Americans still prefer cash over credit But Indians are going to be cashless. - Technopediasite

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Monday, September 17, 2018

Americans still prefer cash over credit But Indians are going to be cashless.

Posted By: technopediasite
Americans still prefer cash over credit but indians are going to be cashless
Cash over Credit


Efforts are made to make India cashless, the same Americans still rely on cash. The Prime Minister of India says that the credit card is also used within the flight. Self they have seen to purchase a wine bottle by credit card in the flights. Americans When it comes to smaller purchases – like a pack of gum, bottle of soda or bag of potato chips – Americans still prefer using paper currency over plastic. Prime Minister, Mr.Modi says that beg can pay to beggars by credit cards also. What a joke Mr.PM of India.

Survey says that still America is not fully cashless. Nearly half (45 percent) of consumers who own a rewards credit card say they prefer using cash for purchases under $10, according to a new survey from CreditCards.com. Debit cards (30 percent) are second and credit cards (23 percent) rank third as the methods Americans prefer to use when buying cheaper items. In other hand 85% Indians depend upon the cultivations then how they can be cashless? Well, I want to write one thing that the leaders of India say that cow's dung is more precious than KOHINOOR diamond. Are you laughing? It’s not a joke you can watch on YouTube channel.

The most popular reason for avoiding credit card use, even with the incentive of getting cash back or travel miles, is that other payment methods are easier or quicker for items under $10. Men (45 percent) tend to be more impatient regarding credit card payments than women (35 percent), according to the survey. In India more than 50% of populations is under the poverty line, Indian government has issued the BPL (Below Poverty Line) cards to earn free food but they charged some cost for this free food. But Indians are going to be cashless as soon as possible.
Concern about credit card debt (25 percent) is the second most common reason why consumers choose cash or debit cards to pay for cheaper items. Millennials – defined as people 18-37 years old – were most worried about credit card debt (33 percent versus 21 percent of older adults), though the younger part of the generation is most likely to use credit as a way to pay for purchases under $10 (and the least likely to use cash).

However, there are some perks to using credit cards for all purchases, aside from the rewards points or miles, experts say. This includes using the piece of plastic as a way to budget one’s finances.

“Putting as many purchases as you can on a credit card lets you track your spending much more closely than if you spent cash,” CreditCards.com industry analyst Ted Rossman said. “I think everyone should track their spending for at least 30 days. You’ll probably be amazed at how many money leaks you uncover.”

Fraud protection is another benefit to using a credit card for any size purchase, the survey said, while cash can simply be lost forever and debit card issuers may take several days to replace lost or stolen funds.
CreditCards.com commissioned SSRS to conduct the survey. Phone interviews with 1,002 adults living in the continental United States were conducted Aug. 28-Sept. 2, 2018. Statistical results were weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.72 percent.

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