Posted By: technopediasite
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| 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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