[Velvet]

Originally Posted by jimhoward

So many businesses now charge a 2 or 3% premium to use a credit card.

I used to charge everything on credit cards. I had an automatic record of my expenses which credit card companies organized for me, and I got various rewards like airlines miles and cash back. And the prices were the same. Pay everything off every month and there were no interest charges. The world was good from where I stood.

Now that merchants charge for credit cards, I pay more by cash or check or ACH. I don't like it, but it is what it is. I thought checks were going the way of the dodo bird, but not anymore.

If you use etransfer, there are no costs for ordering checks. Doesn’t work for restaurants though.

[Cliff Fr]

Originally Posted by CoachKandSportsguy

some maybe, but what happens is that the credit card company increases merchant fees to use the card to be able to increase (give better rewards) to card holders. . but the cardholders aren't getting all that much of the increase if VISA/Mastercard etc the companies are growing at an oligopolistic rate, not at a commodity rate. .

in a supermarket, the fee is spread over a large quantity of products. .
at a gas station, the fee is 99% direct with 1 product

so whether you pay in cash or credit at most companies which don't offer a discount, like a gas station, you are paying for the merchant fee in the current price. .

I went to pay at Chipotle yesterday, and the chip card reader didn't work, the tap didn't work, the cashier then grabbed my card and tried to swipe it. I blocked that to prevent the skimmer from working. . then the cashier said that i had to use exact change because she has no change. .

i gave $14.00 for a $13.80 tab and told her my card worked all day elsewhere. . . . and left,. . they are still trying to get your information. .

I doubt that there was a skimmer. When you tried to get the card to work too many times the card was automatically blocked by your card company.

[Normal]

Originally Posted by Michael G.

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Soon you won’t be able to haul around enough cash to pay for food and other items. Inflation climbed up again from May to June with food prices up almost 3% over year. General inflation is up to 2.7% over 2.4% from the month prior.

As far as cash only, try getting a hotel room or renting a car without a credit card. I don’t think you can do either anymore.

[Marine1974]

Not all businesses accept cash any longer. For instance doctors and dentists , because they don’t want to be robbed.

[Andyb]

Originally Posted by Michael G.

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I hope so. Only reason to eliminate cash is so they can track and spy on you. Without cash it opens the door to digital currency and possibly the mark of the beast.

[retiredguy123]

Originally Posted by Marine1974

Not all businesses accept cash any longer. For instance doctors and dentists , because they don’t want to be robbed.

The only retail store that I know of in The Villages that doesn't accept cash is Darlin's Sweet Shoppe at Sawgrass Grove, unless they have changed their policy.

[jimmy o]

Originally Posted by Michael G.

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The 3% upcharge is merely negating the 2 or 3% cash back that you’re receiving from credit card company. The upcharge, while annoying, is not going to stop me from the convenience of credit card.

[Pugchief]

Originally Posted by Andyb

I hope so. Only reason to eliminate cash is so they can track and spy on you. Without cash it opens the door to digital currency and possibly the mark of the beast.

CBDC is coming. It's a matter of when, not if.

[rothbear]

I commented on a thread like this somewhere else.

I use CCs almost exclusively mainly because being an over 70 female I don't like carrying a lot of cash, no more than $40. I am often by myself and use a cane once in awhile. Prime target for attacks. If you have a lot of cash it is totally gone. CCs can be cancelled and illegal charges reversed. I have dealt with my AmEx, Visa and Discover when my number has been stolen over the course of about 40 years with never a problem.

Yes I have rewards that I get and use. I get Hilton rewards for my AmEx, and cash back for my Visa and Discover. I use the Discover for their quarterly 5% bonus categories plus since it has the lowest limit of the 3 we use it when it is at a place we may not totally trust.or for auto-pay items that we need a CC (save $10 a month on my cable bill). We also have special offers on both the Visa and AmEx that have saved me a lot of money. And my hubby and I just took a 50th anniversary road trip that included 17 nights at Hilton, Marriott and Choice nights at hotels absolutely free. Really helped us make a memorable trip.

I rarely shop or buy anything (or less) if someone charges a CC fee. I have been known to walk out of somewhere when I see the sign. I actually have a very small hobby business (only 1 employee....me). Over the course of the years working craft shows or selling from my house I have discovered that people will buy higher priced and/or more items when they can use a CC. I used to average about $100-150 per show, now that I take CC I consistenly averago $250-300 per show. Keep in mind that being an extremely small business, my fees are the highest (I use Square), so I know for a fact that most of the places that charge the fees are OVERcharging. I went to an antique store in WV several years ago and they wanted 4%, which is over !% of what I am charged. I would never charge my customers a fee as I don't like them. I would much rather have the extra and repeat business than have a few extra pennies per dollar.

[ElDiabloJoe]

Originally Posted by jimhoward

So many businesses now charge a 2 or 3% premium to use a credit card.

I used to charge everything on credit cards. I had an automatic record of my expenses which credit card companies organized for me, and I got various rewards like airlines miles and cash back. And the prices were the same. Pay everything off every month and there were no interest charges. The world was good from where I stood.

Now that merchants charge for credit cards, I pay more by cash or check or ACH. I don't like it, but it is what it is. I thought checks were going the way of the dodo bird, but not anymore.

When I had an HOA that wanted to charge me a $3.50/month "Convenience Fee" for processing online payments, I said, "F- Them!" They wanted to charge me for instant and digital payments?

Instead of getting my money right away, I write them a paper check. They wait for it to arrive in the mail, they wait for it to be internally processed, they wait for an employee to deposit it, they wait for their bank to process it, and they wait for my bank to clear it.

I will NOT do autopay. Mrs. EDJ, when we were dating, once belonged to a women's only gym. She had moved 2 or 3 times in the meantime. This was during and just out of college. We could not contact them to cancel the auto payment and quit the gym. Turns out, they had been closed for two years. Yet the auto-deductions kept on happening. The only solution was to close out that entire account, and set up a new one. A huge hassle. Nope, No way to Auto Pay.

[Velvet]

I don’t do autopay pretty well ever… a similar thing happened to me, my gym was located next to my bank (literally). The gym charged my annual membership fee 4 times in 3 months. No matter how often I asked, I could not get the gym owner to refund it. However, he worked out in the gym. One time when it was crowded and he was there I yelled across the crowded gym floor, “Hey, Max, when am I getting back the three annual membership payments that were “accidentally ” charged to my account?” I got the money back the next time I came in.

[nn0wheremann]

Originally Posted by tophcfa

Hmmm, I see it the other way. I want to pay for many things with cash and am being forced to pay using other methods. Cash is king, and it’s not subject to digital theft.

Digital theft does not hurt or injure as seriously as strongarm theft. Cash presents for merchants the issue of shrinkage, and is subject to handling fees at banks. Just as checks have been disappearing from day to day commerce for years, so also will cash.

[ThirdOfFive]

Originally Posted by Pugchief

CBDC is coming. It's a matter of when, not if.

"This note is legal tender for all debts, public and private".

So saith the U.S. Government.

So you go to pay your bill/copay/whatever, and plunk down a $50 and change. Exact amount of the bill. But--the person/place you're paying doesn't accept cash, only credit or debit cards. You have neither (as far as I know, there is no law requiring you to have the plastic). So...

can a merchant or business legally refuse your payment if cash is all you have, even though the government guarantees that the cash is legal tender?

[retiredguy123]

Originally Posted by ThirdOfFive

"This note is legal tender for all debts, public and private".

So saith the U.S. Government.

So you go to pay your bill/copay/whatever, and plunk down a $50 and change. Exact amount of the bill. But--the person/place you're paying doesn't accept cash, only credit or debit cards. You have neither (as far as I know, there is no law requiring you to have the plastic). So...

can a merchant or business legally refuse your payment if cash is all you have, even though the government guarantees that the cash is legal tender?

Yes they can, according to the Federal Government. As I understand it, when you buy something from a retailer, it is not a DEBT.

[Pugchief]

Originally Posted by ThirdOfFive

"This note is legal tender for all debts, public and private".

So saith the U.S. Government.

So you go to pay your bill/copay/whatever, and plunk down a $50 and change. Exact amount of the bill. But--the person/place you're paying doesn't accept cash, only credit or debit cards. You have neither (as far as I know, there is no law requiring you to have the plastic). So...

can a merchant or business legally refuse your payment if cash is all you have, even though the government guarantees that the cash is legal tender?

If the US govt says they will only accept payment of federal taxes in CBDC, what choice do you have? If the business you reference above is required to use CBDC to conduct their business with state and federal taxing bodies who no longer accept cash or cash equivalents, they will not accept any other form of payment.

Now, some black market transactional medium may arise, like it did during the Soviet era, but it's not going to be the USD cash.