[retiredguy123]

Originally Posted by bowlingal

90% of the time I pay in cash. NEVER at a gas station. No scammers/skimmers for me! I especially don't like that Publix makes you use a cc in the self checkout.

When you use cash at a gas station, don't you need to make two trips into the building, one trip for the initial payment and another trip to get your change?

[FredMitchell]

Every reasonable sized vendor has to do payment processing, whether it is depositing cash or checks. In addition to the payment processing, there can be clerical errors from underpayment. Checks may be returned for insufficient funds. All of these costs are a part of the operation.

Many vendors choose to use credit card processing to increase their business, reduce payment risks, and cut their costs, and to avoid being in the credit business themselves. Often they will charge something close to the fee that they are charged by their payment processor. Do they really want cash? Only if they are illegally under-reporting income. But for customers that worry about the 2-3% charge, they make it look like they are getting a better deal.

Streamlined payment processing is a win for most vendors and most customers. Each gets all of the processing done by someone else and gets periodic reporting as a result. I would prefer no cash always.

[Worldseries27]

Originally Posted by retiredguy123

when you use cash at a gas station, don't you need to make two trips into the building, one trip for the initial payment and another trip to get your change?

see thats the fun part of gassing up with cash. Knowing your cars mpg and trip odometer since the last fill up. You win if you fill it up near the top without going in for change.
Or also knowing which car is slowing down approaching an intersection on purpose so that they make it thru and you dont and get caught at the red light ( you know who you are). The proof is when you catch them doing it and swing around them they " mysteriously" find the gas pedal and give you the dirty look. Laugh all the way.

[Bill14564]

Originally Posted by Rsb23

I only charge my purchase and bills to my credit cards and use cash if I have to. The benefits, for me, far outweigh the costs. Most billers don’t charge me for using my card. This year I’m staying at a hotel for 5 nights that would cost me in the mid 300 dollars per night and it’s costing me zero and I still have points available if I choose to use them.

The fee that the credit card companies charge are paid by the merchant Not by me. Sometimes I run into a request for cash and a savings of 2 or 3 percent, but that is rare. I’ll stay with using credit over cash if I can.

The merchant *might* be sharing the cost with you but they need to make a profit and so any additional costs will be passed to the consumer (you). They might not have a separate line for each fee, tax, or overhead charge, but it's in the price nonetheless.

[Bill14564]

Originally Posted by bowlingal

90% of the time I pay in cash. NEVER at a gas station. No scammers/skimmers for me! I especially don't like that Publix makes you use a cc in the self checkout.

Originally Posted by retiredguy123

When you use cash at a gas station, don't you need to make two trips into the building, one trip for the initial payment and another trip to get your change?

This is the primary reason I will get back into my car and drive to the gas station across the street if the one I am at doesn't take CCs at the pump.

[Haggar]

Originally Posted by Bill14564

This is the primary reason I will get back into my car and drive to the gas station across the street if the one I am at doesn't take CCs at the pump.

Why would I not use a credit card? You're protected from wrong charges by the CC company.
I get 5% credit for gas purchases at Costco, 4% for gas purchases at other gas stations, 3% on restaurants using by Costco simple card, 2% on all other purchases using one of many cards.
I get 2% back paying my insurance bills using a credit card. Discover every quarter has a 5% reward on revolving categories. Some cards offer a bonus of hundreds for using a new card.

I get the use my money for a longer time. As opposed to many debit charges on my bank statements I just have a few payments to the credit card companies.

Because I use my cards for business and pleasure I get back more than a $1,500 a year in rebates.

So let somebody get my number. One call and I get credit for these charges and a new card sent to me.

To each their own.

[Shadowrider]

Originally Posted by retiredguy123

When you use cash at a gas station, don't you need to make two trips into the building, one trip for the initial payment and another trip to get your change?

When I use my CC at a gas station I don't go in at all. If the gas station does not have a credit card reader at the pump I go somewhere else.

[Topspinmo]

Originally Posted by Haggar

Why would I not use a credit card? You're protected from wrong charges by the CC company.
I get 5% credit for gas purchases at Costco, 4% for gas purchases at other gas stations, 3% on restaurants using by Costco simple card, 2% on all other purchases using one of many cards.
I get 2% back paying my insurance bills using a credit card. Discover every quarter has a 5% reward on revolving categories. Some cards offer a bonus of hundreds for using a new card.

I get the use my money for a longer time. As opposed to many debit charges on my bank statements I just have a few payments to the credit card companies.

Because I use my cards for business and pleasure I get back more than a $1,500 a year in rebates.

So somebody get my number. One call and I get credit for these charges and a new card sent to me.

To each their own.

Wow, with all freebies giveaways I’m surprised CC companies can stay in business, nothing in free, their getting paid somehow.

[retiredguy123]

Originally Posted by Topspinmo

Wow, with all freebies giveaways I’m surprised CC companies can stay in business, nothing in free, their getting paid somehow.

They make money on people who pay interest on their credit card debt. About $1.2 trillion in debt nationwide.

[Whatnext]

I never pay outside at the pump with a CC. Always inside. I use cash a lot for gas, (and restaurants) and looking at gauge, I pretty much know to the dollar the cost of a fill up. Underestimate I have a few pints less gas. Overestimate, the cashier has a better day and makes a buck or two. Easy peasy.

[Topspinmo]

Originally Posted by retiredguy123

They make money on people who pay interest on their credit card debt. About $1.2 trillion in debt nationwide.

Well, maybe they will collect 1.2 trillion and maybe they won’t? I watch guy at liquor store go through 8 credit cards none of them would work. Do think their going collect full amount on people that use one credit card to pay off another and get another one charge max, get another one to pay off that one? IMO that ‘s majority of people holding CC debt?

[BlueStarAirlines]

Originally Posted by Topspinmo

Originally Posted by retiredguy123
They make money on people who pay interest on their credit card debt. About $1.2 trillion in debt nationwide.

Well, maybe they will collect 1.2 trillion and maybe they won’t? I watch guy at liquor store go through 8 credit cards none of them would work. Do think their going collect full amount on people that use one credit card to pay off another and get another one charge max, get another one to pay off that one? IMO that ‘s majority of people holding CC debt?

I didn't realize this was new information. Credit card companies collect around $1.2 trillion in credit card interest payments. They also write off money from accounts that they are unable to collect from. They are ACTUALLY COLLECTING $1.2 trillion..... Geez....

[Pugchief]

Originally Posted by Topspinmo

Wow, with all freebies giveaways I’m surprised CC companies can stay in business, nothing in free, their getting paid somehow.

Originally Posted by retiredguy123

They make money on people who pay interest on their credit card debt. About $1.2 trillion in debt nationwide.

Correct, they make a lot on interest. But the rate a merchant pays to process is higher on rewards cards vs regular cards. So the merchant is paying for your rewards/miles. But...they are prob adding that that cost to your purchase via a higher price so you don't see it.

[retiredguy123]

I find it interesting that many years ago, when McDonald's starting accepting credit cards at their restaurants, they reported an increase of about 50 percent in per transaction charge because people naturally spent more money when using a credit card. I wonder how long most restaurants could survive if they stopped accepting credit cards. Personally, I think credit cards benefit the merchant more than the customer.

[Michael G.]

Originally Posted by retiredguy123

I wonder how long most restaurants could survive if they stopped accepting credit cards. Personally, I think credit cards benefit the merchant more than the customer.

Remember Belleview pizza?
Cash or check, and now their closed.