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Credit Card as an Incredible Game Changer

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It would be difficult to imagine that people live without credit card in today’s society. Everything could involve that small and thin plastic card. You can use it for paying the tuition fee, shopping, or purchasing daily necessities. Credit card is an incredible game changer. We found that the use of credit card led to a transformation in the business sector. The elevating number of multinational corporations and the growth of the technology indeed contributed to the success of credit card. Furthermore, the credit card also promoted the formation of the risk management industry.

Credit card changed the business field in term of transaction. In the past, only if you were the most trust-worthy customers, you could make a credit. Otherwise, people should settle the bills by money immediately with no excuse. The limitation on the payment method brought about inconveniences on the transaction for both consumers and sellers. If people did not have sufficient amount of money when they decided to consume something, only two choices would be given. One was that you deferred your consumption, or you waited for your families to send you money. Under this circumstance, there would be a decrease in the amount of sale records. The first credit card was the Diners Club Card which allowed users to pay for the settlement by the end of each month. Credit card prevented people caught in the situation that they did not have sufficient amount of cash then gave up the business deal, even though they could afford the goods and services. With the use of credit card, buyers could obtain the product first and settle the bills at the specific period. Customers could consume the products they wanted earlier while seller could increase the transaction and revenue. There was a change in the business model and would boost the economy.

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The increased in the multinational companies and the progression of technology pave the way for the success of the credit card. With climbing number of multinational companies, the cross-border transactions elevated rapidly. Unlike nowadays, it would take a long time to accomplish one transaction even for just a tiny amount owing to the different bank account. It was not efficient for company decision-making on the sale strategies. By using credit card, the transactions such as shopping transaction would be speeded up. The usage of this plastic card was widely spread through the business deal between the cross-border corporations. Meanwhile, the technology was progressing. There had been an increasing number of companies using electronic check conversion to handle credit card. After the invention of credit card, it improved when the time went on. For instance, people could use credit card in many other countries instead of the single one from the beginning. They probably could pay online by credit card. The advanced technology cooperated with the use of credit card. The appearance of multinational companies and the breakthrough technological development helped credit card to survived and succeed in this technology and knowledge-based society, made it more useful and convenient.

Credit card enhanced the development on the risk management. Accepting credit was an inherent risk for the companies and producers. It would be possible that the credit card holders may not settle the bills on time or may even have no repayment. Although there was risk involved when accepting the use of credit card, the risk was balanced by the significant benefit. Therefore, risk management was required to further develop in order to avoid and spread the risk. The sense of managing risk appropriately gave rise to the interest on the development of this sector. For instance, the concept of credit line was introduced which would provide a safety base for those stores and companies. The delinquent amount of credit would be controlled. It seems that more and more concept or by-product of risk management would appear. Credit card may bring a positive influence to the risk management industry.

Credit card allowed people to have a more convenient life. It is probably easier for the companies to make deal with customer by using credit card as it dwindled the transaction cost. This could help to increase the number of transaction and the amount of sales revenue. Besides, the invention of credit card contributed to the development risk management industry. The number of risk-related product has been consistently increasing. At the meanwhile, the increasing number of cross-border corporations and the progression of technology probably made the use of credit card more common. That plastic card would cover more categories in our daily life.

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Credit Card as an Incredible Game Changer. (2022, September 01). Edubirdie. Retrieved May 24, 2023, from
“Credit Card as an Incredible Game Changer.” Edubirdie, 01 Sept. 2022,
Credit Card as an Incredible Game Changer. [online]. Available at: <> [Accessed 24 May 2023].
Credit Card as an Incredible Game Changer [Internet]. Edubirdie. 2022 Sept 01 [cited 2023 May 24]. Available from:
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