How many folks still use cash?

[paulo57509]

Not very much, if at all. I can carry cash in my wallet long enough for the moths to get it.

I did pay for a bean burrito and a soda at TB with a $5 bill yesterday.

 

[billt460]

100% agree, that math only works if the balance is paid every month, which many people don't do but many do.

https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/#carry-balance

It's cool if someone doesn't want to/think they can be/isn't disciplined and opts to pay cash to keep that habit of not carrying a balance, I get that. it's cool if that isn't the reason and it's something else too, not really my business or concern. My post was partially sarcastic because the tone of your post was so clearly that all of those using CCs are so foolish. The other side is it's so easy to see with today's prices why someone would opt to charge it and save an extra $.05 - $.10 a gallon over cash prices when cash prices are only $.10 less.

Other fun fact for those CC points shoppers, some stations count gas station gift cards swiped at the pump as the cash price, so you walk inside and buy a gift card, collect 5% (3%, 2%, whatever you are getting) in CC points, and use the gift card (probably need to do that one visit in advance so the card activates) once it's active for the cash price. Obviously YMMV with that one.

The lending institutions are like the Vegas casinos. The more people they get involved, the more money they make. Most people don't have the financial discipline to make out on either.

The average credit card balance in this country is currently $5,589. Most of that is revolving with interest rates well into the 20+% range, (as your link shows).

They rope people in with things like, "Cash Back", and all types of, "Rewards". They're betting whoever takes the bait won't pay off the balance, and they'll make out. And they're winning.

They'll offer 3%, 4%, or even 5% "Gifts" and or, "Points". A few like yourself will make out a few percentage points. Most will end up with a BIG revolving balance in the thousands, and the lender or bank cleans up.

 

[Jdeere562]

If I didn't have $1000 on hand, I would feel naked.

Always pay Daughter cash for the stuff she orders for me on Amazon. Also always give my house cleaner/grocery getter lady cash.

I also pay my trash man and lawn mower guy in cash. Furnace repair man too. They give me a break on the bills in exchange. Small businesses like cash and not reporting the income. I'm in a small rural area.

 

[99Saturn]

The lending institutions are like the Vegas casinos. The more people they get involved, the more money they make. Most people don't have the financial discipline to make out on either.

The average credit card balance in this country is currently $5,589. Most of that is revolving with interest rates well into the 20+% range, (as your link shows).

They rope people in with things like, "Cash Back", and all types of, "Rewards". They're betting whoever takes the bait won't pay off the balance, and they'll make out. And they're winning.

They'll offer 3%, 4%, or even 5% "Gifts" and or, "Points". A few like yourself will make out a few percentage points. Most will end up with a BIG revolving balance in the thousands, and the lender or bank cleans up.

I agree, that's the business model. It's up to the consumer to be savvy enough not to fall into that trap. But (I hope) when people read stuff like either of our posts they think of ways they can stick the CC company and make a few percentage points for themselves, and if they recognize that doesn't work for them and cash is the way to go to not accrue debt I get that too. I thought the posters that say they pay the transaction off as soon as it posts/they get home have an interesting strategy for likely achieving that cash back goal.

 

[SeaJay]

CC primarily for gasoline, monthly cell phone bill and Amazon Prime purchase. Mostly cash for other things.

 

[AuthorEditor]

I purchase most stuff using credit cards that give me rebates, so I make hundreds of dollars a year doing that. But, I also like to carry at least $100 in cash for when it is needed. Here in the Northeast there are lots of little diners, farm stands, ice cream places and such that only take cash, and Apple or Google Pay aren't always available even if they take credit cards. A local popular convenience store chain is everywhere and their gas pumps do not take Apple or Google Pay, but they will take a credit card. The few times I have successfully used Google Pay I have found it more awkward and slower than using an actual credit card. For example, theoretically Walmart takes Apple or Google Pay, but it usually takes two or three tries and fumbling to get it to work. Sometimes it just doesn't work.

 

[Fla]

I purchase most stuff using credit cards that give me rebates, so I make hundreds of dollars a year doing that. But, I also like to carry at least $100 in cash for when it is needed. Here in the Northeast there are lots of little diners, farm stands, ice cream places and such that only take cash, and Apple or Google Pay aren't always available even if they take credit cards. A local popular convenience store chain is everywhere and their gas pumps do not take Apple or Google Pay, but they will take a credit card. The few times I have successfully used Google Pay I have found it more awkward and slower than using an actual credit card. For example, theoretically Walmart takes Apple or Google Pay, but it usually takes two or three tries and fumbling to get it to work. Sometimes it just doesn't work.

Yeah, I always try to have at least two CCs and cash on me when I go out. Sometimes one CC's computer system is down or the store's computer is down so I always try have multiple payment options as backup.

 

[Bill7]

I am a zero debt kind of person (no mortgage on my home, never ever have had a car loan in my life), no credit card debt, etc. Zero debt forever. With this strategy, my monthly savings amount that I can invest is maximized. But I do use credit cards and always pay them off 100% at the end of the month, so credit cards are nothing more than a payment method for me (similar in principal to a debit card). I'm getting some huge cash back, 5.25% on gasoline, 5% at Walmart, 3.5% at discount stores and supermarkets, 2.625% on all other purchases. I pay all utility bills with these cash back credit cards, even my children's college tuition. So the cash back is reducing my monthly expenses in a re-occuring way and I've programmed those discounts into my monthly budget which increases my re-occurring monthly savings amount. That is why I like low priced oil/filters. Less money spent means more money saved for my future.

 

[vavavroom]

Bribes are best paid in cash.