Credit vs. Debit

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Submitted By bdanderson14
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Pages 4
Credit VS Cash

Although both credit and cash differ in some ways, they are equally important and their functionally has aided in making payments quick and easy in today’s fast paced society. The differences are huge, but they can impact people’s lives in different ways. While in today’s world 73% of people use less cash than ten years ago, this could become a bigger problem in the world. Many people wonder why using a card is safer than using cash? Most of them do not like carrying around a lot of cash due to the fear of losing it. Once it is lost, there is no way to replace it. Cash cannot be replaced; on the contrary, if one loses their credit card they are protected. If a credit card is lost or stolen one can easily put a hold on the account. If someone besides the owner uses it, the credit card company will investigate it and the most that is required is to pay a minimal amount, if that. Carrying cash is often not an option when making large purchases because of the possibility of losing it or the possibility of being robbed. Credit cards offer more security and it is much safer and easier to use a credit card.
Very few businesses offer a reward while paying with cash. However when one pays with a credit card, the company normally offers the buyer a rewards program where they can earn something back on the purchases they make. Credit card companies offer a “Cash-Back Card” which allows the user to receive cash back at the end of the month when a certain amount of money is spent. A “Points Card” allows the user to accumulate points and exchange them for gift cards to restaurants, gas stations, shops, markets and other establishments. Lastly, there is a “Miles Card,” which allows the user to earn airfare mileage with the purchases made, which is basically earning free money. An example of one of these programs is evident in my personal credit card company.…...

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