Credit card has been a well-known payment tool worldwide as an effect of the effortless application process it has. Credit cards do provide benefits in both effectiveness and facilities. However, the drawbacks, such as interest rate and potential debts, are also the key points that are widely highlighted by users.
The main advantage of a credit card is the convenient payment it offers. This decrease the use of cash which is often troublesome, leading to a less crowded payment area. For example, a hectic supermarket cashier area during peak hours, resulted by the use of cash payment, can be solved by using credit cards that can save time in purchasing items. Furthermore, clients with these cards can meet more facility eligibilities, as banks often attract new users by giving discounts, gifts, or free products.
On the contrary, credit cards are often followed by high interest rate when paying back, making products being at a higher price than usual. Take as an example, a high-end bag which was payed with a credit card. By the time of paying back, the buyer has to pay the bag price and the interest, which makes the buyer pay more than the original price. Moreover, the high interest rate set by the credit cards increases the potential of one getting into debts as they might face problems in paying back.
In conclusion, despite the convenience a credit card shares, the disadvantages outweigh the advantages with the interest and debts that can happen.