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Sample Essay 1
With the rise of digital payments, plastic money, such as credit and debit cards, has become more popular than traditional banknotes and coins. The primary advantage of this shift is the convenience and enhanced security cards offer, particularly in reducing theft and enabling easy online transactions. However, the widespread use of cards also has a major downside: the risk of overspending and accumulating debt. This essay will explore these key points in detail, highlighting both the benefits and drawbacks of plastic money.
One significant advantage of using plastic money is the unmatched convenience it provides. Cards eliminate the need to carry large amounts of cash, reducing the risk of theft and loss. Additionally, most cards today offer contactless payments, which speeds up transactions and makes everyday purchases more efficient. For example, many people prefer using debit and credit cards while traveling internationally, as they eliminate the hassle of currency exchange and carrying multiple currencies. Furthermore, credit cards often come with added perks such as purchase protection, cashback, and travel rewards, making them an attractive option for consumers. In an increasingly digital world, cards also enable seamless online shopping and digital wallet integration, further enhancing their appeal and usability.
However, a significant drawback of plastic money is the risk of overspending and the accumulation of debt. Credit cards, in particular, can encourage consumers to live beyond their means, as the immediate financial outflow is not felt. This detachment from physical money can result in impulsive purchases and unchecked spending. For instance, many credit card users end up carrying balances over several months, accruing high interest rates and putting themselves at financial risk. Moreover, the ease with which credit can be accessed often leads individuals to rely on it for unnecessary expenses, pushing them into a debt cycle that can be difficult to escape. Therefore, while plastic money offers ease and flexibility, it also introduces the danger of financial irresponsibility if not managed wisely.
In conclusion, while plastic money offers convenience, security, and various benefits for consumers, it also poses the risk of overspending and debt accumulation. The advantages of flexibility and rewards are counterbalanced by the dangers of financial mismanagement, highlighting the importance of responsible usage in this evolving cashless economy.
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Sample Essay 2
In recent years, the popularity of plastic money, including credit and debit cards, has outpaced that of traditional banknotes and coins. One significant advantage of this shift is the detailed transaction records provided by card payments, which help users track their spending patterns more effectively. However, a major downside is the dependency on digital infrastructure, which makes card transactions vulnerable to technological failures. This essay will explore these key points in detail.
A key advantage of using plastic money is the ability to track expenses with greater precision. Every transaction made with a debit or credit card is automatically recorded, allowing users to easily monitor their spending through online banking or monthly statements. This feature provides individuals with a clear understanding of where their money is going, which can be extremely useful for budgeting and financial planning. For instance, many cardholders utilize mobile banking apps that categorize expenses, making it simple to identify areas of overspending, such as dining out or entertainment. In contrast, cash transactions lack such traceability, often leaving individuals unaware of how much they have spent over time. Thus, the automatic record-keeping feature of plastic money helps users maintain better control over their financial habits.
On the other hand, a major disadvantage of relying on plastic money is its dependency on digital systems, which are not always reliable. Card transactions require functioning internet connections, secure payment gateways, and power supply, all of which can be disrupted by system outages or technical malfunctions. For example, during widespread power outages or server downtimes, consumers may find themselves unable to complete purchases if they cannot access their digital accounts or if card readers are inoperable. This is a risk that cash users do not face, as physical currency can be exchanged regardless of technological conditions. Moreover, such reliance on digital infrastructure leaves consumers vulnerable to cyber-attacks or data breaches, which can compromise sensitive financial information. Therefore, while plastic money offers convenience, it also introduces risks tied to the functionality and security of digital systems.
In conclusion, although plastic money provides users with the advantage of precise spending records and improved financial oversight, it also has significant drawbacks, particularly in terms of its dependence on technology. As society continues to move towards a cashless economy, these issues must be carefully balanced to ensure financial stability.
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Sample Essay 3
The increasing prevalence of plastic money, such as credit and debit cards, has transformed the way people conduct transactions, often replacing cash in many economies. A key advantage of this shift is the enhanced security offered by card transactions, which can reduce the risk of theft. However, a notable disadvantage is the fees associated with card usage, which can place a financial burden on consumers over time. This essay will examine both points in detail.
One major advantage of plastic money is the security it provides against theft. Unlike cash, which can be stolen and is nearly impossible to trace, lost or stolen credit and debit cards can be deactivated quickly, minimizing the financial loss to the cardholder. Additionally, most banks offer fraud protection services that monitor suspicious activities and reimburse unauthorized charges, adding a layer of security for consumers. For example, if someone’s card is stolen and used for an online purchase, they can typically report the transaction and receive a refund after the fraudulent activity is investigated. Furthermore, many cards come with added features like two-factor authentication and biometric verification, making it increasingly difficult for thieves to access cardholders' funds. This level of security far exceeds that of carrying physical cash, which once lost or stolen, is irrecoverable.
On the flip side, the use of plastic money often comes with hidden costs in the form of fees and interest rates, particularly for credit card users. Many credit cards charge annual fees, foreign transaction fees, and cash advance fees, which can add up quickly. Additionally, if cardholders do not pay off their credit card balances in full each month, they are subject to high interest rates, sometimes exceeding 20%. This can result in significant financial strain, especially for individuals who rely on credit cards for everyday purchases. Debit cards, while not incurring interest charges, may also have fees for overdrafts or using out-of-network ATMs. Over time, these costs can erode any convenience offered by plastic money, making it an expensive option for consumers who are not vigilant about managing their finances.
In conclusion, while plastic money offers significant advantages in terms of security and protection against theft, it also has notable drawbacks, particularly regarding the fees and interest rates associated with its use. As plastic money becomes increasingly dominant, consumers must weigh these benefits and costs carefully.
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