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Credit card advantages and disadvantages essay
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A woman is walking down the street with her purse on her shoulder and out of nowhere a man comes by and takes her purse right off her shoulder then sprints away never to be seen again. In this situation, just focusing on her money, does one feel she would have rather had cash or a credit card in her wallet? This is one of many types of situations where people question whether they should be carrying cash or a credit card. The world has come a long way where anyone can buy anything online or over the phone. People do not carry cash like they use to back in the day but when they do is it in their best interest? While cash might be nice to have and less expensive to maintain, credit cards are a faster, safer, and easier way to make payments due
For instance, when making a big purchase, people do not want to be carrying around hundreds of dollars. Throughout the day one might lose some of their money or might spend it on something that they were not intending on buying because it is just readily available. Spending a little extra on a bank to maintain your money will pay out in the long run. When credit card company’s “charge high interest rates if you don’t pay your bill in full by the due date” it can make credit cards a more expensive way to handle your money (Cash Vs. Credit Cards). For big banks, “Some credit cards also carry annual fees just to use them, along with foreign transaction fees, balance transfer fees, and late fees” (Cash Vs. Credit Cards). When people are dealing with large amounts of money paying these fees are nothing compared to getting robbed and someone taking all their cash with no way of getting it back. . Also if the bank misplaces some of your money it is the banks responsibility to get it back not yours. Instead of having to work to get the cash someone else stole, people can rely on the bank to cancel their cards or refund their money that was
Credit cards are helpful to have on you when you make large purchases and when you do not want to carry large amounts of money around. On the other hand, cash can be easy to use when making small payments on the spot. Credit cards can be safer because people can let the bank handle their money and if something goes wrong it is the fault of the banks to get your money make or reimburse any money that was lost or stolen. You may see people of the older generation use more cash transaction because they can handle their own money but in today’s advancing society more people are changing to credit cards and online
to many people because the bank took over their life. ?The bank is something more than,it?s the
Everywhere public place you go it is hard not to run in to the idea of the credit card. You will see credit card logos on the front of every business. Every department store you go in has it’s own version of a credit card from Target to Macy’s. The Diner’s Club Card that originally was only for businessmen to eat lunch at 27 different restaurants. Now it is accepted almost everywhere. And for everything else there’s Mastercard……(or Visa, Discover Card orAmerican Express.
Credit cards are something that are almost needed in everyday life now, as most dont have the money available to purchase a car or house and so need credit, thus needing credit cards to help build that credit. Those cards are hard to handle, and receiving applications in the mail daily, and commercials appearing on television don’t seem to make the struggle of staying away any easier. This starts to spark an interest. So people begin to think, "I think I 'm responsible enough to get a credit card, I 'll only use it for emergencies." Then the application process begins and it may take a couple times to finally be approved for one. This only makes it worse, of course, because realizing how long a credit card wasn’t applicable to life, but now
Credit unions can be an alternative to banking fees. These institutions are owned by their members, and pass their savings onto their members. Credit Unions are classified as not for profit entity unlike banks that are guided by their stockholders. The draw back to these institutions, however, is the lack of choices. If you are a convenience base customer, these institutions would not be a good choice because the locations are not as convenient as the banks.
Money has evolved with the times and is a reflection of the progress of man. Early money was a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money into a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27)
When it comes to convenience credit outweighs cash. It’s always easier just to pull out a card and swipe rather than pull out cash and should give exact change. Swiping a credit card is also less time consuming which can be convenient when running low on time. Credit also lets you keep track of your transactions, that way you know where your money is going. I know personally that keeping track of my
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore. Bills are often times paid online, babysitters are accepting electronic payment such as PayPal and even food trucks now take electronic payments. According to a Washington Post column by Michelle Singletary society and businesses embrace using cashless ways to pay for things than the old time traditional “cold hard cash”. In my opinion there should still be cash circulating out in the world. My first ...
The first subject is the matter of cash, cash, and cash. Mr. Steverman states that individuals need to have readable access to a relatively large proportion of cash. It is recommended that young individual have access to ten thousand dollars worth of cash. However in today’s market it is recommended that individuals have readable access to an amount of cash that is in the range of fifteen to twenty thousand dollars. The need for readable access to cash is for the possibility that you may lose your job. The main reason of the readable cash is so that if an individual needs the cash for an emergency the individual will be able to access it at their own bank. This cash can be used for a wide array of things in the case of an emergency. If an individual losses their job, they will need to pay bills and purchase food. The amount of the money may differ if the individual is engaged into a family, as the family will have higher bills and needs for money.
If we don 't have credit cards, we can’t build our credit history. If we don 't have a credit history, we aren 't allowed to buy cars or houses with low monthly payments. Having credit cards is a cycle in life because without one thing, we can 't have the other. When people have credit cards they have to use them. It doesn 't help that banks offer many credit cards to people, ending in high debt. Banks also encourage low monthly payments. If people pay low monthly payments, they will never end up paying their credit card debt off. They will probably end up paying for the objects they bought, two or three times. People aren 't forced to pay high monthly payments in order for it to take longer to pay the card off. If it takes longer for a person to pay a credit card debt, the credit card companies will be making a lot of money. I can definitely say I have experienced this because I am always offered to get a credit card. There are many stores that carry their own credit cards, and offer them for their customers. Offers are tempting and they can add to a future of credit card debt.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question we might ask ourselves is what is a cashless society? What are the implications of living in a cashless world?
In conclusion a cashless society seems positive and quite close that we actually think, but the main issues of these opportunities will solely depend on whether the benefits would outweigh the disadvantages. We can already see that many people agree with the government on the cashless economy but on the other hand other people such as Christians will not probably accept this as a norm. It is vital to understand if society moves to a cash free economy, the benefits must distinctively overshadow in the end. It appears that much has been done in terms of the awareness of a cashless society as technology advances in progression with the use of electronic devices and system without the exchange of anything tangible. However
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)