Advantages of Credit Cards

The concept of the credit card began with early American capitalists.

From the times of John Biggins, the inventor of a first bank issued card, had his first eureka moment in 1946, credit cards have developed into one of the most versatile ways of paying, for good reason . . .

Once you are issued with one, the need to carry around unsafe, dirty and bulky cash is significantly diminished. I say diminished because some small scale merchants (who perhaps are scared of technology) will still insist on being paid in cash. Further, credit cards enables you to build up a credit history, but only if you always pay on time.

In some countries such as UK, if you buy goods using a credit card and the goods turn out to be faulty, they are usually insured for a period of time, say two months, and you can be indemnified even for total loss. Credit cards are safe, and even if gun-totting miscreants help themselves to your wallet, you can make hit back by simply calling the credit card company and canceling the stolen card. Another thing going for credit cards is that you can keep track of your transactions, and it’s thus easy to keep track of your expenditure.

I could go on and on, and whatever the doomsday prophets say, plastic money is here to stay. Cards can be very valuable if used wisely, but equally damaging if used unwisely, like any powerful tool, careful and intelligent use is necessary!