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Chapter 8: Problem 13

Describe two advantages of using credit cards.

Short Answer

Expert verified
Two advantages of using credit cards are 1) Convenience: Credit cards are widely accepted and provide an easier and safer alternative to carrying cash. 2) Rewards & Benefits: Many credit card companies offer rewards programs that can save cardholders money on their purchases.

Step by step solution

01

Identify the first advantage

The first advantage of using a credit card could be convenience. Credit cards can be used for online and in-store purchases, and are accepted nearly everywhere around the globe, making the buying process easier. You don't need to carry cash around which eliminates the chances of losing money or being robbed.
02

Describe the second advantage

The second advantage could be about rewards and benefits. Most credit card companies offer reward programs for their clients. These could be in the form of cash back for certain purchases, airline miles, or points that can be redeemed for goods and services. This means that the more you use your credit card, the more rewards you can acquire, which could save you money in the long run.

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