As we know, many people prefer to use cash instead of plastic cards like debit or credit cards because of many reasons. Also, most of the people prefer cards more than paper money. There are several advantages and disadvantages of both which is explained below:
[Flickr]
Versatility
One of the greatest benefits of the cash transaction is that it is accepted anywhere. There are very few companies, or organizations are there that ask people use their plastic cards to pay their bills, but a large portion of business and firms accepts only cash. Cards are of no use when it comes to buying a lemonade, small household products or when getting tickets on the bus. Many people avoid using cards because of transaction fees covered by the retailers.
Security
On the one hand, of the disadvantages of paper money like cash is, it can be stolen any time by thieves, and you cannot get it back. But when it comes to physical money, it is hard to steal from the person or if he gets your card than he would not be able to get money from it until they have pin or security passwords of yours.
Privacy
Privacy is the main concern for the people who don't want to reveal their income or holdings of cash. They prefer paper money like cash as their priority because cash is less traceable and you can easily keep cash at any secret space. But, card transaction can be traced easily through the retailer swiping machines or bill receipts.
Ease of Handling
One of the major benefits of having plastic money is that it is easier to carry in your wallet. Cards cover very less space, and there is no fumbling when you take one out to pay for your goods or products. But the disadvantage of having a credit or debit card is that no one on your behalf can purchase for you. The ease of having cash is that you can also send your friend or family members in behalf to buy goods or something you want for you.
Credit cards are easier to carry other than cash, but we also can't ignore the importance of cash as well.
