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Compare and contrast Credit cards vs paying with cash - Essay Example

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Using cash for purchases can sometimes earn the buyer to discounts on certain items, and it also avoids interest charges and other fees associated with using a credit card. However, carrying a lot of cash is…
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Compare and contrast essay Credit cards vs paying with cash
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"Compare and contrast Credit cards vs paying with cash"

Download file to see previous pages Measuring the benefits of cash against credit cards is highly individual and dependent upon circumstances.
People often use credit cards for convenience. This is good if they pay the bills before interest is incurred, called the “grace period”. Businesses are also charged for accepting credit cards, so they raise prices. However, interest is high if the grace period is missed and it does not apply to cash on credit. Credit card are easy to use on line, but care must be taken to check the transactions as one might see recurring payments applied from the fine print they did not read. Online purchases are much harder to make without a credit card, and generally incur fees for a payment service. One often overlooked benefit for using credit cards is to build one’s credit rating. In todays’ world getting a mortgage or buying a car with no credit rating can be difficult and may cause the buyer higher interest. Some places have a chip sensing machine that only requires waving or tapping the card on a surface to register the purchase, making it even easier, but that ease of use may encourage overspending.
Cash may lower the price of items or services, but then the buyer must store the receipts and carry that cash, which is not as safe, since it can be spent by anyone. When getting cash on credit the cost can be up to 29% and it accumulates at the time of purchase until that balance is paid, so running one’s self out of cash is also not good. Online purchases are much harder to make without a credit card, and generally incur fees for a payment service, but debit cards that have a credit logo often work.
Credit cards are fast and very easy to use. The major drawbacks to using credit cards are also what that makes them tempting to use: deferred payment and convenience. There is the tendency to over-spend as the availability of ...Download file to see next pagesRead More
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