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English Composition 1
The Compare and Contrast Essay
11th March 2024
Cash Versus Digital Debit/Credit Cards Compare and Contrast
In today’s fast-paced world, credit and debit cards have replaced cash as the preferred
mode of payment when purchasing goods and services. Cash, which was once the default method
of payment, has been replaced by credit due to changes in technology and the growth of digital
space where people shop online and prefer paperless methods (Zhang et al. 97). Cash and credit
use have pros and cons, and the choice of which method is the best varies between people and
situations. The essay will compare the difference between using cash or credit for everyday
purchases and include recent literature that shows critical distinctions between these modes of
payment.
First, cash makes it easier to budget and stick to it. When making purchases with cash,
one has physical limitation on the money to spend and budgeting is easier compared to using
credit card . Cash is also universally accepted in many businesses, and its versatility allows for
purchasing goods in malls, retail stores, and any convenience stores around. On the other hand,
using a digital debit or credit card can lead to overspending since there are no physical
limitations to the amount one can spend. Also, using cash instead of credit helps one avoid
additional fees involved with using credit cards. Credit cards have many fees, such as annual
fees, late payment fees, balance transfer fees, and foreign transaction fees, which can be costly
over time.
The key pros of using credit or debit cards over cash are during online purchases and e-
commerce. With digital growth and the rise of electronic commerce, debit and credit cards can
English Composition 1
The Compare and Contrast Essay
11th March 2024
Cash Versus Digital Debit/Credit Cards Compare and Contrast
In today’s fast-paced world, credit and debit cards have replaced cash as the preferred
mode of payment when purchasing goods and services. Cash, which was once the default method
of payment, has been replaced by credit due to changes in technology and the growth of digital
space where people shop online and prefer paperless methods (Zhang et al. 97). Cash and credit
use have pros and cons, and the choice of which method is the best varies between people and
situations. The essay will compare the difference between using cash or credit for everyday
purchases and include recent literature that shows critical distinctions between these modes of
payment.
First, cash makes it easier to budget and stick to it. When making purchases with cash,
one has physical limitation on the money to spend and budgeting is easier compared to using
credit card . Cash is also universally accepted in many businesses, and its versatility allows for
purchasing goods in malls, retail stores, and any convenience stores around. On the other hand,
using a digital debit or credit card can lead to overspending since there are no physical
limitations to the amount one can spend. Also, using cash instead of credit helps one avoid
additional fees involved with using credit cards. Credit cards have many fees, such as annual
fees, late payment fees, balance transfer fees, and foreign transaction fees, which can be costly
over time.
The key pros of using credit or debit cards over cash are during online purchases and e-
commerce. With digital growth and the rise of electronic commerce, debit and credit cards can
