The debate on cash versus credit card has been going on for some time. Credit is still a fairly new concept within the history of finance; so many people would rather stick with paper money. According to you, which is a better payment method, cash or credit? Give reasons for your answer and include any relevant examples from your own knowledge or experience.

With the implementation of demonetisation, payment methods became a hot topic of discussion. While some side towards
credit
cards, many people still prefer to stay with
cash
citing the reason that
credit
is still a newer concept in the long history of finance.
This
essay elaborates on why I feel that
credit
cards are a preferred payment method as compared to physical currency.
To begin
with, there are definite advantages to the virtual exchange of money.
Firstly
, there is no need to carry rupee notes in your wallet and just a card is sufficient.
Secondly
, there is a limit to the amount of
cash
that one can practically carry with himself, a drawback not faced by virtual money.
For example
, when I visited the Apple store to buy a phone which costs 150,000 rupees, it would have been mighty inconvenient to carry
this
large amount in
cash
. But as I had a
credit
card, I could travel with a lighter pocket.
Moreover
,
cash
also
has some inherent disadvantages.
First
of all,
cash
transactions happen off-paper, without leaving any trail.
Thus
, paper money can be used as a source of corruption and bribery.
For instance
, I was once asked a bribe of Rupees 500 by a traffic policeman as I had forgotten to carry my driving licence. In conclusion, due to the advantages like convenience and safety offered by the
credit
card and the drawbacks associated with
cash
such
as fake currency and bribery, I believe that virtual payments are superior to physical notes.
Submitted by skullyani on

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