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With chargebacks customers can get refunds on allegedly unwanted merchandise.
The issuer tracks the number of chargebacks both for customers and merchants; too many chargebacks can get you booted out of the system.
Bob in turn doesn't trust Alice to pay at the end of the trip.
Commerce can be consummated by Alice tearing a 0 bill and giving half to Bob.
Some merchants complain vociferously about such customer "theft", and it seems to make possible coordinated attacks to put merchants out of business, but nevertheless merchants sign up for credit cards, because that's what their customers have signed up for.
The chargeback feature makes customers more comfortable purchasing goods of unknown quality, especially mail-order and over the Internet.
Both have made what economists call a "credible commitment" to perform their respective parts of the contract.
The ripped bill is similar to using the transfer agent as an escrow agent.
An advantage over using an escrow agent is that the need for extra anonymous channels between the parties and the escrow is avoided.
: A credit name can establish a good credit rating over time.
When the limit is high enough, the borrower can quickly spend it all.