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The Social Effects Of Credit Cards

823 words - 3 pages

Charge ItWhen American Express and the Diners club first launched their idea for a credit card they had no idea how it would affect the rest of the Twentieth Century. It was originally an agreement between a couple of upscale New York City restaurants to give their customers a sort of tab; however, it didn't revolutionize the way we spend money until many years later when the magnetic strip was put on the back. Credit cards are basically an agreement between the cardholder, the store, and the credit card company. The credit card company pays the store for a card holder so that the cardholder can pay the credit card company back later. Today, most Americans have at least one credit card, and most credit card holders have at least two or three. They have had a great impact on our society, for the better and the worse.. They affect our daily lives more then we may realize. Nowadays, carrying a credit card is as good as carrying cash because there are such few places that will not accept a credit card. They are also much safer than cash because if a credit card is lost it may be canceled right away and one can limit or eliminate losses. If cash is lost then it is gone forever. Another advantage is that one can finance anything through the credit card. If you have an absolute necessary purchase to be made, and can't afford it immediately, you can pay it off slowly, a little bit every month. A credit card can also help build one's credit rating. Paying bills on time shows that one can be trusted and is financially responsible. Having good credit can help people do numerous things; such as getting a loan from the bank, buying a home, and buying a car. It is necessary to have a credit card for even the simplest things such as getting a movie rental store membership, buying a cellular phone, or renting a car.Credit cards have taken part in shifting our America into a more dormant and recluse society. It is now possible for people to buy everything on their shopping list without even leaving their homes. One of the biggest industry growths within the past few years has been internet shopping. Consumers now have the power to buy virtually anything off of the internet from automobiles to zippers. Many companies such as e-bay have made fortunes from internet...

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