The use of credit cards has increased in recent times due to the transition of financial transactions to digital money. Despite the credit cards are prone to hackers attack, credit cards mainly help in purchasing the unaffordable goods with ease. In my opinion, the advantage of having a credit card is more than its drawbacks.
The greatest benefit of a credit card is its usefulness in improving the buying power of every common people. People with varied financial capacities can now purchase things which are once believed to be beyond the purchasing capacity of people from middle or low socio-economic strata. To cite an example, owning an I-phone is now within the financial affordability of many people due to digital card transactions. Credit cards offer excellent every month instalment option for people to enhance their financial affordability. Therefore, credit cards are highly appreciated in this cashless society.
The main challenge in maintaining digital transactions is to prevent the theft of money from banks because many scammers and hackers misuse innocent people and get hold of their hard-earned money through some fake calls and phishing websites. Cashless transactions, if not performed with caution, are always vulnerable to digital forms of theft. For instance, many people lost their money from their bank accounts by disclosing the highly confidential details about their credit cards to unknown people who claim to provide lottery winning money to the account. Hence, hackers are always a threat to the success of electronic transactions
To conclude, the usefulness of credit cards in digital transactions is highly appreciated by today's generation. Although the credit cards are vulnerable to theft, its use in enhancing the buying power of an individual is highly appreciated. Hence, in my view, the advantage of using credit cards in this cashless society is far appreciated while considering the possibility of erroneous transactions.
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