advantage of credit is saves time and expense by providing a safer and more convenient means of completing
transactions what does it meaning?
Answers
Answer:
meet his/her specific needs at a certain point in time. ... business, and probably even a form of credit. ... provide money safekeeping in ways that are safer, more convenient and in general ...
fo ll ow me
drop some thanks
Answer:
Concept:
A credit card is a payment card that is issued to users (cardholders) to allow them to pay a merchant for products and services depending on their outstanding debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (typically a bank or credit union) establishes a revolving account and extends to the cardholder a line of credit from which he or she can borrow funds for merchant payments or cash advances. Consumer and commercial credit cards are the two types of cards available. The majority of the cards are plastic, although there are a few gemstone-encrusted metal cards (stainless steel, gold, palladium, titanium).
Given:
The benefit of credit is that it saves time and money by making transactions safer and more convenient. What does it imply?
Find:
write the advantages of using credit and how it saves time for transactions.
Answer:
Everyone makes use of credit. You spend credit every time you use the phone, turn on a light, or turn on the air conditioning, just as you do when you use a credit card or take out a loan.
Advantages of Credit
Using credit has some advantages
1: Convenience: When travelling or shopping, carrying credit cards is more handy than carrying cash. It also serves as a useful transaction log. If there is a dispute or disagreement over a purchase, using a credit card may provide you some negotiation power.
2: Easy access to credit: The most significant benefit of a credit card is the quick availability of credit. Deferred payment credit cards function on the idea of using your card now and paying for your purchases later. Every swipe does not drain your bank account because the money utilised does not leave your account.
3: EMI facility: You can choose to put a major purchase on your credit card as a way to defer payment if you don't want to spend all of your savings on it. Furthermore, you have the option of paying for your purchase in equal monthly instalments, guaranteeing that you do not pay a large sum and deplete your bank account. Using an EMI plan to pay for a significant purchase like a television or refrigerator is less expensive than taking out a personal loan.
4: Purchase protection: Credit cards provide additional security in the form of insurance against lost, damaged, or stolen cards. If you want to file a claim, you can use the credit card statement to vouch for its validity.
and many more advantages...