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I work at a store in a Hispanic-majority area, and one thing I always notice is that many of the Hispanic customers only use cash, often have wads of it on them, and seem to think nothing of whipping out $100 bills to pay for items (even if their total is much less). And these are working-class people...
I'm Hispanic-myself (but American-born and raised) and my family seems to be particularly Americanized - we are mostly card people.
I have always wondered why this is the case.
Because in Latin America credit is much less common and credit cards are not accepted everywhere like here. Personally, I think that is a GOOD thing. They have the mindset of "If I don't have the cash, I can't buy it". Radical concept in America these days, unfortunately.
You say that like the extra security alone doesn't make it worth using a credit card.
Even if I got absolutely nothing back, I'd still use cards and not carry cash. Stolen cards cost me nothing besides a day of inconvenience while I wait for the new one to get overnighted to me. Stolen cash costs me actual cash.
But you are biased toward cards. Those that prefer cash probably don't have a ton of it and what they do have is guarded like it's the hope diamond. It's sort of like having street smarts - those that have spent their life working with cash know how to handle/protect/hide it.
For some of these cash only folks, a card is temptation they shouldn't fiddle with. Added security is useless if one racks up some debt, late fees and interest.
But you are biased toward cards. Those that prefer cash probably don't have a ton of it and what they do have is guarded like it's the hope diamond. It's sort of like having street smarts - those that have spent their life working with cash know how to handle/protect/hide it.
For some of these cash only folks, a card is temptation they shouldn't fiddle with. Added security is useless if one racks up some debt, late fees and interest.
You are making quite the assumption about those who use only cash.
You never know when one of those cash only people are one of the millionaires or even billionaires that live on this planet.
You would be surprised how many of them don't "look" like they have the ton of money they actually have.
You are making quite the assumption about those who use only cash.
You never know when one of those cash only people are one of the millionaires or even billionaires that live on this planet.
You would be surprised how many of them don't "look" like they have the ton of money they actually have.
I'm sure they are out there, but when I think cash only hispanics, I think about those that work hard in generally low paying jobs (farming, landscaping, housekeeping, under the table construction, etc.). Not sure how accurate it is, but it's what I see...
For some they look at it as a status symbol, but who are they fooling? This is just the ones I have known personally.
Could be something else. You will see long lines at our small town bank when SS checks hit. They will keep the cash in the envelope the bank gives them. Its dangerous I think.
I do carry about 100 dollars in cash with me - but in smaller bills. I used to be careless and leave cards behind at stores, but thankfully they were never used by anyone else. So I only take them with me when I know I am going to make a larger purchase.
My mother does this. She just refuses to have a checking account anymore. She cashes her check, pays some bills and puts the rest in her safe to dole out during the month.
I have a lot of customers who pay with cash. All races and a lot of $50 and $100 bills. The ones who have a 'wad' of them DO make me wonder! lol
I give myself an $80 mo. 'allowance' so I usually have SOME money in my wallet. I'm, once again, trying to save up all my change.
Bitcoins is the new digital cash, no organization can ever take your bitcoins from you. Even if the govt can try they can't, the only way is if you give them your password.
We are responsible people (husband and I) hence the reason we use mainly cash, have no debt, have one business credit card for emergencies for the business and own absolutely everything we have because nothing has ever been financed.
We don't think the trade off is worth the cost for rewards mileage credit cards and the 3% "cash back" is not enough to even think about getting a credit card for personal use.
Nothing wrong with the way others do things we just don't believe in credit cards, financing, or debt outside of utilities and other necessities.
None of those are reasons not to use a debit card.
You need a social security number, drivers license, or tax id number to open a bank account. Some may not have those documents.
You don't need any of these to open a bank account... a foreign passport and/or MatrÃcula Consular card can be used to open an account without issue... just have to fill out a W-8BEN certifying foreign status and that they really do not have an SSN/TIN...
Banking system in Mexico is horrendously corrupt. Probably not that different in most of Latin America.
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