More and more people are using credit cards nowadays. As the number of people using credit cards rises, also the number of people with bad credit rises. Instead of carrying a wad of cash in your wallet, it’s not really hard to think about carrying something small and convenient.
How about a small piece of plastic that’s about four inches long. More people are using plastic currency more than paper. But before you think about of just getting just any credit card, you need to have credit first. Without having a credit history, it will be very difficult or even frustrating when trying to obtain.
An average American has about seven credit cards with a balance of about $2,500. An average credit score is 620 to 679 this number is not specific, this varies from state and gender. Credit card companies are targeting, well not really targeting, but draw in college students. From 2012, 21 percent of the average college student would have a credit card but, in college seniors that percentage raised to 60 percent.
If you are 21 or younger it will be more difficult, you will also need a cosigner with good credit. Ever since the late 1800s credit has been used, but instead of a piece of plastic, credit coins and charger plates were being used. Oil companies and department stores started issuing their own proprietary cards. According the master card, John Biggins a banker in Brooklyn introduced the first bank card in 1946 which was named “charge-it”.
When the card was used for a purchase, the bill was forwarded the Mr. Biggins’ bank. The merchant was reimbursed and obtained payment from the customer. The most important advantage of using a credit card is convenient.
People can use credit card to buy anything everywhere. For example, supermarket, drug store, clothes store, shopping center, restaurant…. all general place accepted a credit card. Moreover, people can remotely purchase any products that they want, for it enables people to purchase products and services remotely via the internet or phone.
When people using a credit card shopping by telephone or in the Internet can speed delivery and simplify a return or exchange. People can shop closer to home. The second advantages of using a credit card are saving time and money. The credit card is really easy to use.
You just slide the card and sign your name, and then the transaction will go through. You can use it to pay all the bills such as gas and electric fee, cell phone, home phone, water service, parking ticket and other expenses. For instanced, I use a credit card to pay all the bill on the Internet, so I don’t have to wait a long line, but also I save a lot of stamps too. Also, I can earn some cash back monthly.
Many credit cards offer additional benefits such as insurance cover on purchases, cash back, air miles and some store discounts.
