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cash and credit - Coggle Diagram
cash and credit
advandage of credit cards
You don't have to worry about how much cash you have on hand.Just remember that you can always use a debit card instead
A credit card provides a useful record of your spending through your monthly statement and online account
Credit cards allow you to borrow money from a bank and make necessary purchases for the time being
credit cards are convenient and are safer to carry around than cash
If your money runs out in time,your relatives can transfer money to your credit card
advantage of cash payments
Cash is widely accepted
Cash transactions provide immediate settlement
Paying in cash offers a higher level of privacy than electronic transactions
some electronic payment methods,such as using credit cards and debit cards,usually incur transaction fees.But cash transactions typically do not
Accepting cash does not rely as heavily on technology,such as credit card machines or internet connections
disadvantage of cash payments
Carrying or storing large amounts of cash can sometimes be risky
The physical bulk and weight of large amounts of cash can be inconvenient
Risk of counterfeiting
Cash not always accepted
The absence of an electronic trail makes it difficult to monitor and track spending patterns in the medium to long run
disadvantage of credit cards
you'll pay between 2 and 4 percent just to get the cash advance,also cash advances usually carry high interest rates
Hackers can steal your money
If you enter the password incorrectly,your card may be blocked
Since it is a small card,the risk of losing is is high
It is easy to go into large debt with a credit card