Pros and Cons of Credit Card Technology

When coming up with pros and cons and the overall impact that this technology has had on our society. I took a few things into consideration. Mainly economic impact, infrastructure, and security because I feel that these areas are the most important.

Positive Impact of Credit Cards


It is more convenient to carry around credit and debit cards than it is to carry cash. If cash is needed, ATMs are readily available in most locations.


EMV chips have greatly improved the security with encryption and making it harder to clone credit and debit cards, resulting in fewer fraudulent purchases.


Allows people to gain access to addition funds when needed by increasing their credit limit.

Negative Impact of Credit Cards


Despite the advance encryption protocols that are the industry standard for EMV. Most EMV credit and debit cards still have magstripes on the back. Magstripes have little to no security, making them an easy target for thieves. Thieves attach card skimmers to ATMs that reads and sends private data when the card is inserted.


Some people have more credit card debt than they can afford, and have trouble paying it off. Americans hit an all time high of $1 trillion in 2018.


Some merchants lack the proper infrastructure to accept credit and debit cards. While some merchants do, but lack the proper terminals for EMV cards