Paying with Cash…. Why is it better!?

[poker]

This ran across my FB feed…. Interesting take.


Please understand what not using cash is doing !!!
Cash is important!
Why should we pay cash everywhere with banknotes instead of a card?

- I have a $50 banknote in my pocket. Going to a restaurant and paying for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping. After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made...

- But if I come to a restaurant and pay digitally - Card, bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner re laundry or payments of the owner of the laundry shop, or payments of the barber etc..... Therefore, after 30 transactions, the initial $50 will remain only $5 and the remaining $45 became the property of the bank thanks to all digital transactions and fees.

Credit: Elisha Belmont

 

[Darts]

1) I asked a cashier why some people still pay cash? She said usually because they don't qualify for a credit card.

2) Some stores/bars/restaurants only accept plastic because it is expensive to hire a Brinks truck to haul the cash away to the bank.

3) Of course, some professions like the sex trade and contractors prefer cash for tax reasons.

 

[bazokajoe]

I prefer to use cash everywhere. It reduces the chance of my card being compromised.
Of course sometimes it's unavoidable using your card like paying for trips, car repairs.

 

[bluetors]

It reduces the chance of my card being compromised.

Don't have cash in your bank account. Your card, even if compromised (which is insured anyways), can't be prone to theft. I only have about 4 dollars in my checking account in any given time. That's so the monthly account fee is covered to ensure I don't go negative (but I have overdraft anyways).

 

[xix]

Don't have cash in your bank account. Your card, even if compromised (which is insured anyways), can't be prone to theft. I only have about 4 dollars in my checking account in any given time. That's so the monthly account fee is covered to ensure I don't go negative (but I have overdraft anyways).

Debit or banking card (ATM) VS credit card are different things.

Yes Debit is linked to your Cash/Money banking account. And your money can fly away.

Credit card can be hit with $10,000 and you are on the hook, until you prove yourself innocent. Once it goes through, you have to be viewing your transaction every night or when you get your statement you have to go through the process of disclaiming it. It takes 1 - 3 weeks.

 

[poker]

I prefer to use cash everywhere. It reduces the chance of my card being compromised.
Of course sometimes it's unavoidable using your card like paying for trips, car repairs.

car repairs… I pay cash.

 

[hamermill]

I pay with cash because where I panhandle people won’t hand me their credit card.

 

[poker]

It just amazes me they devised a card system where all the money goes back to the banks in transaction fees.

Fucking banks are evil.

 

[bazokajoe]

It just amazes me they devised a card system where all the money goes back to the banks in transaction fees.

Fucking banks are evil.

But a great stock in my portfolio.

 

[bazokajoe]

Don't have cash in your bank account. Your card, even if compromised (which is insured anyways), can't be prone to theft. I only have about 4 dollars in my checking account in any given time. That's so the monthly account fee is covered to ensure I don't go negative (but I have overdraft anyways).

Few things wrong with that theory(for me anyway).
1) all my bills are paid by preauthorization.
2) Fraudulent chargers are a pain in the ass to get corrected. Especially if you have tap enabled.
3) Credit cards can be prone to theft. Again if you have tap enabled.
4) Minimum monthly balance for me is a lot more than $4.
5) rather not keep large amounts of cash in my house.

 

[shack]

1) I asked a cashier why some people still pay cash? She said usually because they don't qualify for a credit card.

What kind of expertise does a cashier have in finances?

Do people/total strangers tell her that they don't qualify for a CC as they are paying, or does she ask them?

Deep questions but somebody has to ask.

 

[bluetors]

Debit or banking card (ATM) VS credit card are different things.

Yes Debit is linked to your Cash/Money banking account. And your money can fly away.

Credit card can be hit with $10,000 and you are on the hook, until you prove yourself innocent. Once it goes through, you have to be viewing your transaction every night or when you get your statement you have to go through the process of disclaiming it. It takes 1 - 3 weeks.

Ya but if you don't have money in your bank accounts the money can't fly away in case of fraud. Keep your savings with your broker instead of bank accounts. My bank balance is $3.95. if I'm seeing an SP, I deposit 160 and then withdraw that. If someone tried scamming your account, their transaction will be denied due to insufficient funds. Not possible to lose any money if you don't have any money in your account.

 

[Normscot]

I’ll start by conceding that the following rant is full of simplistic information that does not take into account the overall financial strategy of government. Stating that Federal and Provincial finances are complex is an understatement. Saying that they are an impossible undertaking would be more accurate. That’s why it’s always a fucking mess. But the following is all true no matter how you slice it.

Cash is cheaper for you to use and encourages prudent spending. @poker posted above why the banks love cards. Because they make money off of you. The government makes money off of your spending through sales taxes. So the more you spend the more money the government takes in. What cards do is encourage spontaneous or impulsive spending. Example: You have $20 in your pocket. You're interested in an item for sale. Could be anything. It’s $25. Suddenly you’re conscious of the fact that you have $20. So your prudent thought is that well maybe next payday I’ll forgo something else so that I have enough to make this purchase. So you walk away from the purchase. Then you remember you have your card with access to your accounts. You know in the back of your mind that those monies in your account are earmarked for other expenses that need to be paid. You’re overcome by the want for the Item you’re interested in. You justify it to yourself saying fuck it I’m here now and I can make up the shortfall in my account some other way. So you make the impulse purchase because you can. Not because you can afford it. The government just made more money off of you than it would have had you not had cards.

Heres another one. I’m in the entertainment biz. We love cards. We charge you $1 per transaction no matter the transaction amount. If you spend $40 or $5 we charge you a $1 service fee. Every time you make a transaction. Nobody complains. We have a sign that says we’re going to charge you a buck if you use a card. That’s free money for me. And spontaneous spending? Hey if you spend $20 instead of $10 I’ll give you a better deal! 95% success rate! Why? Because the card is access to more money than you would prudently walk around with. People say wow you got $300 on you in cash? I say ya but it’s nothing compared to the $5000 on your card you have in your pocket. So who’s likely to spend more? Me with my $300 cap or you with your $5000 cap? I think it’s pretty obvious.

Here’s another example of creative revenue production for you. So the government wants you to know that they’re looking out for you. They use the media to make a big splash about how they’re raising wages. Of course it is in your best interest to make more money. Not saying it’s not. Everybody needs more money. Even the government. So you get a big raise and of course you notice your tax amount is higher because taxes are a percentage of your earnings. Read between the lines. Guess who else benefited from your higher wages? Ya you know. Them. And it cost them nothing to do it.

Want another one? This one is about both saving and making money for the government. Remember these guys are really fucking smart. Or is it devious? No matter. So in Ontario if you own a personal automobile you no longer have to pay the annual registration fee. A good thing for you of course. But not just for you. The government was spending more money paying to administer the license plate renewal program than it was taking in. They did make it sound like it was all about you though. But in reality what is happening is that the money you saved on renewing your plate gets spent by you somewhere on something right? And guess who taxes that spending a gets a piece of it? Ya you know who. So what’s the end result? The government just cut its expenses while making more money at the same time. And again it cost them nothing. Genius!!! Fuck these guys are good at what they do! And what is it that they are so good at? The snow job. Yanking your chain and pulling you around to wherever they want you to go. I’d have been a politician but my morals wouldn’t allow me to pursue the field in good conscience.

Best to all

 

[Darts]

"I asked a cashier why some people still pay cash? She said usually because they don't qualify for a credit card."

Yes, I did ask a cashier why some people pay with cash and the answer was usually because they don't qualify for a CC. Of course, cash seems like a reasonable alternative if one doesn't qualify for a CC. It was a simple question and a simple answer and is not high finance. Anybody with some intelligence would know that.

 

[Normscot]

But a great stock in my portfolio.

Yep that’s how you dance with the bank. Put those fuckers to work for you

 

[dutchcock29]

Recently at Eaton Center DT food court , I ordered Thai food, & once I handed cash to pay for my food.
The female cashier was very surprised to see cash payment instead of card.
Most people prefer using cards nowadays than cold hard cash.

 

[Darts]

Recently at Eaton Center DT food court , I ordered Thai food, & once I handed cash to pay for my food.
The female cashier was very surprised to see cash payment instead of card.
Most people prefer using cards nowadays than cold hard cash.

True. That was why I asked the cashier why some people still pay with cash.

For example, I think people on welfare don't qualify for a CC. Can anyone here confirm?

 

[bazokajoe]

True. That was why I asked the cashier why some people still pay with cash.

For example, I think people on welfare don't qualify for a CC. Can anyone here confirm?

I am a long way from needing welfare and someone saying they use cash because they don't qualify for a CC is fucking comical.

 

[Normscot]

True. That was why I asked the cashier why some people still pay with cash.

For example, I think people on welfare don't qualify for a CC. Can anyone here confirm?

I don’t know if being on welfare is a reason to be refused credit. CC companies sell you credit based on your ability to pay the debt. You have to produce proof of income on a CC application. These guys want to make money. If you show a consistent income I don’t see any reason why you wouldn’t be approved for a CC as long as you can pay the bill. I think you would be afforded a spending limit on your card commensurate with your income no matter how that income is derived.

 

[downbound123]

We charge you $1 per transaction no matter the transaction amount. If you spend $40 or $5 we charge you a $1 service fee. Every time you make a transaction. Nobody complains.

which is why it easier to steal $1from 10,000 people than $10,000 from one person.