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I use a credit card for pretty much everything. I don't like to carry around much cash, and I hate having change.
I can get a cup of coffee for $1 a McDonald's, but with sale tax it comes to $1.09. If I paid with cash, I get to walk around 91 cents in my pocket, which is going to fall out the instant I sit down somewhere.
With a credit card, I often get to extend my warranty, plus the benefit of being able to make a chargeback if there's some issue with the transaction or the product itself.
The only place I regularly pay with cash is at bars, since I like to tip in cash.
Quote:
Originally Posted by thinkalot
No business other than a Mom and Pop will ever charge more for credit card purchases. In some states it is illegal.
Even if your state doesn't have a specific law against it, the merchant is still in violation of their contract they signed with the credit card company if they charger a higher price to customers using a credit card.
The way they'll sometimes try to get around this is by saying they're offering a discount to those paying with cash, not an extra fee for those paying with credit, which is technically allowed.
Even if your state doesn't have a specific law against it, the merchant is still in violation of their contract they signed with the credit card company if they charger a higher price to customers using a credit card.
It is not violation if a law mandates it. But from what I can see is that the merchant is being charged a fee on the excess dollar amount of passing the fee to the customer. Which in turn makes the merchant charge a higher fee to compensate for it. FWIW I haven't seen any retailers adding the fees, but have seen the gov't websites charging it.
That doesn't make sense,as I always use a debit card which can also be used as a credit card.
Its my cash anyway,its in my bank account.
I have been told some merchants don't distinguish between debit cards and credit cards.
If your debit card has the Visa logo on it,its too bad,you will still be charged the higher rate.
That's not fair AT ALL.
A debit card is a plastic version of a check. Thus making it a promissory note. The Visa logo means what network it uses to make the transaction and does not make it into a credit card.
I hate using cash for several reasons: It's dirty, it's slower, and it takes more time to keep it organized, just to name a few.
That being said, I've read studies that indicate that people who use plastic, even if they pay off the balance every month, spend an average of 18% more than people who spend cash. It's one of the hidden costs of using credit/debit. Even if you think you are ahead because of cash back, points, or that you are using only the debit and, therefore, not spending money you don't have, you're not because you have spent more overall. Card issuers know this and they use this information to get you to rely on plastic. They make money each time you do and know that they will, ultimately, come out ahead. And if you have a rough month and end up not paying off a balance, all the better because now they charge you interest too.
Paying cash for everything and using plastic only for an emergency helps stay within budget.
Get your hand out of my face.
You are correct. We use a hybrid system now and are working toward that. The best we ever did with our budget is when we used the cash envelope system. Saves more money than cash back cards will pay in a hundred years.
Actually anything dealing with wealth requires management.Credit well managed can be huge advantage in wealth building.Every company uses it that is successful. to any extent. If you can't manage credit then likely you ca'tn mange a lot more in your life. Going forward your likely to see a charge for handling your cash purchase because of cost to handle it over electronic transfer.
I have excellent credit, can manage credit, and my life is managed just fine. I was making an observation, both anecdotal an supported by research. Even very well managed companies make spending errors.
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