In this digital era credit card play a vital role in the economy and majority of using thing for financial transaction This kind of plastic money has several merits than detriments and both the points are discussed in the ensuing paragraph.
There are numerous merits attributed to the credit card. To begin with the foremost one, easy money management. The risk of carrying a large sum of physical money is over now as a new form of money called credit card is introduced which require no need to carry cash for buying expensive item. For instance, in western developed countries most of the citizen are using plastic card as a source of payment. Secondly eligible for discount, Most of the retailers and online website are providing additional discount. For example, in India many online website like Amazon are providing additional discount of 10%on all item if paid via credit card.
However, there are more darker side of using credit card. To begin with, Overspending in comparison to their income. digital money provide facility to pay all the bill at a time after a month this creates a serious problem for those who buying it online use the product and when the time for paying the due come they don’t have money, and they fall under the trap of heavy penalty and interest. Moreover, there is risk of increasing digital crime. there are many cases of intruder hacking the card and pin and that lose the lots of money.
To conclude that using of credit card play a vital role in the economy, if use it wisely there were more benefits than detriment
In this digital era
credit
card
play a vital role in the economy and majority of using thing for financial transaction This kind of plastic
money
has several merits than detriments and both the points
are discussed
in the ensuing paragraph.
There are numerous merits attributed to the
credit
card
. To
begin
with the foremost one, easy
money
management. The
risk
of carrying a large sum of physical
money
is over
now
as a new form of
money
called
credit
card
is introduced
which require no need to carry cash for buying expensive item.
For instance
, in western
developed countries
most of the citizen are using plastic
card
as a source of payment.
Secondly
eligible for discount, Most of the retailers and online website are providing additional discount.
For example
, in India
many
online website like Amazon are providing additional discount of 10%on all item if paid via
credit
card.
However
, there are
more darker
side of using
credit
card
. To
begin
with, Overspending
in comparison
to their income.
digital
money
provide facility to pay all the bill at a time after a month this creates a serious problem for those who buying it online
use
the product and when the time for paying the due
come
they don’t have
money
, and they fall under the trap of heavy penalty and interest.
Moreover
, there is
risk
of increasing digital crime.
there
are
many
cases of intruder hacking the
card
and pin and that lose the lots of money.
To conclude
that using of
credit
card
play a vital role in the economy, if
use
it
wisely
there were more benefits than detriment