People today increasingly use credit cards to make monthly purchases. Do the advantages of this outweigh the disadvantages?

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Nowadays, bank
cards
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play an important role in maintaining the financial aspect of
the
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apply
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life. Due to
this
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, the
use
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of
visa
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cards
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has become popular among
people
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to make their regular payments. In my opinion, it is extremely beneficial to
use
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such
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cards
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despite
of
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apply
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having some drawbacks. There are several advantages of
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owning
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owing
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owning
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a
credit
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card
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.
Firstly
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, these
cards
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are user-friendly. ONE HAS TO JUST TAP THE
CARD
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TO MAKE THE Local or even an international transaction. Not only
this
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, but it is very convenient while making hefty purchases as one is not required to deal with counting cash.
Secondly
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, using
visa
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cards
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ENABLES A
people
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to
ACESS
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ACCESS
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the loans EFFORTLESSLY. The
card
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owners who maintain a good economical record by PAYING ON TIME or other financial crimes can build high
credit
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scores WHICH them to be qualified for lending money WITHOUT DOING OTHER FORMALITIES.
For example
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, CIBC platinum
visa
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provides car loans to their loyal customers if their
credit
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score is
up-to
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up to
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750.
Moreover
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,
people
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can earn rewards
on
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by
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using their
credit
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cards
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. Most of the banks provide flexible redemption offers to their clients as they earn points for each of their spendings apart from their
credit
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scores.
For instance
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, Scotiabank scene
visa
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facilitates WITH free movie tickets BY ADDITIONAL POINTS.
ON THE CONTRARY
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, the major drawback is that
,
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apply
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use
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of these
cards
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IS an expensive affair.
Card
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issuers Charge
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a high
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high interest
Add a hyphen
high-interest
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rate
Fix the agreement mistake
rates
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ALONG with the annual fee to continue the services of the
card
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which becomes even more costly FOR THE USERS. EVIDENTLY, it can
as
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be as
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little as 99 dollars to as much as 1500 dollars depending on the choice of the
card
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. So, it is not worthwhile for those who occasionally make
use
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of
such
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cards
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. To conclude,
Although
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most
of
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apply
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the
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apply
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credit
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cards
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are high priced.
However
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, I think that it has many other benefits which overshadow
this
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disadvantage, as iT BUILDS financial reputation AND PROVIDE loans TO
PEOPLE
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TO FULFILL their personal needs.
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Topic Vocabulary:
  • Cashless transactions
  • Financial footprint
  • Interest rates
  • Credit score
  • Consumerism
  • Debt accumulation
  • Expenditure tracking
  • Fraudulent activities
  • Overspending
  • Purchase protection
  • Revolving credit
  • Creditworthiness
  • Impulse buying
  • Secured credit card
  • Unsecured credit card
  • Spending limit
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