Question

in a cashless society people use more credit cards what are the advantages and disadvantages of this phenomenon

Answer 1

Advantages of using credit card are:

• It is always safe to carry when compared to cash and even if stolen or lost, the cancellation process is quick
• Maintaining a good track credit payment can make loan approvals easier.
• Credit cards have complimentary such as Rewards,Cash backs, flight offers airport lounge passes etc.
• Credit cards can be used in overseas to make purchases in a foreign currency.
• Credit cards acts as a financial safety to cover any unexpected costs the arise.

Disadvantages of using a Credit card are:

• If the monthly repayments are not done promptly then the rates of interest are high
• Irregular or missed credit card payments can have a negative impact on the chances of getting loans.
• You might not know when you will be targeted by fraud schemes. Though compensations are made on illegal transactions it is a time consuming and stressful experience.

Answer 2

A cashless economy is better than a cash economy in many ways.

Explanation:

The benefits that are associated with the cashless economy or society as:-

• Low crime rates due to no physical cash to seal.

• Less money laundering as there is a digital signature.

• Less and costs involved in handling.

• Easy to exchange currency while traveling internationally.

• More convenience to people.

Disadvantages are:-

• It exposes personal information.

• If hacked your account can have technical issues.

• Some find it hard to control spending.

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