Preview

Credit Cards vs Cash

Good Essays
Open Document
Open Document
461 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Credit Cards vs Cash
If you are responsible, I would advise getting one, for multiple reasons.
1. Readily available cash that is safe, and by safe, I mean there are safeguards if it is lost or stolen. Cash and debit cards do not protect you like credit cards do.
2. Secure online shopping. That means fraud protection.
3. Having and using a card will build your credit, helping you later when you want a car or home loan, or want to refinance loans.

Really, if you are responsible with your money, you have no reason to not have a credit card. Just make sure you pay off your balance every month so you don't end up owing interest, and it is the same thing as having a debit card, just with more protection.

The cons mostly center around people not being mature enough or smart enough to handle the responsibility of a credit card.
1. They make it easy to spend money. Yep, swipe and boom, $300 gone. NO counting, no second thoughts.
2. They have little perks that end up costing you. Yes, you can get an instant cash advance, but that comes with a huge interest rate that likely compounds daily, which will end up burning you big time.
3. Debit cards come with fee-less ATM withdrawls, usually; not all credit cards do.

The big problem people have with credit cards is they swipe and swipe and swipe and then get upset when they see how much money they spent, at which point they blame the card. Yes, the piece of plastic made them blow $400 on those super cute boots...

So what does Eyes do? I have a debit card at a small regional bank where I keep my measly savings, along with a VISA issued by that same bank; also have a checking account at the bank. I also have a debit card (with checking account) at a national bank, so that I can use ATMs without fees no matter where I am in the country. The accompanying checking account lets me pay my balance instantly rather than waiting for a statement to come in the mail.
I use my credit card for everything. Everything. I only use the debit cards

You May Also Find These Documents Helpful

  • Better Essays

    In 1946 the first bank card was introduced by a man name John Biggins from Brooklyn, NY. This card was called “Charge-it”. When the card was used for purchases the bill first when to the Biggins bank. The bank then gave the money back to the merchant and then received the payment from the customer. The only way to have a “Charge-it” card was you could only use the card locally and also had to have an account through Biggins Bank. Credit cards are good and can help you build credit for in the future if you want to get a loan for a house or car or other such items. However, they can be bad because people tend to spend too much with them and then get in way over their heads with it and wind up paying a bill that takes those years to pay off or heavy interest rates that come with it each time you miss a payment or you are late paying it.…

    • 841 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    Com/172 Week 2

    • 419 Words
    • 2 Pages

    The mishandling of credit cards can cause serious financial problems due to the illusion of buying everything that people want and not necessarily what they need.…

    • 419 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Cash Versus Credit

    • 762 Words
    • 3 Pages

    * Available funds. The first and most obvious advantage of using a credit card is that it allows you to purchase goods and services without having to pay for them immediately. The Target credit card would provide easy money, making it possible to afford holiday gatherings or purchase last minute gifts.…

    • 762 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Bank Vs Credit Union

    • 788 Words
    • 2 Pages

    Choosing a bank or credit union can be tricky. A bank is a business that holds onto your money for you and uses it to create profits by investing that money, and loaning it out to other customers. In a credit union when you deposit your money you’re actually buying shares of the company. Rather than being a customer, you’re part “owner”. They both have checking and savings accounts including CDs and specialize accounts. You can deposit your checks and withdrawal money from ATMs, debit, credit cards. Loans and mortgages are all similar. I’m going to be focusing on Tapco credit union because that’s what I would use personally.…

    • 788 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Credit Card Debt

    • 649 Words
    • 3 Pages

    In this day and age, it's uncommon to find someone who doesn't have access to a number and variety of credit cards. Seemingly, credit card companies have lowered its credit standards to make getting credit cards fast and easy. For those who can't resist the temptation of using their credit cards on a frequents basis, it's equally fast and easy to build up overwhelming credit card debt to the point financial problems start appearing on the horizon.…

    • 649 Words
    • 3 Pages
    Good Essays
  • Good Essays

    or the debit cards that we use to make purchases in our everyday life. Plastic money is much more convenient to carry around as you do not have to carry a huge some of money with you. It is also much safer to carry it along or to travel with it…

    • 12569 Words
    • 51 Pages
    Good Essays
  • Good Essays

    Credit Card Debt

    • 670 Words
    • 3 Pages

    Many people use credit cards and most of the time the credit card is not used in the right moment.I believe that credit cards are not beneficial because they aren't used for the right things. It would be very different if they were used correctly, credit cards are to be used it case of an emergency,meaning not to be used when you are going to the 7-eleven to buy a bag of chips an a soda. It has shown that more than 75% percent of americans have been bankrupt or on the verge of it. There are more than 60% of americans that have credit card debt because they are using them for the wrong things. Facts have proven that the total U.S. credit card debt, is $793.1 Billion. and Average credit card debt per household is 15,799. Most people do not understand that when you have a credit card it comes with alot of responsibility and i say that because there are more than 10% of americans have been victims of credit card theft it may not seem like alot but credit card theft is a very serious thing. Most complaints come from adults within the ages 40-59, Nevada, Colorado, and New Hampshire have the highest rate of credit card fraud. Having a credit card is not what people think it is; people think that if i have a credit card then i do not have to have money with me, and its just free money but its very dangerous to have a credit card. Having a credit card can lead to bankrupt and going bankrupt can make you lose everything such as your car, house, and etc., or it could be worse an you could be placed in jail for a long time. Just because you had a credit card and used it for the wrong thing and spent way to much money...A credit card is nothing but trouble each and every type of way. The credit card companies and banks are getting richer, while most Americans are getting more in debt. The economy is in trouble, therefore, more and more people are relying on credit cards. In today's society we are constantly trying to get out of debt, but in the process of trying to get…

    • 670 Words
    • 3 Pages
    Good Essays
  • Good Essays

    In 1800s, consumers and merchants used credit coins and charge plates as currency for exchanging the goods through the concept of credit. However, it wasn't until about half a century ago, the things that they used to make a credit transaction such as credit coins and charge plates was replaced by a plastic card. The plastic cards that use for payment we know them today as a credit card and it became a way of life.…

    • 386 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Plastic has become the norm, while many consumers are using their credit cards responsibly, some are just simply irresponsible to manage their credit card charges…

    • 881 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Cash vs Credit Cards

    • 924 Words
    • 4 Pages

    Paying cash has been the simplest form of payment since currency has been established. Due to technology there are several ways one can purchase merchandise. Credit by far has become popular of most ways to purchase merchandise. Paying cash has no fees, no identity theft, and debt free. Credit cards has fees, theft safety programs, can cause debt, and can make fast payments. Both methods are necessary for today’s economy and both are necessary depending on the customer.…

    • 924 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    In modern life people tend to use credit cards more than putting cash in their wallets. Also, cash is still used but not taken in big amounts that might cause insecurity. Both credit and debit card payments have been proven that they are safer and more convenient than cash payments, especially when it comes to the online purchases. In…

    • 375 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Bad Credit Cards

    • 1286 Words
    • 6 Pages

    Some Americans have been under the impression that credit cards are a valuable financial tool because credit cards give them leverage with their credit scores and also can make it possible to purchase and do things they may not otherwise be able to do. Even though this may be true for some this is not always the case. Credit cards are harmful not only to the American people’s finances but also the economy. Credit cards are the number one reason for personal debt and bankruptcy in America today because of little or no understanding of interest rates and the false sense of security that owning multiple cards gives. Most Americans have the desire for a more convenient lifestyle and credit card companies make it so easy to obtain their cards that it has become a trend in America for most families to have at least five or more credit cards per household. The high importance society has placed on establishing credit has started to open Americans’ eyes on how credit card use has impacted their pockets financially as well as the pockets of the top three major credit bureaus.…

    • 1286 Words
    • 6 Pages
    Good Essays
  • Good Essays

    II. Primary support point 2 (paragraph 3): There is no positive side to credit card use.…

    • 553 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Essay On Credit Card Debt

    • 670 Words
    • 3 Pages

    Credit cards are very useful in emergency situations, so it is good to have at least one. Put it away where you will not be tempted to use it for everyday purchases. Cut up excess credit cards so that you are not using them and going deeper into debt. It is important to control your spending so that you do not end up in financial trouble.…

    • 670 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    When I write my paper, I will give my answer to the question of whether or not American’s should use credit cards. I will claim what whether someone should and should not use a credit cards depend on that individual’s circumstances. I think a strong case can be made against credit card us for most American’s. It is my personal opinion that credit card usage ought to be reserved for people who have a high income and who reliably make a lot of money. These people will be able to pay off credit card debts quickly and afford monthly bills. Other people can easily fall into a trap and young people may easily ruin their credit rating and if they try and get too many credit cards without the money to afford their bills. Having credit cards that you only pay a monthly minimum on will never get paid off. It takes up to thirty years to pay off credit cards when paying on a minimum. Young adults and college students do not understand the responsibility of credit cards and the debt that can occur. Having a good credit score is an important part of life. Without a good credit score, it will be hard to get a house, vehicle, or any other type of loan needed in the future of these individuals that get caught up in credit card debt. Usually a person with too much debt falls into the line of not paying the credit card companies back and has a lot of stress on their shoulders. Most young adults and college students already have a lot of debt from student loans themselves. When they get caught up in so much debt it puts a lot of stress on the individuals and can run into the line of drug use or suicide. From my personal experience, as a young adult, I had way too much credit card debt. It ruined my credit score and pushed me to having to file for bankruptcy. I feel that credit cards are a good way to have an emergency backup, but when you are irresponsible the temptations to go and spend are more likely to come…

    • 376 Words
    • 2 Pages
    Satisfactory Essays

Related Topics