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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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
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In 1966, credit cards were now accepted for the payment of a variety of purchases and in 1967 Barclays launched the first credit card in the United Kingdom. From this time the bank card industry grew at a rapid rate.
Debit cards are important in that they help users budget since the bank balance decreases with each transaction, which reduces the chances of overspending. Credit card on the other hand offers the users an opportunity to spend more that they have and pay later.
This fee included a service charge, and interest on the principal amount. If used wisely, credit cards are the best possible form of a retail transaction settlement. Avoidance of cash, code security, privacy and credit flexibility make these plastic cards a worthwhile companion.
The modern financial system has ushered the development of credit facilities allowing the individual to pay either through their credit cards or cash. Credit cards are popular in highly industrialized countries and are emerging in other less developed economies.The purpose of this paper is to argue the advantages of using cash against using credit cards in paying for purposes.
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It is a way of building the kind of credit that can help secure my loans, housing, even employment in future. I also need immediate communication on my spending without necessarily traveling. A credit card can also be the step number one toward the kind of debt that leads to collection calls and sleepless night.
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