Credit cards have transformed spending habits, rising in use due to their convenience, security features and extensive rewards programs. However, increased usage risks overspending and debt.
According to the Federal Reserve Bank of Boston, cash use has dropped to 20% today from 31% in 2016, accelerated by the pandemic as consumers shifted online.
One major advantage of credit cards is superior fraud protection; if they are stolen, banks ensure customers won’t owe money and provide refunds swiftly.
Credit cards provide purchase protection, allowing consumers to reverse charges if they don’t receive goods, a safety net absent with cash transactions.
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