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 Replies: 53 / Views: 5,799 |
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Pillar of the Community
United States
623 Posts |
I am 33 years old and have credit cards since I was 15. I have NEVER carried a balance. I charge everything, for the most part b/c when it comes to retail purchases. Why not? I can't go to the grocery store and haggle for a cash discount.
I will have to say that if you are in a position that you can haggle on purchase why not ask if cash would be cheaper?
I bought an AR-15 at the beginning of the year and the store gave me a pretty steep discount (larger than 3%) for cash.
But I bet the majority of your purchases are places you can't haggle. Now add up all of those purchases and think about all of the rewards you could have collected. Refer to RoyalSilver's response above.
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Valued Member
Canada
178 Posts |
I agree with Russ. I use my CC all the time to collect points. My wife and I have flown to Texas and Europe on those points in the last 7 years. If you pay off your balance every month, what's the harm? I don't think the CC companies have made a cent off of me in interest. Now, I also get swrbxxx's point when it comes to dealing with contractors. I've gotten good deals by paying them in cash. But a lot of them don't take credit cards anyways. To make the discussion relevant to this board, I always pay cash at my LCS. It's the only option when buying bullion, but even for other coins I'll pay cash. Their margins are tight enough as it is. But Walmart? They can afford to pay the credit card companies! Honestly though, pay however is best for you, it doesn't matter to me. Everyone's circumstances are different. |
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Bedrock of the Community
Australia
21788 Posts |
You always hear of truthful stories of people who manage their credit card balances well.
So why is it that the total credit card debt for the country keeps rising exponentially each year?
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Pillar of the Community
United States
623 Posts |
Quote:
So why is it that the total credit card debt for the country keeps rising exponentially each year? People run up their credit cards for the points.  |
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Valued Member
291 Posts |
If I can get a discount for paying cash, then I'll pay cash.
Otherwise I'll use my credit card to rack up points.
I pay the balance in full every month, so the credit card company doesn't get one cent in interest from me.
I pay my bill online, so I'm not even out the cost of a postage stamp!
Over the course of a year I rack up about $300 or so in points, so those small purchases really do add up.
Edited by Senex
07/20/2012 7:58 pm
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Pillar of the Community
United States
623 Posts |
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Valued Member
Finland
294 Posts |
My wife collects the points and I use usually debit card or cash. I have pulled several better coins (value €20+) from circulation so I keep using cash. Ok, the main reason to favour cash is of course coin collecting. Cards aren't slow here but I just feel better when using cash. But then, when you are dealing with travel agencies and airlines credit card is a must. Many have lost their savings due to bankcrypsies when paid with cash. What comes to paying bills in bank offices via human beings, they charge €5-6 per bill. So older people use automats here and all the other do it online. And back to the original question - €20 and €50 are the Finnish workhorses so I would be happy with only that large notes. €100, €200 and €500 rarely used anywhere here I quess.
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Valued Member
Canada
386 Posts |
swrbxxx,
You said "Lets put this in a real life situation, I just got a in-ground pool installed. The cost quoted was $18,000 plus HST another $2,340, for a total of $20,340 now lets just say I considered putting this on a credit card and got my 2% back that would be a whopping total of $406.80.
I mentioned to the company owner if I would get a better deal if I paid in cash. $17,000 was the cash quote. So because I paid with cash I saved $3,340."
The problem with these large under-the-table cash transactions is: 1) Your contractor can choose to do a shoddier job and/or 2) if there is ever any problem with your pool he can choose to ignore any warantee obligations, since you have no proof (i.e. a proper receipt) linking him to the installation of the pool.
Edited by 1945V
07/20/2012 6:28 pm
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Valued Member
Canada
457 Posts |
I will start by saying I'm an electrical contractor, I've been in business for over 12 years.
My total cash jobs in that time is one.....
I think because my experience with that customer was so bad it helped me realize that if someone want to pay cash, its because they are trying to cheat someone.... or anyone, including me.
I have not done a cash job since.
Sorry if that offends anyone but I pride myself on being fair, honest and accountable for ALL! of the work I do.
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Valued Member
291 Posts |
Quote:
I think because my experience with that customer was so bad it helped me realize that if someone want to pay cash, its because they are trying to cheat someone.... or anyone, including me. To make such a broad judgement based on one incident is, at best, unwise IMO. |
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Rest in Peace
Canada
1360 Posts |
My issue isn't so much if I get a deal or not. I'm more concerned with tracking my money. I use software on the computer, and keep very good records of practically every transaction. I've been doing this since about 2003. I have a "slush-fund" account, I've named 'Cash in Pocket'. For every cash with-drawl from the instant teller, it goes into this account - for things like restaurants, tips, etc. When I remember to, I record the details of my cash transactions on the computer. For my Credit Card account - I'm 100% accurate mostly due to 'downloading' my account(s) monthly activity. For the 'Cash in Pocket' account - over $11,000 un-accounted for in under 10 years.
Edited by Dcadon
07/21/2012 11:02 am
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Pillar of the Community
United States
623 Posts |
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Rest in Peace
Canada
1360 Posts |
from the link above "Kroger, the nation's largest grocery chain, told The New York Times that it is considering charging Visa and MasterCard users more to use their plastic to buy groceries."
A few stores have been threatening that for years. It's the buying power of the public that has stopped any additional charges. In your card holder it is understood that your rites include not to be charged any extra for using your (their) card. Any stores that do so, risk loosing their ability to use credit cards completely. In the past, grocery stores resisted credit cards because of this. It wasn't until they accepted "check-cashing" cards or debit did they allow their terminals to process credit cards.
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Valued Member
291 Posts |
Supermarkets generally work on a slim profit margin, especially in areas where there is stiff competition.
All the supermarkets by me accept credit and debit cards and have for quite some time.
Most gas stations by me offer a lower price for cash sales.
NY state law prohibits charging extra for using a credit card, so the stations claim it's a "discount" for using cash.
Make sense to you? Me neither!
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Rest in Peace
Canada
1360 Posts |
yeah...that's pretty slim. I made an ebay seller really mad once, when he tried to charge me extra for using paypal. Paypal too has "no additional cost" to the consumer policy. As such, you're supposed to price your product accordingly. This bothered him enough to give me negative feedback despite being paid within minutes of the auction closing. The result of this was he lost his account with paypal. (not that I support paypal in anyway - but rules is rules) Edited by Dcadon
07/21/2012 6:02 pm
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Replies: 53 / Views: 5,799 |
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Posted 07/20/2012 2:48 pm
