Five Ways Credit Card is Changing the Way We Spend


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In the past, people had to depend on cash to make payments for their purchases. Over the years, there has been tremendous development in the financial industry whereby people today, have multiple ways of making payment. The online mode is one of them. Payment through credit cards is another. Here are five ways the credit card is changing the way we spend.Credit Card


  • Cashless purchases

The use of credit cards has ensured that we are moving towards a cashless economy. The more you use credit cards, the less cash you have to carry with you. Making high-ticket purchases with cash can be inconvenient. Credit cards are convenient to use. The payment for the purchases made goes directly into the bank accounts of the seller. It saves a lot of trouble for the sellers as well. One of the most critical advantages of using a credit card is that you can purchase the products you need even without having money in your account. It is because you do not have to make immediate payment to the bank. You have time to do so.

  • Make online purchases

Credit cards allow you to make online purchases. Improving technology has made it possible for you to purchase almost anything online. Right from ordering food online to purchasing your air tickets, credit cards are handy instruments to have. Different e-Commerce websites have sprung up in recent times that allow you to make purchases online. You can order anything that you want from the privacy of your home or office. Use your credit card to pay for your purchases and have the products delivered at your doorstep.

  • Faster and secure payments

Cash payments are tedious. High-ticket purchasing can take much time for counting of cash. With credit cards, the payment is almost instantaneous. Secondly, paying with cash has its insecurities. It would help if you carried cash in large quantities with you thereby exposing it to theft. There are also chances of counterfeit currency finding its way through the cash you pay. Credit cards are the most secure means of making payments. Today, you have credit cards that come with advanced security features. It is not easy to steal a credit card and use it immediately for high-ticket purchases.

  • Tackle unexpected expenses easily

Credit cards give you a feeling of security that you are never short of funds in an emergency. It is your best friend under such circumstances, as you can use it to tackle unexpected expenses. One of the best examples of an emergency is a medical emergency. Medical expenses can come unannounced. You might not have the required funds in your account. It can take some time for you to mobilise funds. During such times, your credit card can come in handy because you have sufficient time on your hands to pay the bill. It gives you ample breathing time to arrange for the funds while you proceed with tackling the emergency. Similarly, credit cards are useful abroad where you can save your cash for meeting emergencies.

  • Earn discounts and rewards

Today, you have different types of credit cards that offer exciting rewards and discounts. Using these cards entitle you to receive rewards points and discounts. These reward points can be in the form of air miles or discounts on hotel payments. Specific credit cards allow you to accumulate fuel points that you can redeem later and get free fuel. These credit cards also offer waiver of fuel surcharge. Credit cards give you exciting cashback offers that you can use for making subsequent purchases. Reward points can help you purchase merchandise on the card issuer’s online portal. 


Advantages of making a credit card payment

  • Interest-free period – All credit cards come with an interest-free period whereby you pay for your monthly expenses by a specific date. If you make the credit card payment in full, you do not have to pay any interest on the amount you spend.
  • Exclusive EMI offers – Many credit cards come with special EMI offers where you are free to make the payment in equated monthly instalments. Usually, these promotional offers do not attract any interest.
  • Use your credit card on international trips – Credit cards are the best instruments to use on international vacations or trips. Almost all shopping establishments abroad accept credit card payments. 
  • Use for online and offline purchases – Using your credit card is the ideal way to avoid using cash for making payments. Merchant establishments all over the world accept credit cards. Similarly, using your credit card for making online purchases gives you specific perquisites like protection against misuse, and so on.

Final thoughts

Credit cards have changed the way we make payments for our purchases. It is the ideal way to move towards a cashless economy. Credit cards have become more popular today with more and more people using them for making online and offline purchases from the privacy of their homes. Credit card payment is indeed the most convenient form of payment and to know more about it click here.  

Also Read:   How to Skilfully Identify and Tackle Financial Problems?

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