There was a time when cash was considered to be the king but not anymore. In today’s time, credit has dethroned cash and made a permanent place in our lives. So much so that several businesses and restaurants are considering going cashless. As the world debates on this issue of going cashless, here is how going cashless can benefit you.
You can track your money easily
Do you often find yourself in a situation where you can’t remember where your money went? If your answer is in the affirmative, it may make more sense to go cashless. Some of us have impeccable memories and know precisely where our money is going. However, most of us don’t. Going cashless and using your cards to make the payments may resolve this situation. You will have a record of every transaction that you can access to track your expenses.
You won’t have to carry cash
I know of several women who dislike carrying cash and coins in their wallets. Especially when they have to go out to a club or a party and are in no mood to take a bag. If you belong to this category, going cashless may be the right option for you. Cards can be carried easily under your phone covers. Besides, you can download apps to make your payments hassle-free and smooth.
Build a good credit score
We all know how important your credit score is. You cannot avail of a bank loan or other forms of credit unless you have a good credit history. One of the easiest ways to build a good credit report is by using your credit cards for your expenses. However, you will have to clear your dues regularly and on time to benefit from the credit cards. It is advisable to use your credit cards with utmost caution so that you don’t end up spending more than what you can afford.
It is safer than carrying cash
What are the odds of getting your stolen money back? Pretty minimal, right? Well, this may be the best reason for going cashless. Debit and credit cards have security systems in place to avoid the chances of fraud. Moreover, several laws prevent you from such cases of misuse and theft. Besides, in an unfortunate incident that you were to lose your card, you can call the customer service and get it blocked. The new card will be dispatched to your house in no time.
Easy and safe travels
If you travel frequently, you would know the hassles of carrying cash on the trip. Keeping your cash safe is particularly troublesome when you are in a foreign country. To avoid such scenarios, you may carry travel cards or choose other cards to pay for your expenses. Moreover, you can save a few dollars by avoiding local currency exchange stores that are usually exorbitant.
You can earn reward points
Credit cards are attractive because they can get you free stuff and discounts. For instance, you can earn discounts for your next air travel or free treats at some stores. Similarly, you can download payment apps to enjoy a free cuppa or meal at your favorite restaurant.
Here is how you can go cashless
- Use credit cards
Credit cards offer a host of advantages, and some of them have been previously mentioned in this article. You can also use your credit cards during emergencies when you need money but do not have enough liquidity. While selecting your credit card, it is advisable to shop around to get the best deal. However, always remember the last payment dates so that you do not end up paying exorbitant interest rates on your credit.
- Use debit cards
All the machines that accept credit cards will also accept your debit cards. The best aspect of using your debit cards that you won’t exceed your available liquidity and can keep your expenses in check.
- Download phone apps
If you are technologically savvy, you can download payment apps and link them to your bank accounts. These apps are completely safe, and you can use them without an iota of worry. They make payments extremely easy and send you updates after every transaction.