What are the Advantages of Using a Credit Card Over Cash? Find Out Now
Safety is one of the major advantages of using a credit card over cash payments. It can protect you against fraud and awry purchases at stores. It’s also easier, quicker, and more efficient. You can simply swipe or tap for transactions online and offline in the most secure way with credit cards.
Here’s how using credit cards is safer than using cash.
Stronger Fraud Liability Limits on Credit Cards
Most credit cards offer zero fraud liability and, therefore, provide strong protection for your money. If someone steals your wallet or credit card, you can alert your credit card issuer within the given time frame. This way, you won’t be liable to pay for the transaction you have not authorised. You can also immediately block the services on the credit card, preventing further misuse.
Secure Your Credit Cards Using PIN
Setting a high-power password for your online profile and PIN on your card can help you stay away from crimes and fraud. You can change them at your convenience. This way, your funds are safer than cash.
Lost Cash Is Lost Forever
It is impossible to get your cash back if it is lost or stolen. A lost credit card is easy to rectify if you call your issuer immediately. You also get a replacement card for use and can monitor your transactions online on your mobile.
No Impact on Your Cash Flow
In case of debit card thefts, you might be able to claim the fraud and get your money back after waiting for the bank to investigate. This, in turn, causes delays and leads to overdraft charges and additional fees.
However, you won’t immediately lose that money in the case of a credit card, as you can complain about the fraudulent activity to your issuer, and the company can sort out the issue with them. You can leave the fraudulent part of the payment unpaid until the matter is solved and leave just paying off the remaining balance.
Online Transaction History
You can check your online transaction history and closely monitor your monthly expenses. If you identify any unfamiliar transactions, you can report the fraudulent activity to the credit card company. You can opt for paperless receipts, too.
Here are some other advantages of using a credit card over cash.
Instant approvals
If you have a good CIBIL score, credit card approvals are easier and quicker. So, you can get a card and enjoy access to credit without any hassles. Many issuers also offer a card if you have a low score, which makes credit more accessible.
Ease To Use
You can access the bank’s money up to your credit limit while using a credit card and pay it back after a month or so, depending on your billing cycle. You can make purchases using credit at a retail outlet, make online purchases, make credit card to credit card bill payments, and use cash advances when needed.
Rewards And Offers
You can get benefits from exclusive reward programs on credit cards. You can redeem them for many categories, like free fuel, airport lounge access and offers at retail outlets, air miles, and cash back. This way, you can save more in the long run.
Spending limit
Your spending capacity is not just limited to your bank balance. With credit cards, you can expand your budget by having limited credit ready every month. You don’t need to worry about carrying any cash if you have a credit card in your wallet. You get secured transactions anywhere and everywhere with the new cards with inbuilt chips and passcodes.
There are several advantages of using a credit card over cash in the present world. They offer access to funds up to your credit limit, let you move around without carrying cash, protect you from crimes and fraud, get you great offers on your purchases, and allow you to pay in easy EMIs.
Though cash is highly accepted everywhere, it leaves no transaction history. Whereas credit cards, when used responsibly, can make you financially more flexible and confident. One card you can rely on for all your purchases, and more is the One Credit Card.
You can check the status of your transactions, reset your PIN whenever you want, and track rewards on the powerful One Credit Card App. There is an extra layer of safety with the Tap-In-App feature, where you can manually authenticate transactions.
You can immediately block your card from the My Controls section on the app and feel safe in an entire scenario of fraud or theft. Enjoy better financial flexibility with 5X rewards on your top 2 spending categories with the credit card. Apply now to enjoy great offers and make secured transactions at your fingertips.
