Credit Essay Assignment Homework Help

Credit Essay Assignment Homework Help

The rate at which Americans are shifting into the use of Credit Cards to perform their transactions is increasing. Financial institutions such as banks and credit unions issue credit cards to people as an indication to merchants that the cardholders have satisfactory credit rating. The issuer of the card also commits to pay merchants if the credit card holder extends to pay the credit and then follows up the cardholder to ensure that he/she pays the credit. This issue makes most credit card users to run into debts. The credit card issuer depends on applications in order for them to do business. Upon application, it is the responsibility of the issuers to carry out relevant investigations before they issue out credit cards to the applicants. The current trend in the use of credit cards in America gives an indication that “credit cards, smartcards and other electronic transactions will replace the cash medium in our near future”. There are many reasons to show why most Americana should not use credit cards in their transactions Credit Essay Assignment Homework Help.

The main types of credit cards used in America include “Standard Cards, Charge cards, Limited Purpose Credit Cards, Premium Cards and Affinity Cards” . Standard cards are the most commonly used type of credit cards in America. These cards allow the users to purchase items and pay for them in installments. The users can also make full payment purchases using this type of card. Charge cards only allow for full amount payment on the month preceding purchase. There are no financial charges levied on this type of card and the card issuer does not allow monthly installments in payment of commodities purchased. The charge card obliges the cardholders to compensate for the balance in full after a period of thirty days. Therefore, it does not qualify to be true credit card. On the other hand, credit cards permit the cardholders to build a constant balance of debt. This is subject to the interest charged on the card Credit Essay Assignment Homework Help.

The limited purpose credit cards have a restriction to only some specific uses. Premium cards offer the users a chance to win prizes as they use them. They are only available to people with high credit scores. Companies, organizations or institutions issue the Affinity cards to members who are affiliated to them. According to Lacoma (2010), Visa bank card is the commonly used card in America while the American Express card is highly rated in terms of customer experience. The cardholders use these cards to make common purchases, Student purchases and online transactions among other uses.Even though credit cards make purchases and other transactions made by the cardholders easier, they have a number of disadvantages that are detrimental to the users. Because the procedures of using credit cards are simple, most people are likely to overspend and run into serious debt. When people use credit cards, it does not strike them that they are spending much money as much as it can strike them when they are using cash means to carry out transactions Credit Essay Assignment Homework Help

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