These two forms of payment have existed for years. Both are reliable in their place of need, whether a person wants to pay with paper money or money in plastic digital form. Though no one argues about it, there has been a debate on which money spending method is better for the average human lifestyle.
History:
Cash originated long before cards, set back at least 5,000 years in the form we currently recognize or similar. The first coins were minted around 640 B.C. in Lydia, and paper money emerged in 1260 C.E. in China. Cards originated in later years, from the 1920s to the 1950s, and they significantly evolved in the late 20th century.
Pros & Cons:
When it comes to cash, it can be handy in many situations. Cash helps you keep that little bit of money you usually have to spend without transaction fees. It also encourages budgeting to make the cash last instead of using it all up and ending up in debt.
Cash is easier to access immediately than cards, with no technical errors getting in the way. Avoiding transaction fees can make you feel like you get your money’s worth without feeling guilty about how much you spent. Cash eliminates the risk of rising debt by restricting you from spending what you have, promoting greater financial habits. It provides privacy and anonymity in transactions, as they do not leave a footprint, reducing the risk of identity fraud. Lastly, cash is accepted in many places, so it is very reliable.
But every pro for cash must come with a con: Carrying cash is sometimes impractical and can be awkward to keep on hand, especially for bigger purchases. Cash payments don’t offer rewards like gift cards or subscriptions as card payments do. Cash is stealable and nearly impossible to recover.
Pros of Cards:
Cards are easier to transport than cash, as well as providing rewards, cashback, and building credit history while cash doesn’t offer anything.
Junior Barbara Melo agrees, “I prefer using cards because you don’t have to carry cash, and you can know how much you have without counting since you can pay with your phone.”
Cards are universally accepted for online payments, unlike cash, which cannot be paid digitally and is not as fast or efficient as cards. The chip-and-PIN feature of contactless payments with cards reduces the risk of unauthorized use, providing protection from fraud and zero liability policies, while cash does not have any guaranteed safety.
“I prefer cards because they are harder to lose and help me feel more confident about spending money,” said junior Nicole Wright.
Future predictions with money can be set up with cards to influence spending responsibility and build a strong financial history to save on financial products.
Cards are a preferable choice for consumers in today’s digital-dependent age.
Cards have been adapted to be available for use on your phone, giving users more accessible control .
Cons:
Irresponsibility with cards can lead to a cycle of debt and unpaid bills , which can put you in a lot of financial trouble.
Credit score damage can occur with late payments.
High interest rates can exceed those of loans if you choose to use credit cards incorrectly.
All in all, cash is the most viable option for its flexibility. Though society is increasingly becoming cashless, people still rely on the paper money that started it all. Cash has a high priority due to its benefits and accessibility when it comes to money. Although its popularity is overshadowed by cards, the debate over which is better depends on the opinions of spenders.
