Essayon Credit Cards

A credit card allows you to borrow money to pay for things. There will be a limit to how much you can borrow called your credit limit. At the end of each month you can either pay off the full amount you owe or pay defined minimum proportion of the bill by a due date. The future credit card user should carefully study every?credit card deal and revise his or her payment possibilities to suit. There are a lot of advantages.

Advantages of credit cards:

Credit?card reduces need to carry cash or checks. A credit card means you don't need to carry huge amounts of cash around and risk losing it.

If you make an unforeseen, large purchase, credit allows you to buy it at once and settle up later. Besides it gives you the opportunity to spread the cost of a large payment over several months.

As well as convenient, accessible credit, credit companies offer consumers flexible rewards schemesin which points earned by purchasing goods with the card can be redeemed for further goods and services.

A credit card means you can make purchases abroad without having to worry about local currency. They have now spread worldwide.

Using credit cards can help you build a positive credit history.

Having a good credit history is also very important, when the credit card owner is applying for loans, rental or even jobs.

Many credit cards offer some type of insurance if your purchase is stolen. Some credit companies provide extended warrantees on certain types of purchases.

In general, credit cards enhance our personal responsibility and independence.

Many of these advantages are found in the fine print of your statement that came with the credit card. Make sure you understand how everything works because the benefits differ from card to card.

Of course this only works because many people do not pay their balance at the end of the month. If nobody carried a balance, the banks would be out of money and they unquestionably would not offer any of those reward schemes that give you free miles or hotel rewards.

Disadvantages of credit cards:

The biggest disadvantage is that they are inviting cardholders to spend more money that they don’t yet have. It is far too easy to spend more than you can afford using a credit card. Most credit cards do not ask you to pay off your balance each month.? While this may feel like “free money" at the time, you will absolutely must to pay it off.? The longer you wait, the more money you will lose with interest which accrues every day until you pay the balance.

Credit cards can be stolen, as can cash. They may be physically stolen or someone may steal your credit card number from a website, over the phone etc. The good news is that, unlike cash, if you find your card has been stolen and you inform your credit company instantly, you will not pay for purchases that somebody else has made.

Credit cards issue a monthly spending limit. While they are mostly high, if you exceed it, you may face even bigger charges.

So if a credit card is not used wisely, people can get into debt or even bankruptcy.

Think carefully before applying for a credit card.? There are many benefits you can obtain by using a credit card-all for free as long as you pay off your balance at the end of each month. Other people aren't going to pay off the balance and they are paying for you to get free service.

The Pros And Cons Of Using Credit Cards And Debit Cards

Advantages and Disadvantages of Using Credit Cards and Debit Cards

Today, almost everyone has their credit cards or debit cards. It can be used in the malls, shopping online, buying tickets, and much more. Most of the time, people use it because it is more convenient because you do not have to bring cash which could be easily stolen and used; unlike cards where there would still be a number of security features.

There are two types of cards that are commonly used for cashless transactions. First is the credit card which is a plastic token, with a magnetic stripe that contains the machine readable code. Credit cards are known as the most common substitute for cash payment. It is also commonly used for internet transactions. Credit card holders have their credit limit, whic has been approved by the card-issuer such as banks, stores and etc. Cardholders usually pay their balances on their credit cards after 30 days of purchase to avoid the interest and penalties that the bank gives (BusinessDictionary, n.d.). The second most commonly used card is the debit card also known as the asset card in the US which is a bank card that is also used for transactions but not as like as credit card. In using debit card, you can only use the amount balance that your savings account contains. Although with credit cards you can exceed your savings balance but not your credit limit. If the available funds are insufficient, the transaction is not completed (BusinessDictionary, n.d.).

In De La Salle credit cards and debit cards are the other modes of payment in paying tuition fees. Although DLSU limits the number of cards you can use such as Citibank (Paylite), BPI (Special Installment Plan) and BDO (EasyPay) for credit cards. Whereas for debit cards, any Mastercard or VISA card through a straight payment are allowed, only one swipe per card and maximum of only two credit cards are only allowed for each student. Also payment through ATM via debit to savings account is allowed in BDO and BPI only to pay tuition fees (Mode of Paying Tuition and Fees, n.d.). De La Salle University has also accepted the use of BebaPay in the different canteens on campus. BebaPay is also acts like a debit card where you can use the cash which you have deposited. Google also allows you to track your expenses via SMS or online. (BebaPay Home, n.d.).

The objective of the study is to find the students’ perspective on credit cards and debit cards together with their advantages and disadvantages. This is done since most college students already own a debit or credit card which they use almost every day.

It is also the objective of the study to answer the following questions: How can credit cards and debit cards be used as methods? How do students perceive credit cards and debit cards? What implications can be derived from the perspectives of the students?

The process starts after giving the credit card to the merchant and the merchant will send the transaction details to...

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