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05-09-2017, 08:45 PM

I want to know about advantages. And disadvantages of plastic money and this website is troubling me a lot

jaseela123d · 06-09-2017, 03:36 PM

Advantages of plastic money

There are several advantages of plastic money as seen in the illustration above. Advantages include

1. Eliminates the need to carry huge cash: This eliminates the need to carry a huge load of cash that is risky and inconvenient as well.

2. Minimized risk of loss or theft: In case of cash there is a high risk of losing cash and a stolen cash opportunity. However, in case of debit / credit card you can report the matter to the bank and lock the card to avoid misuse.

3. Access Anytime / Anywhere Using cards has the unique advantage and convenience of using it anywhere in the country or even abroad.

4. Credit facility: In case of credit card you have the option to buy on credit or pay later. Although the charges are high, it helps you in case of emergencies and contingencies.

5. Online Payments: You can use online payment cards, fund transfers and various other transactions.

These are the key benefits I can easily remember, but there could be several other good features too that are specific to certain cards.

Disadvantages of plastic money

So far I've been sounding like a nice, nice bank executive who is convincing you to open an account. Keep in mind a few points before you see the disadvantages of plastic money

• Plastic cards / money are not a complete cash replacement

• The use of cards can also be risky in some cases

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