Credit and debit cards have transformed the way we purchase goods and services. A new post on Credit.com titled “The Future of Credit Cards” states that they will play an increasingly important role in our lives in the near future. While financial companies are marketing them more heavily, credit and debit cards are not always ideal. There are still plenty of reasons that people need to have a checkbook.
Benefits of Using Personal Checks
Advances in technology are clearly changing the average consumer’s life. Bank cards may be highly convenient, but there are still plenty of reasons that personal checks are still beneficial. Here are some things that you will need to consider.
Control Impulsive Purchases
Many people are more likely to make impulsive buying decisions with electronic cards. However, the process of writing a check forces them to actually think about the purchase. Using checks for larger purchases may help people avoid making decisions they will regret later on.
Deal With Private Transactions
There was a big story on Reddit earlier this year about beggars taking credit cards. This was a very interesting anecdote about the role credit cards will play in our future, but it doesn’t really reflect most private transactions.
While beggars in third world countries are investing in credit card readers, your friends and family are not. You will still need to write personal checks to pay off your debts.
Many Businesses Still Don’t Take Credit Cards
You probably believe that any business in the 21st Century must be taking credit cards. However, a recent study from Intuit found that isn’t the case. Their data shows that only 45% of small businesses in the United States accept credit cards!
This seems like a surprisingly low figure, but it may make sense when you think about it. Some businesses offer services to a small number of customers, so it isn’t feasible to accept cards. Attorneys, accountants and psychotherapists fit in this category. Other companies sell more expensive services that would exceed a card’s maximum. Some companies may also be afraid that unscrupulous customers may try to have charges overturned. Fortunately, most of these businesses still accept checks such as the ones provided by Buy-Cheap-Checks.com.
Lower Security Risks
Some companies are quick to point out that fraudulent credit card transactions can be overturned. That is true, but people still need to pay a $50 fee for it. The risk of credit card fraud is generally higher, because fewer criminals understand how to use bank routing information to pull money from their checking accounts. This means that people that write checks are less likely to be victims of fraud.