How many folks still use cash?

[Fla]

I use cash at places that don't take credit cards, other than that I use a credit card that I pay off each month.
I refuse to have a debit card because the bank don't like to give you your real money back like a credit card company will when it comes to fraud.

This and this. I use cash at garage sales, junk yards and other places where I can't use a card or where they give me a much better price for using cash. I use a CC at my local gas station, grocery stores and some restaurants. I ALWAYS use a CC at auto repair places or other places where there might be a problem down the road and that I might have to fight the charge.

But I have noticed in the last year or so that many restaurants are starting to give discounts for using cash so I'm going to start using cash instead of a CC in those places.

I can't fathom why anyone would ever use a debit card instead of a credit card!

 

[Fla]

I get cash out occasionally for lottery tickets, or when I know I have a dinner with friends coming up. I believe there are two 20s in my wallet now left over from my November 2022 trip to see my parents in Florida. Nice to have them if I need them, but I haven't needed them. Cash back credit card sees all the action.

I keep about $40 stashed in all of my cars. Just in case I forget my CC and I want to buy lunch or gas or if I run across a cash-only deal. I usually keep about $200 cash on me and that usually lasts me for 6 months or more.

 

[Vil_Riker]

Small mom-and-pop places here have a credit card surcharge which I think is a good thing and helps cash remain relevant.

 

[Fla]

Small mom-and-pop places here have a credit card surcharge which I think is a good thing and helps cash remain relevant.

I can certainly understand why they have a credit card surcharge. It's to make up for what the CC companies charge them. But for places that charge the same for CC or cash, I have no incentive to pay in cash so I don't.

 

[Slow Car Sport Mode]

Don't answer! It's a trap! @CharBaby might be a stick-up man!


Just joking folks.

I don't like to carry cash, but I don't like the way everything you use a card for is tracked by everyone = advertising directed at you, your social and health related habits recorded, blah blah blah.
Not a conspiracy theorist, just know what is actually linked to your cards.

With the amount of folks armed, maybe at least as a percentage of BITOG folks. I really, really don't think that would be a good idea... lol..

 

[Hall]

Using you bank card as a credit card should afford you the same protections as using a credit card because of the Visa or Mastercard insignia.

Too many people hang on to the old stories that they're not as safe. It's not true anymore for any reputable bank or credit union. If someone's bank or credit union treats debit cards with less protection than credit cards, their bank sucks.

Debit cards don't have nearly the same protection as credit cards.

False. If your bank or credit union chooses to treat debit cards with less protection than credit cards, they don't care about you or your money.

 

[I<3oil]

Hardly use cash any more. Credit card only and get 2% cash back on everything.

Same

 

[SC Maintenance]

Too many people hang on to the old stories that they're not as safe. It's not true anymore for any reputable bank or credit union. If someone's bank or credit union treats debit cards with less protection than credit cards, their bank sucks.


False. If your bank or credit union chooses to treat debit cards with less protection than credit cards, they don't care about you or your money.

Its up to the bank. Credit cards have a lot more consumer protection laws built in via laws. With debit its up to the bank. I presume they would cover it, but the flip side is if my credit card is breached then I don't have a credit card for a while. If my debit card is breached and they drain my account, then I have a real problem.

 

[racer12306]

Too many people hang on to the old stories that they're not as safe. It's not true anymore for any reputable bank or credit union. If someone's bank or credit union treats debit cards with less protection than credit cards, their bank sucks.

I was one of those ones until a couple years ago when I asked the question. Classic case of not asking so you don't know.

Its up to the bank. Credit cards have a lot more consumer protection laws built in via laws. With debit its up to the bank. I presume they would cover it, but the flip side is if my credit card is breached then I don't have a credit card for a while. If my debit card is breached and they drain my account, then I have a real problem.

What I'm saying is that if you use your "debit" card without the PIN, it's processed as a "credit" card. Same card, different type of transaction. As I mentioned in a previous reply to this thread, my father in law had his "debit" card breached, they spent several thousand dollars. He started the process and he had the money back instantly. The bank started their investigation to prove that he wasn't being fraudulent in his claims, but most importantly, he had the month back right away. As it was explained to me by my bank, the Visa logo takes over for all of the same protections that are afforded any other Visa credit card when you process your bank provided "debit" card as credit.

 

[ARCOgraphite]

Personally, I still do. Hearing lot lately about debit cards being hacked. I can go to my financial institution and talk to human and get cash. No issues.

I used to be a cash guy - then at the Service Station there was a line of people buying coffee and scratch tickects and I couldnt get in and out in a resaonable time.
So I switched to a credtr card that gives points back. Now I even put home heating oil, Car and home insurance most everything on the card. I usually get about 750 bucks in about three years of charges back. I pay cash at sub shops and drive thru's and for small purchases and splitting restaurant bills and leaving tips.

I NEVER EVER use a debit card run as debit for purchases - that be your money exposed and its likely not fraud protected like revolving credit would be. - Ken

 

[walterjay]

I refuse to own a debit card. I know two people who lost money by people accessing their account through the debit card. And in one case it was over 10K.

 

[ARCOgraphite]

Too many people hang on to the old stories that they're not as safe. It's not true anymore for any reputable bank or credit union. If someone's bank or credit union treats debit cards with less protection than credit cards, their bank sucks.


False. If your bank or credit union chooses to treat debit cards with less protection than credit cards, they don't care about you or your money.

from: IDENTITYIQ by Michael Scheumack | June 20th, 2019

Consumer Protection for Debit Card Transactions
Consumers who use debit cards are protected by the Electronic Funds Transfer Act (EFTA).

This law lays out the liabilities of the consumer as follows:

If a lost or stolen debit card is reported to the financial institution before any fraudulent purchases can be made, the consumer faces no liability.

If a lost or stolen debit card is reported within 48 hours, the consumer’s liability for any fraudulent transactions is limited to $50.

If a lost or stolen debit card is reported after 48 hours but within 60 days, the consumer’s liability is limited to $500.

If a lost or stolen debit card isn’t reported within 60 days, the consumer is liable for any and all fraudulent charges incurred. This includes all money drained from the debit card account, any overdraft fees, and money taken from any accounts that are linked to the debit card account.

If a debit card was not lost or stolen, but its number was stolen and used for a fraudulent transaction, the consumer has 60 days to report the charge with no liability. The 60 days begins on the date the consumer receives their statement with the fraudulent transaction.

 

[alarmguy]

…

I can't fathom why anyone would ever use a debit card instead of a credit card!

Ignorance or unable to get a credit card

 

[PimTac]

For the folks like me who use some cash; how do you take money out? My bank has went to no humans I see.

Walmart. I usually get some cash back every month or so. They don’t charge for the transaction unlike Kroger that started doing it a year or so ago.

 

[alarmguy]

Too many people hang on to the old stories that they're not as safe. It's not true anymore for any reputable bank or credit union. If someone's bank or credit union treats debit cards with less protection than credit cards, their bank sucks.


False. If your bank or credit union chooses to treat debit cards with less protection than credit cards, they don't care about you or your money.

The question is why use a card directly tied to your checking account when you don’t have to?
Fraudulent use of your debit card wipes out your checking account Until you contact your bank. Prove it wasn’t you and they restore the funds. Fraudulent use of your credit card does nothing to you. Except maybe the credit card company has to mail you a new card

When you use a credit card, you’re fully protected, meaning if a charge shows up that you did not charge you do not have to prove it.
The credit card company would have to prove that you did charge it.

Furthermore, when you pay your statements online if you see that charge on your credit card you just click and it’s removed.

Since I don’t use the debit card, maybe you can answer this question. Does your debit card return 5% cash back to most everything you buy? Or even 2%?

But the bottom line is why connect your checking account to a card that could be used fraudulently when you don’t have to?

 

[alarmguy]

For the folks like me who use some cash; how do you take money out? My bank has went to no humans I see.

Any ATM machine. My bank has something like 40,000 available ATM machines at no charge but if I go to an ATM with a charge they instantly reimburse me whatever cost up to six times a month maybe 8.

My bank only has one physical building and all I know is it’s over 1000 miles away from me

 

[BigCahuna]

Why? My card gives 2% cash back so I use it for nearly every purchase.


If that is the case, those folks shouldn't be buying $3.00 coffees.

Gee you get 2% cash back?. So they give you a 2% credit back, not really cash. And you give it back to them at the end of the month, theoretically. If your so broke you can't afford a cup of coffee, go to a coffee shop and watch how many people will use a credit card to buy a cup of coffee. And you can bet they don't pay their balance off at the end of the month. People will spend until they take the card away.,,

 

[SC Maintenance]

Gee you get 2% cash back?. So they give you a 2% credit back, not really cash. And you give it back to them at the end of the month, theoretically. If your so broke you can't afford a cup of coffee, go to a coffee shop and watch how many people will use a credit card to buy a cup of coffee. And you can bet they don't pay their balance off at the end of the month. People will spend until they take the card away.,,

My cash back accumulates. Whenever I want some i click a button online - they deposit it in my checking account.

If you choose not to pay the full balance every month, that is not the fault of the credit card. I agree that people who can't manage their money might be better off with a debit card. I recently turned 50, have had credit cards my entire life, and have never paid one penny in credit card interest.

 

[IndyIan]

Small mom-and-pop places here have a credit card surcharge which I think is a good thing and helps cash remain relevant.

Yep, I don't mind seeing that, although lots of customers like to get something for nothing, so some clientele may balk.
We use credit cards for almost everything though, because most places don't charge the customer the credit cards fees and the cash buyers help pay for my cash back/points...
We also use store based credit cards for the points schemes, which pay pretty well. We mostly use No Frills, the cheapest grocery store chain and still end up with $1 to 1.5k of free groceries in a year, which averages maybe 7-8% off their prices which are already 20-30% cheaper than other chains carrying the same products. Also our Canadian Tire credit card basically knocks around 20 cents a gallon off their competitive posted gas prices, so it pays to play the game.

 

[alarmguy]

Gee you get 2% cash back?. So they give you a 2% credit back, not really cash. And you give it back to them at the end of the month, theoretically. If your so broke you can't afford a cup of coffee, go to a coffee shop and watch how many people will use a credit card to buy a cup of coffee. And you can bet they don't pay their balance off at the end of the month. People will spend until they take the card away.,,

My cash back accumulates. Whenever I want some i click a button online - they deposit it in my checking account.

If you choose not to pay the full balance every month, that is not the fault of the credit card. I agree that people who can't manage their money might be better off with a debit card. I recently turned 50, have had credit cards my entire life, and have never paid one penny in credit card interest.

To each their own I guess. Money matters to me, getting 2 to 5% back every month for EVERYTHING I purchase in life is very significant.
I can take it in cash, I can let it accumulate. I mean, if you dont care about money that's ok too. But I wouldnt call into question people who like a nice return on their money. It's a hobby for my wife and I.

I let the money accumulate in my main 2 accounts and recently now a third. The small ones I just cash right away. The money I accumulate in the large amounts I treat myself to something though lately not sure what else I need.

My wife also holds her own accounts in her name and she collects cash back, we use specific cards between us for the full 5%.
Such as right now, I get off 5% every time we eat out for dinner and 5% cash back at Sam's Club on one card for quarter.
Another card is 5% cash back on Amazon and Lowes.
Another card is 3% on groceries.
We use my wife's cash back card for 5% on gasoline. Her actually floats to the most used category in the billing period, so we use it for whatever I dont get 5% back on.
THEN we both have 2% cash back to default on with two other cards.

We are not poor by any means, at the same time we like to use all systems allowed to save money. We dont have so much that we feel we can throw it away and that is what we feel if we dont take the money corporations are offering us, for free! WE NEVER, EVER, EVER, EVER run a balance. Always pay in full every month.

I mean, this is just 2 of my largest cards with cash back on them, I have smaller amounts on others and my wife has her own. The smaller cards total about $300 in cash back on them. Since they are smaller amounts I sometimes take bill credits on it.

If someone offers you $1,183.00 for free, you're not going to accept it? (ONE THOUSAND ONE HUNDRED EIGHTY THREE DOLLARS) On just two of my cards. The biggest banks in the country offer this to you and people say no to it?
I understand not everyone has the self control and that is the danger, they know most dont pay the entire bill every month. But if your one who does, then use the system, its there and its free.
My two main cards cash back that I let accumulate (for about a year at a time, sometimes more, I dont keep track of time) until I have something I really want for myself as a free gift or even investment.

Discover card - $538.38

____________
Citi Card $645.44

I