PLASTIC MONEYS Meaning and
Definition
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Plastic money refers to the use of plastic cards, such as credit cards or debit cards, as a form of payment instead of physical cash or checks. Plastic money has become increasingly popular because of its convenience and security features. It allows individuals to make purchases without carrying large amounts of cash, offering a versatile and widely accepted alternative for transactions.
Credit cards, which fall under the category of plastic money, allow users to borrow money from financial institutions up to a certain limit. They offer the flexibility to make purchases and pay back the borrowed amount at a later date. Interest rates are applied on the unpaid balance, and users are generally required to make minimum monthly payments.
Debit cards, another form of plastic money, are linked directly to an individual's bank account. These cards allow users to access funds instantly and make purchases within the available balance. With debit cards, there is no borrowing involved, and users are not charged interest. Instead, the transaction amount is directly deducted from the account.
Plastic money provides a secure way of conducting transactions, as compared to carrying large sums of cash. Cards offer features like PIN codes, chips, and magnetic strips for added security. In case of theft or loss, it is easier to cancel or freeze a card, preventing unauthorized use.
Overall, plastic money has revolutionized the way transactions are conducted, offering convenience, security, and flexibility to users globally.
Common Misspellings for PLASTIC MONEYS
- olastic moneys
- llastic moneys
- -lastic moneys
- 0lastic moneys
- pkastic moneys
- ppastic moneys
- poastic moneys
- plzstic moneys
- plsstic moneys
- plwstic moneys
- plqstic moneys
- plaatic moneys
- plaztic moneys
- plaxtic moneys
- pladtic moneys
- plaetic moneys
- plawtic moneys
- plasric moneys
- plasfic moneys
- plasgic moneys
Etymology of PLASTIC MONEYS
The term "plastic money" was coined to describe credit cards, which are typically made of plastic materials. The word "plastic" in this context is derived from the Greek word "plastikos", meaning "capable of being shaped or molded". This term was first used in the 1960s when credit cards started gaining popularity as an alternative to cash. The term "plastic money" emphasizes the flexibility and convenience that credit cards offer in terms of payment options.
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