Thursday, October 1, 2020
Home Finance How Have Credit Cards Changed the Way People Spend?

How Have Credit Cards Changed the Way People Spend?

In the world before credit cards, people catered to immediate cash requirements by borrowing from friends and family.In doing so, they often faced embarrassments when the other person denied to lend them money. Today, this has become a story of the past with the introduction of credit cards.

Credit cards have also brought many changes in the spending habits of people. With the availability of instant finance, one can purchase goods and services, pay bills, earn rewards and cashbacks, etc. more conveniently. These benefits ensure a person does not have to worry about how to fulfil their wishes and goals.

Credit Cards Changed the Way People Spend

Here are some significant changes that these credit cards have brought with them:

Cultural shift –

Credit cards have changed the way people use their money. Earlier, it was restricted to necessary expenses only. But, now,the availability of easy credit has shifted general perception from necessities to comfort and luxury.

Any individual with regular income can get his/her hands on this financial product by following the easy credit card eligibility criteria. It has also opened an array of options for people to choose from.

Higher cash flow in the market –

It is a trend observable sincethe launch of credit cards. More purchases using these cards have channelised money and increased cash flow in the market. It has led to a boost in the economy, thus, taking the country towards economic growth. Availability of higher cash flow has also enabled people to maintain a better lifestyle.

Money management –

You can efficiently manage your finances without worrying about cash shortage. If you have already spent your income of present month, you can pay from the credit card and repay it in the next month.Eventually, the process teaches you to manage your money more effectively.

Towards cashless economy –

Credit cards have minimised the use of liquid cash which otherwise is often a hassle. Introduction of credit cardshas contributed extensively towards becoming a cashless economy.

If you do not own one yet, it is a good time to apply for a credit card and manage your finances in a better way.

For example, the Bajaj FinservRBL Bank SuperCard is a credit card that comes with several benefits likeno-interest ATM withdrawals, interest-free loans, easy EMI options, and much more. This card comes in 6 variants like the Platinum Choice SuperCard, Platinum Plus SuperCard, World Prime SuperCard, World Plus SuperCard, and more.

Not just the spending habit of people, but the whole financial market has witnessed a shift because of credit cards. The obstructions are fading out and the boundaries are merging to form an easier platform for financial transactions. Moneyis now even more accessible anytime from anywhere thanks to credit cards. Apply for credit card and get started with easy financing.

After working as digital marketing consultant for 4 years Deepak decided to leave and start his own Business. To know more about Deepak, find him on Facebook, LinkedIn now.


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