Credit Cards – A modern revolutionary commercial technology
Haven’t credit cards revolutionized our lives? You are nodding, as I can see. Of course, there are disagreements. Those responses come from people who are affected by bad credit rating, credit card debt, credit card frauds or those who are simply aware of the evils of a credit card. It could be said that there are no real evils and our eyes can find good as evil. Perceptions differ.
How many times have we lost our valuable money while going on to buy something precious? It is because we carried cash, lost it on the way or it was snatched by a thief. Technologies evolve from human needs and the long felt needs of the people for a suitable technology to replace cash (though not exactly) has led to the advent of credit cards.
Credit Cards – Revolution as well as an evolution
Credit cards are not only revolutionary but are evolutionary as well since they evolved out of human needs. As soon as credit cards were introduced, people identified with their long felt need and hence wanted to get credit cards for themselves – not one but two, three or more. The revolution of credit cards is in bringing about the necessary convenience, making transactions easy and safe and helping out people when they do not have any cash at hand.
However, it remains to be understood that credit cards are a form of business and no business can happen without remuneration. Hence, whatever you spend must be paid back. When people did not understand this very truth, they landed themselves in trouble.
Credit Card Debt and Credit Rating
People incurred credit card debt and bad credit rating due to overspending and carelessness on handling and using credit cards. They need to have a well structured balance on the amount of money to be spent. They can increase their credit rating by all means but overspending will lead to bad credit scores and rating. Being precautious on not spending extravagantly will help you stay within limits and help your progression in your financial status.
Online Usage of Credit Cards
The revolution called internet was combined with the commercial technology called ‘credit cards’ and they both gave rise to ‘e-commerce’. ‘E-commerce’ is hardly possible without credit cards. Just a few clicks on the mouse can launch you in a virtual shop where you can buy anything from the comforts of your home. You do not need to rush to any stores, wait in queues but just sit and do everything from your home.
This is the peak of development of the combined technologies of ‘internet’ and ‘credit cards’. Technology knows no bounds, as human minds do not. Credit cards are more of necessity than luxury in the modern world.