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What are merits and demerits of plastic money based on experiences of people?
Wiki User
∙ 9y ago
Plastic money - here meaning credit cards and debit cards - have many advantages and disadvantages. Their use is becoming much more constant in society, and it's important to look at all these pros and cons before deciding what financial option is best for you.
Plastic money is certainly easier to use, and eliminates any need for a trip to the ATM. With electronic deposits and electronic bill pay, Credit and Debit Cards make life much more convenient.
Plastic money is also much easier to steal through online identity theft, and credit cards have a high risk for abuse, which could seriously and adversely impact your credit in the future. Cards are also more fallible - it's possible for the magnetic strip on the back to stop working, so if you're out with only your card for payment and you need cash quickly, you'll find yourself in a bit of a tight spot.
Wiki User
∙ 9y ago
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