So How Many Of You Prefer To Use Cash Over A Credit Card/debit?

[Fishing Rhino]

I use cash for most everything now. Except tools at one supply house that wont take cash. Everthing else is done cash in hand or via my debit card over the internet. The only credit card I have left is a BPS card that gets paid off at customer service right after I use it. We are almost competely out of debt, with the exception of one car and this wretched condo ( I would rather live in a box then this rotten place). We amassed 25g in credit card debt and it has taken me the better part of three years to get it all paid off. I have around 1 year left before it is all gone.

 

I'm not sure they can refuse cash.

 

Legality

• Section 31 U.S.C. 5103 of the Coinage Act of 1965 clarifies the use of legal tender by stating, "United States coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This means that it is a valid method of payment to any creditor. If the creditor refuses the cash, the debtor cannot be accused of not attempting to pay an outstanding debt with a valid form of payment as long as the currency is still accepted in the form it is offered. In other words, unless the debtor is attempting to use Confederate money or another invalid form of money, the payment offer is valid.

[Fishing Rhino]

We use credit cards for just about everything, groceries, meals, gasoline, and other purchases that are more than a few bucks.  We could use cash, but we get "points" which can be used for hotel rooms, and other things.  We pay them in full before the due date.  We carry cash for all incidental purchases.  We get several nights of free stays at the Marriott chain of hotels each year.  We used to use a Southwest credit card 'til they started playing games with their free trips.  Now that we are both retired, I don't see much air travel in our future. 

 

It's not a matter of cost, it's a matter of convenience, and having the time to travel by vehicle.  No need for rental cars when we get to our destination, and we can leave earlier or later than planned without it disrupting our travel.

[KU_Bassmaster.]

I rarely have cash.

 

I might be the complete opposite of most people, but I find when I have cash in my wallet I am more likely to make dumb purchases.  There is something about actually seeing transactions on my debit card every night online that seems to hurt more.

[Long Mike]

I use the Amex card for every purchase over $20.  I carry other cards, but use them only when Amex is not accepted.  That said, I usually carry about $200 of cash, just in case.

[Tuckahoe Joe]

I don't have a credit card.  Another bill is not something I need.  I do have a debit card but I only use it for paying bills and making the occasional online purchase.  I feel like the less I use it, the easier it is to keep track of what I have left and the less likely I am to overdraw my account.  I get a paycheck every 2 weeks that goes into the bank for bills and I use the cash tips that I make each night for everything else.

[SirSnookalot]

I almost always use a credit card for purchases, I like having recourse.  Additionally some of the reward programs amass extra cash or purchasing power, we get free airline tickets from one of them for example. I treat a credit card the same as cash, I pay then off so there never is any interest charged, I do not have cards with an annual membership.

Being in a cash business I always walked around with a large sum of cash, but I'm always in total control of what I'm doing with my money.  I may have enough cash on me to buy a stella and loomis, that doesn't mean I allow myself to be out of control.

[Root beer]

I try to keep $20 on me at all times for purchases less than $20. Otherwise I use my debit card for gas, grocery, etc. I don't have a credit card which is going to come back and bite me in the arse when I'm ready to get a new vehicle and perhaps a house.

[SirSnookalot]

I try to keep $20 on me at all times for purchases less than $20. Otherwise I use my debit card for gas, grocery, etc. I don't have a credit card which is going to come back and bite me in the arse when I'm ready to get a new vehicle and perhaps a house.

True, Fico scores are based how much available credit, the more cards the better, and payment history.  The actual balance of the credit cards counts but less weight is given if the history of payment is satisfactory.  In some cases investments have no weight at all, for example buy or lease a car and just credit is checked not your Fidelity account.

[Stasher1]

I rarely carry cash and use my debit card for just about all of my puchases. I've found that I'm far less likely to buy stupid little $5-$10 items or stop at a fast-food joint if I'm going to have to swipe my debit card for the purchase.   

 

I also have credit cards, but they're strictly for emergencies or items that I can't put on my debit card, like hotel rooms and rental cars (I book them on my credit card, but pay for them with my debit card), or plane tickets. When the bill comes in, it's paid off right away. All other large purchases are made with my debit card. If I don't have the $$$ in my account to cover it, I can't afford it.  

[Root beer]

True, Fico scores are based how much available credit, the more cards the better, and payment history.  The actual balance of the credit cards counts but less weight is given if the history of payment is satisfactory.  In some cases investments have no weight at all, for example buy or lease a car and just credit is checked not your Fidelity account.

 

I thought about doing what you do. If I have $100 in my bank account to buy grocery for a week, I buy $100 bucks on credit card then immediately pay the balance with $100 in cash I originally was going to do. Purpose is to get rewards and establish a good credit history. I just simply never got around to signing up for one, for whatever reason.. The only debt in my name is a extremely well below national average student loan. I had to take out a small loan to help cover my apartment and I only did that for my last two years of college. My first two years I burned through savings, then used loan for last two years. My scholarship took care of tuition. Oh well.

[ww2farmer]

Debit card for things like gas, groceries. Cash for toys. Credit cards are rarely used, just some misc online purchases, and I like to keep the balance paid down in case of emergancy.

[jignfule]

Use credit card, pay it all off each month, get Cabela points and get fishing tackle,..... free

[SirSnookalot]

@ Rootbeer, I think you are doing the right thing.  Whether you pay off a cc right away or wait until the due date, it's interest free money until it's due.  Credit is a wonderful thing, as long as it isn't abused.  At emergency time that card may be your best or only friend.  There will be times in your life when that bill can't be paid in full, that's understandable, but always do your best to make at least the minimum payment, your credit won't suffer.

[deaknh03]

Even if you as the consumer pay it off, there are still charges and fees for the retailers. As a small business those were too much for us to handle. Those fees directly contribute to higher costs of goods and services, and rewards cards have the highest fees, to pay for the consumers rewards.

[Stasher1]

Even if you as the consumer pay it off, there are still charges and fees for the retailers. As a small business those were too much for us to handle. Those fees directly contribute to higher costs of goods and services, and rewards cards have the highest fees, to pay for the consumers rewards.

 

 

True, but it also increases sales. As a buyer who rarely carries cash, I wouldn't shop in your store if I couldn't use my debit card. It's the same with gas stations. If I can't pay at the pump, I won't buy gas there.

[deaknh03]

True, but it also increases sales. As a buyer who rarely carries cash, I wouldn't shop in your store if I couldn't use my debit card. It's the same with gas stations. If I can't pay at the pump, I won't buy gas there.

Our sales increased AFTER we discontinued accepting plastic, and the vast majority of customers thank us.

[Stasher1]

That may very well be the case, and it may work well for you in your town in NH, but it definitely wouldn't work in the Atlanta area nor would it work in any of the more "touristy" parts of NH. Way too much competition to even consider something like that.

[deaknh03]

That may very well be the case, and it may work well for you in your town in NH, but it definitely wouldn't work in the Atlanta area nor would it work in any of the more "touristy" parts of NH. Way too much competition to even consider something like that.

not to argue, but how do you know what would work? Have you tried it? Our store pulls customers all the way from Boston and Maine because of the unique products we offer. We have found people are seeing that the relatively new preponderance of using mostly credit has hurt the majority of the middle class of our society.

[Root beer]

not to argue, but how do you know what would work? Have you tried it? Our store pulls customers all the way from Boston and Maine because of the unique products we offer. We have found people are seeing that the relatively new preponderance of using mostly credit has hurt the majority of the middle class of our society.

 

I don't know what kind of store you work at but....Keywords: "unique products we offer." For a minute there I was thinking solely because of no plastics allowed drew sales from miles away. This would have been dumb, in my opinion. I wouldn't go shopping miles and miles away solely because it didn't accept plastics... Did you guys lower the price of your products after refusing to accept plastic cards? Large retail stores will keep their prices the same with or without the plastics.. The cost associated with the plastics are immaterial to majority of businesses anyway. It only the small businesses that are annoyed by it due to small volume of sales. Places like Atlanta has a lot of people there, I'm guessing more than NH, and they are unlikely to venture to a smaller place SOLELY because it doesn't accept plastic..

 

Sorry for derailing the thread.

[Stasher1]

No, I haven't tried it...but I grew up in southern NH and now live in the Atlanta area so I have some experience.

 

What drives Atlanta (and most tourist-based) business is convenience. By not accepting credit/debit cards, you're driving potential customers to your competition. That's just a simple fact. Unless you've cornered the market on truly unique products that are in demand, and not available anywhere else, you're losing business to the competition.

 

I wish you well with your business, but a retail outfit that can't afford to eat the cost of credit/debit transactions doesn't seem like a very profitable one to me. The few places in ths area that I've seen try it (like the barber that used to cut my kids' hair) have all gone under within 6 months.  

 

 

We have found people are seeing that the relatively new preponderance of using mostly credit has hurt the majority of the middle class of our society.

 

 

I think you give your customers entirely too much credit (no pun intended).          
 

[deaknh03]

No, I haven't tried it...but I grew up in southern NH and now live in the Atlanta area so I have some experience.

What drives Atlanta (and most tourist-based) business is convenience. By not accepting credit/debit cards, you're driving potential customers to your competition. That's just a simple fact. Unless you've cornered the market on truly unique products that are in demand, and not available anywhere else, you're losing business to the competition.

I wish you well with your business, but a retail outfit that can't afford to eat the cost of credit/debit transactions doesn't seem like a very profitable one to me. The few places in ths area that I've seen try it (like the barber that used to cut my kids' hair) have all gone under within 6 months.

I think you give your customers entirely too much credit (no pun intended).

4 years and going strong.

[SirSnookalot]

True, but it also increases sales. As a buyer who rarely carries cash, I wouldn't shop in your store if I couldn't use my debit card. It's the same with gas stations. If I can't pay at the pump, I won't buy gas there.

Without a doubt !  

Regardless of any fees incurred by the vendor, the use of plastic promotes sales, people do not have to carry cash and it's a lot more convenient.  Just about every retail outlet accepts major credit and debit cards, the ones that don't are an anomaly.  Those fees are just the price a company pays to do business, no different than other business expense.  Rootbeer being an accounting student will know better than me, but those fees may be tax deductable as a business expense.  Additionally major retailers pay less of a percentage fee than stores doing less volume.

 

From a personal standpoint, I like like recourse offered by cc companies, especially for larger ticket items.  I'll pay cash for a mid ticket item if the vendor is willing to give me a discount for cash.  Totally understandably many smaller stores have a credit card minimum, say $10.00.

 

I think most would agree that a good portion of the population does not walk around with 4-500 bucks in their pocket

[deaknh03]

Without a doubt !

Regardless of any fees incurred by the vendor, the use of plastic promotes sales, people do not have to carry cash and it's a lot more convenient. Just about every retail outlet accepts major credit and debit cards, the ones that don't are an anomaly. Those fees are just the price a company pays to do business, no different than other business expense. Rootbeer being an accounting student will know better than me, but those fees may be tax deductable as a business expense. Additionally major retailers pay less of a percentage fee than stores doing less volume.

From a personal standpoint, I like like recourse offered by cc companies, especially for larger ticket items. I'll pay cash for a mid ticket item if the vendor is willing to give me a discount for cash. Totally understandably many smaller stores have a credit card minimum, say $10.00.

I think most would agree that a good portion of the population does not walk around with 4-500 bucks in their pocket

Setting a minimum to use a credit card is illegal.

[preach4bass]

Setting a minimum to use a credit card is illegal.

If that's the case then there are a lot of people breaking the law in NC.  And, they're advertising their criminal behavior on signs posted clearly in front of the cash register.  I don't understand why setting a minimum would be illegal.  If you are a store owner and you chose to set a minimum to use a credit card, and I as a customer don't like it, I can choose to shop somewhere else.

[flyfisher]

Setting a minimum to use a credit card is illegal.

Yeah they do it a lot here in va too. They also say under $xx amount will incur a surcharge. Seems crappy to me but hey, whatever floats your boat I guess.