Are We being Forced into paying with Cash
 

I think it will be wave of future, only debit or credit cards, and of course fees. Cash will be phased out. That way they can track every transaction. It starts with penny.

Yes, the more it costs me to use the credit card, the more likely I will pay cash instead.

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.

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.

So some (not all) of the merchants charge 2% if you use a credit card. But the credit card company pays me back 2% (sometimes more) for using it. It’s a wash…. In addition, I get to “float” my cash for several days a month too. Wait, not so fast, I’m still going to use my credit card and pay it off each month.

with a fee being charged to paying my CDD Monthly even by ACH...I'm left with no choice but a cash payment...

"You" have always been paying for the use of a CC.
(the cost was included in the food costs)

Now, since it's being itemized........cash payors are getting a discount.

:ho::ho:

There is no fee if you sign up for electronic payment.

I believe there is no fee if you use your bank's bill-pay system.

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. .

Cash…
 

Personally I hate being forced into using a card. Too many places now tout “we’re a cashless company “ and force me to use a card. Most of the time this makes them lose my business because I just won’t do it.

The same as you
 

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.

I pay using my Truist ACH bill pay system and pay no fee. This is a manual payment, not autopay.

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.

So are you saying there was a skimmer on the credit card machine inside Chipotle? That is quite an allegation, did you speak to the manager?

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?

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.

E=mgas²
 

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.

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.

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.

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.

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.

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.

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....

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.

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.

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

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

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.

Inflation and Cash
 

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.

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

Cash
 

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.

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.

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.

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

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.

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.