Advantages and Disadvantages of Using Credit Cards and Debit Cards
Today, almost everyone has their credit cards or debit cards. It can be used in the malls, shopping online, buying tickets, and much more. Most of the time, people use it because it is more convenient because you do not have to bring cash which could be easily stolen and used; unlike cards where there would still be a number of security features.
There are two types of cards that are commonly used for cashless transactions. First is the credit card which is a plastic token, with a magnetic stripe that contains the machine readable code. Credit cards are known as the most common substitute for cash payment. It is also commonly used for internet transactions. Credit card holders have their credit limit, whic has been approved by the card-issuer such as banks, stores and etc. Cardholders usually pay their balances on their credit cards after 30 days of purchase to avoid the interest and penalties that the bank gives (BusinessDictionary, n.d.). The second most commonly used card is the debit card also known as the asset card in the US which is a bank card that is also used for transactions but not as like as credit card. In using debit card, you can only use the amount balance that your savings account contains. Although with credit cards you can exceed your savings balance but not your credit limit. If the available funds are insufficient, the transaction is not completed (BusinessDictionary, n.d.).
In De La Salle credit cards and debit cards are the other modes of payment in paying tuition fees. Although DLSU limits the number of cards you can use such as Citibank (Paylite), BPI (Special Installment Plan) and BDO (EasyPay) for credit cards. Whereas for de...
... middle of paper ...
...BIT CARDS AND MONEY DEMAND. Journal Of The International Academy For Case Studies, 14(2), 61-67.
King, A., & King, J. T. (2005). The decision between debit and credit: finance charges, float, and fear. Financial Services Review, 14(1), 21-36.
Mangla, I. (2010). Credit or Debit? How to Decide. Money, 39(4), 37-38
Mode of Paying Tuition and Fees (n.d.). In De La Salle University. Retrieved November 7, 2013, from http://www.dlsu.edu.ph/offices/accounting/payments/
Remer, G. M. (2013). Cyber Pirates – Protecting Credit and Debit Card Information. Franchising World, 45(3), 40-42.
Sotiropoulos, V., & d'Astous, A. (2013). Attitudinal, Self-Efficacy, and Social Norms Determinants of Young Consumers' Propensity to Overspend on Credit Cards. I, 36(2), 179-196.
Watch out for these debit-card drawbacks. (2012). Consumer Reports Money Adviser, 9(5), 3.
Dean, L. R., So-hyun, J., Gudmunson, C. G., Fischer, J. L., & Lambert, N. (2013). Debt Begets Debt: Examining Negative Credit Card Behaviors and Other Forms of Consumer Debt. Journal Of Financial Service Professionals, 67(2), 72-84.
...hew , and Debbie Cochrane. "Student Debt and the Class of 2012." Institute For College Access and Success. December (2013 ): n. page. Web. 12 Dec. 2013.
...: A Critique of the Global Credit Card Society." International Journal of Comparative Sociology 38:1 June 1997, 77-82.
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
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 or debit cards accessible in one easy location and it’s even got the extra security of the
Reed, Matthew et. al., “Student Debt and Class 2010” Project on Student Debt. The Institute for College Access and Success. Nov. 2011. Web. 12 Nov. 2011
On the other hand, there is the element of widespread profit from the market of the electronic currency. The ones who [participate...
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
The ability to conduct warfare through technological methods has increased information security awareness and the need to protect an entities infrastructure. Subsequently, cyber warfare produces increased risk to security practitioners that employ technology and other methods to mitigate risks to information and the various systems that hold or transmit data. A significant risk to information lies in the conduct of electronic commerce, hereinafter called e-commerce. E-commerce is the purchasing or selling of goods and/or services through the internet or other electronic means (Liu, Chen, Huang, & Yang, 2013). In this article, the researcher will discuss cyber warfare risks, present an evaluation on established security measures, identify potential victims of identity theft, and present an examina...
It is true that with a credit card, an irresponsible student may get themselves into debt, but those types of people should be more educated on credit cards and the trouble they can get themselves into when considering getting one. To those that can handle the responsibility, a credit card can be a very useful item to college students due to the mass amount of purchasing the college student has to do, the most expensive item being books. However, if a credit card is off the list, a debit card is the safer route. Debit cards prevent overspending and do not access money that one does not have. If a college student has a job, it is very important to have a debit card so they can cash their paychecks and not have to pay with everything in cash, especially if there needs to be some purchasing online. Having both the credit card and the debit cards are very helpful to a college student, but having just the debit card is fine
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.
To increase the use of digital wallet, it is required to educate consumers about the benefits of a digital wallet in simplifying and streamlining their purchasing experience.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
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...