MasterCard Credit Cards advantages, disadvantages, use, & features
Having and using a credit card is a convenient, simple way for a person to pay for the goods and the services and make the reservations for airline flights, hotel rooms, and rental cars, MasterCard is one of the major types of credit cards available to a consumer, as with any line of credit.
Benefits of MasterCard
MasterCard is shaping the future of money by developing sophisticated new technologies to help you improve the way you do business with your customers, You will speed your customers through checkout with rapid electronic payment, No more counting change or waiting while the customers write the cheques.
MasterCard increases the sales, The consumers spend more when they are not constrained by cash on hand, You may see increased purchases of higher-margin products as well as specialty items, and the customers may visit your store more often.
When you use MasterCard, you will get the customer satisfaction, your customers will appreciate the fact that you allow them the flexibility to pay the way they want to pay, including by credit or debit card, MasterCard is accepted almost everywhere.
MasterCard will improve the efficiency of currency conversion with lower volumes of cash, You are less vulnerable to theft and pilfering, and you will manage and grow your business with a lot of safety.
Card transactions today are conducted electronically, Paperless payments can save you the time and the money by minimizing cash handling and payment reconciliation, giving you more time to focus on more important things.
The electronic payments on MasterCard and Maestro branded cards are settled in the currency in which you sell your goods and services, regardless of where the cardholder is from.
MasterCard increases the traffic and it increases sales, It conducts business on the web, and it takes advantage of the web to enhance customer relations and expand your business.
MasterCard credit card allows the user to purchase the goods and the services on credit with the promise that the user pays the money back either in one lump sum or in monthly installments, This is an especially convenient arrangement for large or emergency purchases.
Paying by using MasterCard can also help the person keep track of spending and make paying monthly bills for services such as the cable or the utilities easier, and MasterCard can also come in handy while traveling.
Having and using MasterCard is an easy and convenient way to pay for purchases, paying by credit card can lull the consumers into not carefully matching their purchases with their ability to pay for those purchases which cause them to accumulate credit card debt.
MasterCard is safer than cash, Your card is protected and can be cancelled with a simple phone call, It helps you establish credit, You can profit from it, You can use it anywhere in the globe, and Credit cards make online shopping a whole lot easier.
You can use PayPal with some online stores but the majority accept standard credit cards, A credit card can help you out of a tight spot and can be in your wallet all of the time, and you need them to make reservations and pay deposits.
Disadvantages of MasterCard
As MasterCard is a simple and easy way to pay for purchases, The consumers can find themselves accumulating a large amount of debt rather quickly, Interest rates on credit cards can vary and some can charge an extremely high rate.
Credit cards are easy to run up large debts, While it is easy to run up a large debt, It can be much harder to repay it, and this can take a considerable amount of time, and credit card won’t suit everyone.
Most credit card providers will charge a fee if you fail to make the minimum payment by the due date, If you exceed your credit limit and if you have a direct debit or cheque returned unpaid.
Master Card is easy to rack up a bill, It can ruin your credit if you do not pay your bill on time, there is the possibility of spending more than you have, A credit card gives you the opportunity to spend more than you are making, getting you into debt which is hard to shift.
Credit cards have high-interest rates, Credit cards have some of the highest interest rates of all personal finance products including home loans and personal loans, and they can harm your credit file.
Credit card fraud, cash advances are expensive and can apply for many transactions, Cash advance rates also usually apply to less frequent credit card uses such as getting cash out at an ATM and buying foreign cash.