Credit Cards vs. Cold Hard Cash: The Benefits
The security benefits of using credit cards have long been recognized. Even with the extra attention being given to identity theft and credit card fraud these days, using your credit card is still one of the safest ways to pay for things available.
All credit card companies will provide you with an emergency number to call if your card is lost or stolen, and in the vast majority of cases, the card provider will fully reimburse any loss incurred on your account. . This will always be the case, unless you are somehow involved in or guilty of the fraud, for example by providing your security details to someone you should not have trusted. This means that even if your cards and information are stolen, you usually don’t have to worry as long as you report the incident. Replacement cards can be sent to you very quickly.
Another benefit of credit cards over cash is that you can easily use them abroad. They are fast becoming an internationally recognized currency. While cash will be accepted everywhere within your own country, credit cards are accepted at a large number of locations around the world. As soon as you step off a plane, and especially if you’re traveling through multiple countries, a credit card will be an invaluable means of payment wherever you go.
Another great benefit of credit cards, which is really just beginning to show with the growth of online shopping, is the ease with which payments can be arranged online. There are now thousands of websites around the world that will do business with you and give you access to great prices if you have a credit card to pay for them. Gone are the days when checks were sent through the mail. Now, with new payment systems like pay pal, even people can accept credit card payments with great ease and for very little expense. However, you should be careful with your personal information and payment details, and do business through an intermediary like PayPal, or only with companies you know you can trust.
The downside of credit cards is that they can cost you money. You pay interest on balances you carry from month to month, and if you use your credit card abroad, you’ll have to accept additional charges from your card provider.
