The ubiquity of technology particularly as it relates to banking transactions is one of the better revelations in recent years. Today, it is easier to check on balances and use the information to decide whether you want to take advantage of the fact that it is also easier for a credit card transfer. The information is readily available; with just a few keyboard clicks, you essentially get what you want, almost instantaneously.
This brings up the debate about the advantages and disadvantages of having a credit card on your phone and ultimately determining if the advantages outweigh the disadvantages. For one, nothing trumps the convenience of having your credit card on your phone so you can make quick purchases whenever necessary. Before, you need to have cash on you to make a purchase; with credit cards, and all the more with electronic versions, there is no purchase too hard for you.
On the flipside, the temptation to just buy and incur debt can be very hard to resist. This is the biggest disadvantage that sways people from owning credit cards. For some, to own a credit card is to make yourself susceptible to debt. And because debt is almost always perceived as bad, people stay away from credit cards.
Does the advantage outweigh the disadvantage or vice versa? The answer can be very hard to determine but one thing remains certain: we can always choose the credit cards that we sign up for based on the promotions, benefits and offers that come with the card. If you pick strategically, particularly in the prevailing interest rate, the points that you gain, and the options that foster convenience, a credit card can actually simplify your life instead of complicate it.
And on that note, one can always remember that credit card transfers are available if you want a fresh slate on your credit. Transferring your credit card means signing up to a new company which in turn pays your current debt so your credit card is essentially moved to a new company. A fresh slate can be all that you need to reboot your financial status and begin appreciating the benefits of credit cards again.
Think about it just as you think about the costs and benefits of having a credit card. That’s a debate where having the right answer will seriously benefit you for years to come.