Paying with cash costs Americans $200 billion a year - the opposite of what you might have thought

  • Posted by a hidden member.
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    Oct 12, 2013 12:17 PM GMT
    I had always understood that it can cost a person more to use plastic than cash, because of hidden fees. In fact, I've had merchants offer me a better price for paying them with currency versus plastic. (And does ANYBODY accept a personal check these days, other than the utility & insurance companies?)

    But this report suggests the opposite is true, especially for lower income people. See what you think:

    http://www.today.com/money/paying-cash-costs-americans-200-billion-year-8C11363366
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    Oct 12, 2013 1:19 PM GMT
    ART_DECO saidI had always understood that it can cost a person more to use plastic than cash, because of hidden fees. In fact, I've had merchants offer me a better price for paying them with currency versus plastic. (And does ANYBODY accept a personal check these days, other than the utility & insurance companies?)

    But this report suggests the opposite is true, and especially for lower income people. See what you think:

    http://www.today.com/money/paying-cash-costs-americans-200-billion-year-8C11363366


    that's bullshit, the government would love to get rid of cash
  • Chainers

    Posts: 375

    Oct 12, 2013 1:25 PM GMT
    somersault said
    ART_DECO saidI had always understood that it can cost a person more to use plastic than cash, because of hidden fees. In fact, I've had merchants offer me a better price for paying them with currency versus plastic. (And does ANYBODY accept a personal check these days, other than the utility & insurance companies?)

    But this report suggests the opposite is true, and especially for lower income people. See what you think:

    http://www.today.com/money/paying-cash-costs-americans-200-billion-year-8C11363366


    that's bullshit, the government would love to get rid of cash



    ...lets assume this is true...what does it have to do with the article?
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    Oct 12, 2013 1:38 PM GMT
    Chainers said
    somersault said
    that's bullshit, the government would love to get rid of cash

    ...lets assume this is true...what does it have to do with the article?

    Nothing, just a disruptive comment. If it's BS as he claims, let's hear his rationale.

    Although using less currency might require less to be kept in circulation, a benefit to taxpayers. An interesting irony is that stamping coins, and printing smaller denomination paper bills, actually costs the government MORE to produce than the face value of the currency itself.

    It would therefore save taxpayers money if the US Treasury could reduce the amount of currency in circulation (coins & paper notes), due to people using plastic and making online transactions, directly debiting their bank accounts.

    I often have no cash at all on me, or maybe a dollar or 2, just my bank card. This saves the Treasury Dept. costs on replacing currency, and so saves me money as a taxpayer.
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    Oct 12, 2013 2:14 PM GMT
    lol $17 trillion in debt and ur worried about printing some $20's? the cashless infrastructure alone prolly cost 10x more than every bill ever printed
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    Oct 12, 2013 2:18 PM GMT
    somersault saidlol $17 trillion in debt and ur worried about printing some $20's? the cashless infrastructure alone prolly cost 10x more than every bill ever printed


    Deco believes that if the government just "stimulates" the economy with another $10 trillion (added to the existing debt naturally) that the economy will snap out of this ditch that we find ourselves still in (incredibly, after 5+ years of Obamanomics).