The future is digital. And it has been digital for some time now. Ever since demonetization the shift to cashless, online payments have taken the forefront. Bank cards which include debit cards, credit cards and prepaid cards, have gained popularity and given their various advantages, it isn’t hard to see why.
Following is a comprehensive list of the factors that state their benefits over paper currency.
1. Convenient
Bank cards, whether they be debit or credit cards, are extremely convenient. The payments you make by using them are deducted from your bank account. And it does so almost instantly. You don’t need to carry around paper currency. Or count your notes before you make a purchase. Extremely time efficient and hassle-free, bank cards allow for autonomy and privacy.
2. Cash When You Need
True, you can’t pull out your debit or credit card to pay your vegetable vendor. But bank cards also have the ability to give you cash. A simple withdrawal transaction from the nearest ATM with your debit card will give you the amount of cash that you want. In many ways, it helps curb your expenses. If you are only withdrawing the amount you need to purchase something, you will only be spending that much, thus curtailing the chances of over-spending.
3. Secure
Bank cards come with a PIN (Personal Identification Number) making certain that only you can access your money. The PIN provides a protection and security against theft that make them easy to travel with. They also come with the failsafe option of cancellation and fresh renewal in case you lose it or need to prevent it from damage.
4. Credit History
One of the first things that banks or other financial institutions check when you apply for a loan is your credit score. Your payment history and the details of your credit card account make-up the gist of your credit file. If you keep it in good standing, your chances of investing in different financial schemes will be greatly enhanced.
5. Rewards
Rewards like frequent flyer miles, discounts, cash back are to be found every time you make certain eligible purchases. Complimentary extras are often features of bank cards that help you save money.
Bank cards are a convenient method of managing and handling your finances. Simple and quick, they have changed how commerce is conducted and how we purchase things. And with virtues as extensive as mentioned they are hard to disregard.
Following is a comprehensive list of the factors that state their benefits over paper currency.
1. Convenient
Bank cards, whether they be debit or credit cards, are extremely convenient. The payments you make by using them are deducted from your bank account. And it does so almost instantly. You don’t need to carry around paper currency. Or count your notes before you make a purchase. Extremely time efficient and hassle-free, bank cards allow for autonomy and privacy.
2. Cash When You Need
True, you can’t pull out your debit or credit card to pay your vegetable vendor. But bank cards also have the ability to give you cash. A simple withdrawal transaction from the nearest ATM with your debit card will give you the amount of cash that you want. In many ways, it helps curb your expenses. If you are only withdrawing the amount you need to purchase something, you will only be spending that much, thus curtailing the chances of over-spending.
3. Secure
Bank cards come with a PIN (Personal Identification Number) making certain that only you can access your money. The PIN provides a protection and security against theft that make them easy to travel with. They also come with the failsafe option of cancellation and fresh renewal in case you lose it or need to prevent it from damage.
4. Credit History
One of the first things that banks or other financial institutions check when you apply for a loan is your credit score. Your payment history and the details of your credit card account make-up the gist of your credit file. If you keep it in good standing, your chances of investing in different financial schemes will be greatly enhanced.
5. Rewards
Rewards like frequent flyer miles, discounts, cash back are to be found every time you make certain eligible purchases. Complimentary extras are often features of bank cards that help you save money.
Bank cards are a convenient method of managing and handling your finances. Simple and quick, they have changed how commerce is conducted and how we purchase things. And with virtues as extensive as mentioned they are hard to disregard.
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