Some of the responses to the George Washington Dollar Coin thread in GQ got me wondering.
I use credit cards where I have to (anything online), but anything I buy in the store is generally all cash. Primarily because of the limiting effect on spending. Now, I always paid the CC off in full every month, but I oftentimes found myself spending significantly more than I had intended, and thus saving much less than I had intended.
So, how do you prefer to pay for your purchases?
When I have a job, I’ll sign up for a credit card and use it to buy little things. Large things, I’m still working on figuring out.
Credit cards for everything … except in the one store that only takes cash/check.
And Katz Deli in Manhattan. Where Harry Met Sally and where my ATM card met ATM machine that wasn’t a Chase bank machine and where I got hit twice with fees.
I have one Visa card (an Amazon rewards card) and I use it for absolutely everything, in person and online. I pay it off every month. I rarely carry any cash except pocket change (less than a couple of dollars). I write a check for my house cleaner and the guy who mows the lawn.
If I carry cash, nine times out of ten I wind up giving it to panhandlers. I have been dead broke in my life when a couple of dollars made a difference. And I don’t care what they do with it. It’s a gift from me with no strings attached.
Everyone else gets the card. Makes doing my taxes easy because I download my cc statements into Quicken and categorize everything. Also I build up massive amounts of rewards points.
Debit card. Since it’s tied to my checking account, I do have to watch my spending so I don’t get overdrawn. I do have to keep my account balanced, the same as if I had withdrawn cash from it.
I carry my credit card only if I am going out with a shopping list. I buy only what is on that list, and pay with the card. I always have over $100 in cash in my pocket, but I think those same bills have been there for a few months. You never know when you might need to give someone cash, but it’s pretty rare.
Except for laundry quarters and bus fare, everything I spend is on my credit card, which I pay off on line in full every month from my bank account where I have direct deposit. Both the bank and he CC company mail me a detailed accounting of all transactions every month.
I know my income is greater than my living expenses, and that I never buy anything I don’t need, so I don’t bother counting how much I have or sorting it out into savings and checking. The totality of my finances is a little more complicated than that, but the above pretty much covers the day to day. I have more than I will ever need, not because I have so much, but because I need so little.
Folding greenbacks. I also try to give exact change, to minimize the coins I bring home. (I put 'em in a jar and cash 'em out every few years.)
I’ve never actually used a debit card. (I have one, but I’ve never used it. To be honest, I don’t know how.)
Between cash and credit cards, I generally use whichever I think will make the transaction quicker and easier. Plus it feels silly to use a credit card for small amounts, so I’m inclined to pay cash for small purchases.
Cash-back credit card that is paid in full every month. I called today and they are sending me $100 back.
Apple Pay.
What he said.
Mostly cash. Even when we finance bigger things (car, trip) we often pay it off early and when we charge we rarely carry much of a balance.
Debit card and cash (for less than $20.00 or so) Credit card for large purchases and on-line shopping. Credit cards paid off when statement arrives.
Cash for purchases under $40
Online purchases PayPal or cc. I prefer PayPal if it’s accepted.
Routine, same amount every time and the time is predictable:
Auto deduct from debit card. Will give TR/Account to limited people (PayPal has it, Google does not).
Know who and when, do not know how much (gas, electric, credit cards, a few others): have them set up for manual direct debit.
In person, time/payee/amount varies, never more than $100 - cash
A few are oddball: being old, I have several Rx drugs - most can be refilled by machine - I have the pharmacy’s mail-order handle it (yes, I know we are killing the Pharmacy Schools).
I do have have opioids, which are a super-special case* which requires super-special handling.
I use a credit card for almost all my spending. I have a budgeting program I use to keep my spending within my means and pay off the card the card once a week.
We use our VISA everywhere we can - we get cash back once a year - this year it’ll be close to $500. We make an effort to pay off the balance right away, but occasionally let some carry over.
Cash is for getting a soda at a convenience store, or when my prescription co-pays are in the cents rather than dollar region.
Visa debit card or linked Apple Pay for just about everything. I get ATM surcharges refunded through my online bank so I can get cash as needed, there’s a Mexican place that won’t take cards under $10.
I try to visit restaurants and bars that are part of either Spring Rewards or Groupon cash back. They’re both linked to my Visa debit.
Cash for all in-person purposes.