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Old 01-20-2019, 08:37 PM
 
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Quote:
Originally Posted by Rickcin View Post
We are definitely headed towards a cashless country although bank transfers in this country are slightly less than those in other wealth countries. It seems almost inconvenient to pay with cash today and there are fewer reasons to have to pack some bills into your wallet.
We might not be moving as quickly as some tech companies and banks would like, but we are still headed in that cashless direction.
And yet some people have to use cash because the legal system doesn't give them other options (illegal immigrants and people under 18). Thus, cash can never be eliminated.
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Old 01-20-2019, 10:28 PM
 
Location: Niceville, FL
7,412 posts, read 15,611,515 times
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Quote:
Originally Posted by athena53 View Post
I feel like the discussion has veered far from the point that the OP intended to make: that our list of "must-haves" has expanded considerably over the last couple of generations and that "buy now pay later", once unknown, is now a "normal" way to acquire things when you don't have the money because going without is not an option.
Many stores in The Good Old Days did have layaway, which had largely vanished in the 1990s and only really came back around 2008-09 in a limited fashion at places like Walmart and Kmart for people who had gotten caught up in The Great Recession.
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Old 01-21-2019, 03:38 AM
 
19,038 posts, read 12,469,972 times
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Quote:
Originally Posted by lieqiang View Post
Why wouldn't a card that extends credit be called a credit card, regardless of whether payment terms are mensual or the more common min balance deal?

Both are extensions of credit, differences lie in how the bills are paid. Thus in theory both a charge and credit card are "credit cards" in that a person or business has been extended credit in order to pay for goods and or services.


Difference mainly lies in repayment. With a charge card one is required to pay statement balance in full within a certain period after bill arrives. Charges cannot be rolled over month after month and paid off in installments (credit) with interest charged. That is you are not being extended credit beyond the 30 days or whatever period which charges accrue in billing period. Charge cards/accounts do not carry annual percentage rates (APR) because charges are *NOT* supposed to carry over month to month.


Credit cards are extensions of credit where the expectation is charges can (and often will be paid) over a period of time. There is the ability to rollover balances from month to month. This of course comes with interest (APR) which is paid (usually) based upon daily account balance.


Charge cards are a relic from back in the day when retail stores, even your local grocer/merchant opened "charge accounts" or "house accounts" for customers. It allowed people to buy goods without paying for them at once. At end of month or whenever statements closed the store/merchant sent out bills which were to be paid in full.


Almost since their beginning department stores offered "house" or whatever charge accounts. It was good for business since it allowed people (especially their main customers, women) to run up bills without being restrained by what money they had on hand.


Many local stores in low, working and even middle class neighborhoods (butchers, bakers, grocers, laundries, etc...) had house charge accounts because it allowed a household to manage between pay days. I grew up in the 1970's and places still had such accounts. Mom could send me to the local butcher for whatever and it went on the house "tab".


With the advent of bank credit/charge accounts that eventually became Visa, MasterCard, Amex, and Diners Club the need (and risk) of merchants offering house accounts lessened. They just began accepting CCs instead.
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Old 01-21-2019, 07:43 AM
 
1,028 posts, read 306,279 times
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Quote:
Originally Posted by BugsyPal View Post
Many local stores in low, working and even middle class neighborhoods (butchers, bakers, grocers, laundries, etc...) had house charge accounts because it allowed a household to manage between pay days. I grew up in the 1970's and places still had such accounts. Mom could send me to the local butcher for whatever and it went on the house "tab".

With the advent of bank credit/charge accounts that eventually became Visa, MasterCard, Amex, and Diners Club the need (and risk) of merchants offering house accounts lessened. They just began accepting CCs instead.
I used to buy the occasional grocery items at Fred's Produce in downtown Cincinnati, near my office, in the mid-70s. They had a dry sense of humor (signs with deliberately bad misspellings, such as "brockli") and there was a sign posted by the cash register saying"We have an agreement with the bank- we won't extend any credit and they won't sell any fruit".

My mother was very big on "90 days same as cash", which she'd use for major items such as furniture. I suppose there were interest charges after 90 days but Mom never paid them because she was in charge of the household accounting and the bills were paid on time. She taught me well!
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Old 01-21-2019, 10:18 AM
 
3,468 posts, read 1,662,874 times
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I have no credit cards. Only card was paid off last year.

I use cash....
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Old 01-21-2019, 10:44 AM
 
Location: The Triad (NC)
27,570 posts, read 59,609,335 times
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Quote:
Originally Posted by ncole1 View Post
And yet some people have to use cash because the legal system doesn't give them other options...
Most of this cohort doesn't have much in the way of options generally.


Do you suggest that policy and such be designed around their shortcomings...
or perhaps something else is the better answer?
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Old 01-21-2019, 11:59 AM
 
19,038 posts, read 12,469,972 times
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Quote:
Originally Posted by athena53 View Post
I used to buy the occasional grocery items at Fred's Produce in downtown Cincinnati, near my office, in the mid-70s. They had a dry sense of humor (signs with deliberately bad misspellings, such as "brockli") and there was a sign posted by the cash register saying"We have an agreement with the bank- we won't extend any credit and they won't sell any fruit".

My mother was very big on "90 days same as cash", which she'd use for major items such as furniture. I suppose there were interest charges after 90 days but Mom never paid them because she was in charge of the household accounting and the bills were paid on time. She taught me well!
If you recall that episode of "The Honeymooners" where Alice and Ralph are going at it because she lives in that dilapidated cold water flat with no modern conveniences. Meanwhile her best friend Trixie (whose husband Ed Norton makes the same kind of money as Ralph) as a houseful of things. Electric washing machine, television, refrigerator, etc.. Ralph points out that every week Ed has to go down to the finance company or whatever to make payments.....


Credit via merchants/stores has existed in some form or another for ages. After Scarlett O'Hara marries then pretty much takes over Mr. Kennedy's store she promptly puts up a sign near cash register; "The War Is Over, No Credit".


This scene from film (based on famous play and book) Life With Father was set in 1883, but the beef between husband and wife could have been 1943, 1953, or 1973!*LOL*



https://www.youtube.com/watch?v=ig8y7ssl6CA
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Old 01-23-2019, 02:04 PM
 
12,494 posts, read 9,516,920 times
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Quote:
Originally Posted by MrRational View Post
Most of this cohort doesn't have much in the way of options generally.


Do you suggest that policy and such be designed around their shortcomings...
or perhaps something else is the better answer?
Well, everybody has to eat, even those groups. Ultimately I believe in extending equal rights to more people but that is a discussion for Great Debates or Politics.
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Old 01-23-2019, 02:12 PM
 
7,601 posts, read 8,469,179 times
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Quote:
Originally Posted by BugsyPal View Post
If you recall that episode of "The Honeymooners" where Alice and Ralph are going at it because she lives in that dilapidated cold water flat with no modern conveniences. Meanwhile her best friend Trixie (whose husband Ed Norton makes the same kind of money as Ralph) as a houseful of things. Electric washing machine, television, refrigerator, etc.. Ralph points out that every week Ed has to go down to the finance company or whatever to make payments.....


Credit via merchants/stores has existed in some form or another for ages. After Scarlett O'Hara marries then pretty much takes over Mr. Kennedy's store she promptly puts up a sign near cash register; "The War Is Over, No Credit".


This scene from film (based on famous play and book) Life With Father was set in 1883, but the beef between husband and wife could have been 1943, 1953, or 1973!*LOL*



https://www.youtube.com/watch?v=ig8y7ssl6CA
Store/merchant to customer credit has existed since at least the late Dark Ages and almost certainly before.
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Old 01-23-2019, 07:20 PM
 
Location: Cebu, Philippines
3,145 posts, read 1,149,560 times
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Quote:
Originally Posted by mathjak107 View Post
Diners club was not a true credit card though . It was a card that had to be paid in full every month . Master card actually I think was the first revolving credit card
Visa, then called BankAmeriCard, was started in San Francisco in 1958. MasterCard came about eight years later. I remember hearing ads for Bankamericard on San Francisco radio in 1960.
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