There are more and more situations using credit cards instead of cash. It seems that cashless society is becoming a reality. How realistic do you think it is ? And do you think it brings benefits or problems?
Nowadays, there has been a tremendous increase in day-to-day shopping. people are using more credit cards compared to cash, and they are looking forward to clash lass society; however, few of them do not use credit cards and have a different viewpoint. In this essay, I will discuss my opinion in this regard.
To being with, credit cards have myriad benefits. it helps governments to track all the transactions, and it can prevent people from making black money. moreover, people can also see and track their expenses by looking at their bank statements. furthermore, the credit cards company also offers a bonus point to the customer. For example, I have seen credit card companies offering a 5% to 10% discount on petrol stations and restaurants.
On the flip side, credit cards have some limitations also. Firstly, they are not allowed in various small shopping shops. moreover, they charge a transaction fee to small business owners, and that some times get passed to customers. For example, small business owners are charged 1% to 2% for each transaction. furthermore, there are various hidden charges and a yearly subscription fee for using credit cards.
To conclude, our society becoming cashless is a reality now. credit cards help to easy payment transactions, and they have myriad benefits, and thus they must be encouraged.
