So, how do you feel about using plastic instead of cash?
- Thread starter Quadman2
- Start date
I keep track of my debit card checking account balance as it is my household utility account as well as my only plastic account. It keeps sufficient margin at worst to cover monthly household expenses, plus minor emergencies. Two other accounts cover the unexpected and savings. The carry cash is for minor purchases, and cash and carry bargains.
WillVT
Super Member
I think debit cards fall under the category of cash. That's what I use for almost all purchases and bills. It has the convenience of a credit card, without all the downsides. My wife and I just recently got a low maximum credit card for emergencies. Before that it's always been debit. I rarely carry around actual cash, and I haven't written a check in a few years.
I also was getting a credit check for some reason, and found I had no credit score. That's actually one of the reasons we got the card, so I would at least have a credit score.
I recently started experimenting with Google Pay, formerly Android Pay. It is pretty convenient, but is not accepted in a lot of stores yet. You basically just tap your phone on the keypad and you're good to go. It seems like this, or something like it will be the direction payments will make soon, as more and more of our lives are on our phones.
I also was getting a credit check for some reason, and found I had no credit score. That's actually one of the reasons we got the card, so I would at least have a credit score.
I recently started experimenting with Google Pay, formerly Android Pay. It is pretty convenient, but is not accepted in a lot of stores yet. You basically just tap your phone on the keypad and you're good to go. It seems like this, or something like it will be the direction payments will make soon, as more and more of our lives are on our phones.
the skipper
Professional Curmudgeon
I try to use credit cards as much as possible. It saves me money.
Three rules here. First, I never carry a balance. Second, all my credit cards offer a bonus. Three, no cards charge a fee.
One always gives me 3% on home improvement stores like Home Depot and Lowes. Additionally, Lowes gives me 10% off for being a veteran. That card also gives me a 3% bonus on my car insurance premiums.
Another always gives me 1% on everything (big deal) plus 2% on gas and 3% on food stores. This card also will transfer my cash bonus to my checking account for 1.75% of my bonus points. So, if I have $100 in bonus points, it'll put $175 into my checking account.
Another gives me 1% on everything and, quarterly, gives 5% on certain products. One quarter it will be gas, another 5% on big box stores, another on hotels, another restaurants, etc.
Finally, another gives me 3% on restaurants.
Oh, my liquor store gives me 5% when I usr a debit card.
So, yeah, I do play the credit card game. Yeah, I'm a cheap SOB, and proud of it. When you're on a fixed income every penny counts..
Three rules here. First, I never carry a balance. Second, all my credit cards offer a bonus. Three, no cards charge a fee.
One always gives me 3% on home improvement stores like Home Depot and Lowes. Additionally, Lowes gives me 10% off for being a veteran. That card also gives me a 3% bonus on my car insurance premiums.
Another always gives me 1% on everything (big deal) plus 2% on gas and 3% on food stores. This card also will transfer my cash bonus to my checking account for 1.75% of my bonus points. So, if I have $100 in bonus points, it'll put $175 into my checking account.
Another gives me 1% on everything and, quarterly, gives 5% on certain products. One quarter it will be gas, another 5% on big box stores, another on hotels, another restaurants, etc.
Finally, another gives me 3% on restaurants.
Oh, my liquor store gives me 5% when I usr a debit card.
So, yeah, I do play the credit card game. Yeah, I'm a cheap SOB, and proud of it. When you're on a fixed income every penny counts..
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Cadillac Kid
Addicted Member
A few months ago I was in a comedy club in Santa Monica, ordered a Sierra Nevada and a ginger ale. Gave the dude a twenty and was short changed. He copped to it right away and gave me seven bucks and quicky apologized like he knew exactly what he did.
Don’t know if that was on purpose, but no more cash in bars.
I do tip cash, but keep records for bell and valet for tax purposes.
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whoaru99
Epic Member
I was told not to use debit card because that is my money, so to speak. If someone gets hold of that and draws down or cleans out the account what's gone is gone. At least with credit card if someone fraudulently runs up a big bill I am not missing that money during the time it all gets sorted out.
My bank (Regions) has been good about keeping me secure.
sKiZo
Hates received: 92644 43.20°N 85.50°W
Mostly debit card here, tied directly to a separate bank account. Cash is a lot harder to keep track of.
Where a lot of folk run into trouble is taking "advantage of the convenience" of linking their debit account to savings. Not a good idea, as anyone getting into your card can clean that out as well. Not as much of a problem as it once was, as most banks (mine included) keep an eagle eye out for red flag transactions (something out of the ordinary for your account). I've had a few of those over time - just give the ok for the ones I made, and I'm immediately credited for those I didn't. Not sure what the bank does with those, but it ain't my problem anymore at that point.
PS - recently wrote a personal check for $13k - shop took it, and the bank cashed it, without blinking.
Where a lot of folk run into trouble is taking "advantage of the convenience" of linking their debit account to savings. Not a good idea, as anyone getting into your card can clean that out as well. Not as much of a problem as it once was, as most banks (mine included) keep an eagle eye out for red flag transactions (something out of the ordinary for your account). I've had a few of those over time - just give the ok for the ones I made, and I'm immediately credited for those I didn't. Not sure what the bank does with those, but it ain't my problem anymore at that point.
PS - recently wrote a personal check for $13k - shop took it, and the bank cashed it, without blinking.
Jimbo40
Super Member
I carry cash for certain things but otherwise use plastic for everything,even my bills. Interest rate make no difference because I pay 100% off every month never carry a balance. It keeps track of all purchases and i get one hell of a check, actually 3 at the end of the year for cash back. Usually a couple thou. you say if you can't afford it you shouldn't buy it? well that doesn't apply for me. it works great but the key is paying it off 100% not 99. Same as using cash only I get the cash back at years end, and a better credit score 795-804 If you are smart it can work for you in a big way. I got my ladies score from 500 to 720 now by having her use credit cards properly.
usedto
Lunatic Member
the skipper
Professional Curmudgeon
I paid for my last car by credit card and check. $5,000 on credit card because that was their limit for credit cards and the rest by check....drove out free and clear. ...got 1.75% back on that $5.000
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Same here . We earn about $300 cash back every year .
Mystic
We're all born mad
Same here.
savatage1973
Addicted Member
I own and operate my own construction business, and accept credit cards, so I know what kind of fees that credit card processors charge, so of course there is a cash discount. But at most retailers, if you pay cash (with no discount), you are basically "sharing" the cost of all of the other people paying with a card.
It has become such a PITA to buy gas/fuel w/o using a card, that you basically have to have one. If paying cash, you have to pre-pay and guesstimate how much you will need and stand in line behind all of the people getting coffee, a bagel, a sandwich, etc. before you can even start the pump.
soundmotor
super modified
We follow the same rule; if you use plastic, work it. We use a Target REDcard for Target purchases as it discounts 5%-10% at the register whereas other cards does not. Another we use for everything else pays back with gift cards in $50 to $100 increments and we use those for gas, household stuff, niece & nephew presents, etc. I like cash though. My local tire guy knocks off the card processing fees when we pay cash as do other local businesses. I can do much better discount negotiation with it. And for yard sales & flea markets? Forget it, it's cash.
I've also been following Sweden over the last few years and their march to eliminate cash entirely. They are beginning to see pushback on virtual payment from the population. The main reason being is what if the system is hacked? With their proximity to a couple bad actors I can see why they are starting to consider that. But at the end of the day, what is cash other than a physical form of arbitrary value assignment? If the virtual payment system was hacked I'd bet problems spiral into ones much larger than cash in your pocket will solve.
/heads off to local loin girding supplier
Quadman2
Lunatic Member
When it comes to what type of card to use, either credit or debit, I was told when going to a 3rd World country to carry only the credit card. This is in case of a house invasion, robbery or held hostage while the bad guys drain your bank account.
The same goes for on line buying...credit card only, in case something goes wrong with the sale, or the site gets hacked. Here you are covered by credit card companies, and not so if using debit.
Was also at a fraud seminar wherein a police type, who was the main speaker suggested quite strongly only to carry your debit card only if you had a planned use for it that day. Otherwise leave it at home. I found this a rather interesting take on this type of card.
Q
The same goes for on line buying...credit card only, in case something goes wrong with the sale, or the site gets hacked. Here you are covered by credit card companies, and not so if using debit.
Was also at a fraud seminar wherein a police type, who was the main speaker suggested quite strongly only to carry your debit card only if you had a planned use for it that day. Otherwise leave it at home. I found this a rather interesting take on this type of card.
Q
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