borrow money to pay for things. There will be a limit to how much you can borrow called your credit limit. At the end of each month you can either pay off the full amount you owe or pay defined minimum proportion of the bill by a due date.” There are many advantages for using it because we can buy things in another country without having to worry about local currency. We can make purchases with it on online, can save money for transportation, and can’t waste a time. Many credit cards offer some type of insurance if your purchase is stolen. But there are many disadvantages for using it because it can take some crimes such as fraud among cardholders. “The biggest disadvantage is that they are inviting cardholders to spend more money that they don’t yet have. It is far too easy to spend more than you can afford using a credit card. Credit cards can be stolen, as can cash. They may be physically stolen or someone may steal your credit card number from a website, over the phone etc.” (Vera Birukova, 26.12.2017) SELLING AND SECURING CREDIT CARDS: THEORETICAL AND PERSONAL REVIEWS Selling Credit Cards Many banks have been competing with one another for their credit cards in many ways. They attractive people who would like to use their
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