Credit Card

Credit Cards can also be known as ATM card. That is used in business transaction as a medium of exchange into a “paper money”. Credit Card is used all over the world where money is used as a medium of exchange. It makes the medium of exchange to be easier and simpler for people using it. Because instead of going to the bank before you can withdraw money, you can simply locate any ATM machine and withdraw your money. So, credit card made life easier for people and in particular for those in business transaction.

Credit card originated from America, Europe, and Asia and now some other countries in African have started making use of it for business transaction and as a medium of exchange and most especially in shopping stores, supermarkets, clubs and online transactions. The origin of it has turned the world into a cyber colony by making transactions and medium of exchange to be better. And also it has gone beyond the expectations of the creators. Credit card has a lot of importance that it has brought to the whole world, which has transformed the thinking and the researching of people’s minds. Likewise the knowledge which people never believe they can derive from it. One of the importances is that it made payment easier. And it also saves time at which one will still be counting paper Naira, dollars and pounds. It as well made transactions simpler for companies, Industries, Investors, Banks, Insurance, Shareholders and many more all over the world. It brings about a very strong believe for people all over the world that it can be used as a medium of exchange.

Everything in life has both the good side and worst part of it. In the case of credit card, it has some good side. It added to the value of money i.e. paper dollars, pounds, Euros and Naira. It creates a very strong believe between the company and the users. It allows the users to be able to buy and pay in any part of the world where credit card is being used. It also allows the users to collect loans and pay later at their convenient time or period. With credit card you can be able to buy and sell anything, or whatsoever you wish or desire on the Internet from any part of the world.

Meanwhile credit card has a lot of disadvantages which tell every users and Insurance company to be very careful and strict. Using Internet as an example. There are some webs that are built by Hackers and Yahoo or scan Mailers. That as soon as you put in your credit card Number. Someone else will be using your “Account” and be withdrawing your Money from that day and you will be “bankrupt”. These are done in shopping stores or supermarket online that if you are not careful, after using your credit card there, all the money in it will never be found again! Another disadvantage is when robbers attack one and forcefully collected the credit card and you do not contact your company that issues you the card.

What I see to this issue of credit card is that, it is a good way for medium of exchange and business transactions to the world at large. And more so, it has a lot of advantages than disadvantages to business and in particular financial institutions.

Conclusively, credit card is a very good medium of exchange and business transactions. Which I will say that if something better can be done to improve it, I will be the very first person to support because of positives benefits to people and the world through credit card. So, keep on using credit card.