Recently there was a topic on "Card VS Cash" and it seems like most people use debit or credit cards and hardly ever use cash anymore. How often do you use a cash machine? I know that you don't need to use a cash machine if you are using card but some places still don't accept card. For example, small shops or stands on markets. When I go on the streets I still see lots of people using cash machines. As we are heading to a more digital world do you think cash machines will ever be removed due to low demand?
How often do you use a cash machine?
- Thread starter MasterA
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I tend not to carry much cash on me. (I mean it's rare if I have a $5 bill on me... let alone something larger like a $20.) So unless I have a very specific reason for going to an ATM I don't deal with cash.
In most cases I use credit for most of my purchases then pay it all off every payday. The only thing I don't like is that my main credit card (American Express) still has places that won't accept it yet. (They often don't allow it because Amex has a higher cost to them.) So I need to have a secondary credit card just in case I get to a store that doesn't allow Amex. (Though my secondary card has pretty low limit.)
I only rarely ever use my debit card for things because I only get so many "free" transactions per month before I start having to pay for them. So it doesn't make sense for me to use my debit card when my credit card doesn't have that restriction. About the only time I use debit is if:
- a store won't accept Amex
- I'm buying an item that's expensive
- I forgot to load my secondary card with the money to cover the cost. (It's possible to put more money on a credit card so even if the limit is say 250... if you put 500 then you can spend 750 total. Basically treating it like a debit card with overdraft.)
In most cases I use credit for most of my purchases then pay it all off every payday. The only thing I don't like is that my main credit card (American Express) still has places that won't accept it yet. (They often don't allow it because Amex has a higher cost to them.) So I need to have a secondary credit card just in case I get to a store that doesn't allow Amex. (Though my secondary card has pretty low limit.)
I only rarely ever use my debit card for things because I only get so many "free" transactions per month before I start having to pay for them. So it doesn't make sense for me to use my debit card when my credit card doesn't have that restriction. About the only time I use debit is if:
- a store won't accept Amex
- I'm buying an item that's expensive
- I forgot to load my secondary card with the money to cover the cost. (It's possible to put more money on a credit card so even if the limit is say 250... if you put 500 then you can spend 750 total. Basically treating it like a debit card with overdraft.)
This thread makes me realize that I seldom use my ATM card because my main means of purchasing is my credit card. Maybe I use cash in only 5% of my transactions. It's ironic because I work in a bank where money is our business. It's clear that we are going to the direction of a cashless society.
I don't think cash will go away completely simply because there are still quite a few people who use or even collect cash. Plus there are still times and places where cash is required. (Some vending machines don't accept debit/credit. At smaller/local events they may not accept it.)
I mean sure there are options like using Square... But that only accepts credit cards. (And it costs you 2.65% of the total per use... So if an item costs $100 and they use a square-reader then you get $97.35. Which means for smaller venues that it may eat into profits too much to be useful. Like a smaller flea market where the entrance cost is $2... sure %2.65 isn't much but it absolutely can mean the difference between paying the venue's rental fee and not having enough.)
Setting up a proper debit machine is also colossal pain in the ass. (It has to be registered, there's fees like crazy and for many it's not worth it.)
I mean sure there are options like using Square... But that only accepts credit cards. (And it costs you 2.65% of the total per use... So if an item costs $100 and they use a square-reader then you get $97.35. Which means for smaller venues that it may eat into profits too much to be useful. Like a smaller flea market where the entrance cost is $2... sure %2.65 isn't much but it absolutely can mean the difference between paying the venue's rental fee and not having enough.)
Setting up a proper debit machine is also colossal pain in the ass. (It has to be registered, there's fees like crazy and for many it's not worth it.)
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