Plastic money is contemporary electronic money. Money has changed from traditional cash forms like rupee notes to card forms. Using plastic money, you can transact with the cash in your account with just a swipe. Credit cards, debit cards, ATM cards, charge cards, digital currency, fleet cards, gift cards, stored value cards, store cards which are specific for shopping in that store only, and smart cards can all be classified as plastic money.
Plastic money was introduced to make the lives of people easy. Along with security, removal of the burden of carrying cash etc., there are many other benefits to plastic money.
Benefits of Plastic Money
Comfort of cashless living: You don’t have to carry cash anymore with you. You can carry your cards with you and do all kinds of transactions with the card. There are also international credit cards which help you to conduct transactions globally. Thus, you can travel anywhere in the world without worrying about carrying currency.
Transaction ease: You can conduct any kind of transaction - online payments, fund transfers, etc. using plastic money from any location. Further, many online businesses provide discounts and cashback on credit card transactions.
Security: The risk of carrying cash is eliminated by plastic money. Lost or stolen cards can be reported easily and blocked immediately. This way unapproved access to funds can be prevented. Besides this, cards come with multiple advanced security features like PINs, EMV chips, and two-factor authentication to carry out transactions in a protected environment.
Also, read how to generate credit card PINS online here
Rewards and discounts: Most cards come with a robust reward program offering multiple rewards and cashback across various categories like groceries, travel, online shopping, etc. They also provide exciting deals and discounts from time to time.
The road to financial freedom: When you find yourself in situations where you have exhausted all the money in your account, you can still use a credit card to purchase whatever you like. Thus plastic money gives you the power of purchasing even without cash, which paves the way to financial freedom.
Easy record keeping: All transactions are recorded electronically when you transact using plastic money. This will help you review your spending patterns and budget better next time.
Travel savings: Traveling can become very expensive without plastic money. Credit cards and debit cards provide many attractive discounts and benefits on travel like discounts on flight bookings, hotel bookings, and lounge access. Cash does not give you those perks.
Also, read 5 best credit cards for free airport lounge access here
Emergency Access to funds: When you are challenged by medical emergencies like accidents, heart attacks, etc. and don’t have any cash left, you can always pay your bills with your credit card.
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