Bank Accounts: Are They Still Used As Much Due To The Popularity Of Credit Cards
Bank accounts still exist, and a lot of people wonder if other people still use their bank accounts as much as they used to now that credit cards have gained tremendous popularity? The answer is yes, and this is because of the many benefits of bank accounts. The top benefits are:
Generally speaking, there are lower fees associated with having a bank account than there are with credit cards. In fact, the fees alone can result in making massive monthly payments on a credit card, and this includes interest fees and late fees to name a few. People can easily go into debt if they are not careful with how they use their credit cards.
Bank accounts tend to have much lower fees. Some banks don’t even have fees, accept fees like withdrawing money at an ATM that does not belong to their company. The bottom line is if you want to save on fees, then having a bank account is the way to go.
Save Money And Earn Interest
Credit cards don’t allow you to save money or make money. Most credit cards don’t pay interest on your balance. In fact, there really are no cards that pay interest and give you the chance to save money.
With a bank account, you can earn a little bit of interest on your balance. The more money you keep in your bank account, the more interest you will receive over time. Sure, it might not be much at first, but every little bit eventually adds up.
Many credit cards do offer the chance for users to earn rewards. However, the rewards usually are not that impressive and they require you to use your credit card. In turn, you end up being hit with fees and have to repay the money back.
Many bank accounts offer rewards and you don’t have to do much. For example, you might be able to use your debit card and gain rewards. You won’t have to pay the money back because you’re using money you have in your bank account, and this is rarely the case when you use a credit card.
As you can see, bank accounts are extremely popular and they aren’t going anywhere anytime soon. They are still widely use, regardless of how popular credit cards are. If you don’t have a bank account, then consider opening one as soon as possible.