02-08-2016, 02:26 PM
Advantages of Plastic Money
There are several advantages of plastic money as seen in the above illustration. The advantages include
Eliminates the need for carrying huge cash: This eliminates the need for carrying huge load of cash which is risky and inconvenient too.
Risk of Loss or Theft minimized: In case of cash there is a high risk of losing cash and a chance of cash getting stolen. However, in case of debit/credit card you can report the matter to the bank and block the card to avoid misuse.
Anytime/Anywhere Access Using cards you have the unique advantage and convenience of using it anywhere in the country or even abroad.
Credit Facility: In case of credit card you have the option of buying on credit or paying later. Although the charges are high, it helps you in case of emergencies and contingencies.
Online Payments: You can use cards for online payments, fund transfers and various other transactions.
Disadvantages of Plastic Money
So far I’ve been sounding like a nice, pleasant Bank Executive who is convincing you to open an account. Please note a few points before we look at the disadvantages of plastic money
Cards/plastic money is not a complete replacement for cash
Use of cards can also be risky in some cases
Note: I’m not saying that cards are not useful because of these drawbacks. The disadvantages are just to make you aware of any risks, threats, etc so that you can use it carefully.
There are several advantages of plastic money as seen in the above illustration. The advantages include
Eliminates the need for carrying huge cash: This eliminates the need for carrying huge load of cash which is risky and inconvenient too.
Risk of Loss or Theft minimized: In case of cash there is a high risk of losing cash and a chance of cash getting stolen. However, in case of debit/credit card you can report the matter to the bank and block the card to avoid misuse.
Anytime/Anywhere Access Using cards you have the unique advantage and convenience of using it anywhere in the country or even abroad.
Credit Facility: In case of credit card you have the option of buying on credit or paying later. Although the charges are high, it helps you in case of emergencies and contingencies.
Online Payments: You can use cards for online payments, fund transfers and various other transactions.
Disadvantages of Plastic Money
So far I’ve been sounding like a nice, pleasant Bank Executive who is convincing you to open an account. Please note a few points before we look at the disadvantages of plastic money
Cards/plastic money is not a complete replacement for cash
Use of cards can also be risky in some cases
Note: I’m not saying that cards are not useful because of these drawbacks. The disadvantages are just to make you aware of any risks, threats, etc so that you can use it carefully.
