Do I need to worry that cash is on it's way out?

[Johnrom]

There’s an old expression “ Cash is king! “. No worries about tech glitches or hacking. Most ATMs will let you withdraw 1k a day.  So just hit up an  ATM before a session. Most providers will appreciate that! Simple and easy. No fuss no muss. 

[Whippoorwill]

Thirty-plus years ago I had a work colleague who always kept a $100 bill in his wallet. He was originally from Brooklyn, and he said it was in  case he was robbed, and if he had less than $100, they would kill him. 

[+ DrownedBoy]

I checked the stats - last year, only 18% of all transactions were made by cash.

However, I've studied this area, and cash is a preferred payment among people with lower incomes, etc. We can't go cashless without knocking out a good segment of the population.

That, and I can't believe Americans would accept watching every cent they spend end up in a database somewhere.

[Johnrom]

It’s true. There are places where merchants want to do everything electronically. But they are passing laws in some states and localities  to require merchants to accept cash from  those people, mostly low income, who do not use banks. 

[+ Charlie]

I can't imagine paying other single-service people (dog walker, tree trimmer, etc.) with anything but cash, so why would I feel differently about paying an escort?  I do pay my regular gardener and my house cleaner with a check, but I am sure that they would prefer cash, because it usually takes them a long time to cash the check (and they would be flummoxed if I handed them a credit card). However, the other day I stopped at the post office with a letter, because I didn't know how much postage it needed, and as I stood at the window, I suddenly thought, "Damn! I forget to carry any cash." No problem: the USPS will take a credit card payment for a stamp.

[manorbrown]

I used to pay cash all the time, but now that I'm an "older gentleman" I don't like carrying around large amounts of cash. Also, in the US city I live in, there was a recent rash of gay men getting robbed of large sums of money by "escorts". I get the electronic signature issue with Cash Apps but I'm single and my kids are adults/out of the house...not overly concerned about someone "finding out"....

[+ Vegas_Millennial]

I am seeing  more and more restaurants charging 3%-5% surcharge for paying with credit cards.  About 1/3 of the businesses I visited last week in Las Vegas offered cash discounts or charged more for credit cards. 

Today in Puerto Vallarta, Mexico, the restaurant I visited advertised on the menu a 10% discount for paying in cash. 

A few of the restaurants that I've visited in the past and paid with credit cards (pre-pandemic), now have signs that say "Cash Only".  That is fine for me, as I've cancelled my credit cards and have gone "Cash Only" since 2020.

[jackcali]

11 hours ago, Vegas_Millennial said:

I am seeing  more and more restaurants charging 3%-5% surcharge for paying with credit cards.  About 1/3 of the businesses I visited last week in Las Vegas offered cash discounts or charged more for credit cards.

And it's not just restaurants.  I've paid my home insurance bill with a credit card for years, but just this month they warned me that they'd charge an extra 3% if I used a card.  I'll send them a check instead from now on.

[+ Vegas_Millennial]

1 hour ago, jackcali said:

And it's not just restaurants.  I've paid my home insurance bill with a credit card for years, but just this month they warned me that they'd charge an extra 3% if I used a card.  I'll send them a check instead from now on.

True.  About half of my home utilities now charge extra for using credit cards.  I pay them with a check; or, for the bills due quarterly (sewer, trash collection, property taxes) I visit their office and pay in cash.  It makes for an enjoyable Friday drive around my county once per quarter; I look forward to it.

Edited November 12, 2024 by Vegas_Millennial

[+ DrownedBoy]

Ditto. More and more stores charge CC fees or require a minimum for CCs.

And even shops in downtown Chicago give cash discounts. Last Friday, the clerk was like, "Cash? Forget the tax."

[jackcali]

On 11/12/2024 at 5:15 PM, DrownedBoy said:

Ditto. More and more stores charge CC fees or require a minimum for CCs.

Just last night, paying for dinner at my favorite restaurant, I noticed that the credit card receipt had a 3% charge for using a credit card.  I was outraged, but it's my favorite restaurant, so I didn't say anything, but this is going to drive more and more people to use cash. 

[Vin Marco]

"Even as the number of digital payment methods available to consumers continues to rise, cash is still king. Cash remains the number one choice for a large number of transactions. Some people prefer the ease of cash in completing transactions. Others feel more confident in the security offered by using cash."

That said,  many of us ( myself included ) still bitch, moan, whine, and kvetch about the occasional "cash only" restaurant... for years I believe Peter Luger in NYC operated that way... now I think they accept ATM debit cards if I'm not mistaken... same for Grimaldi's ( lime light ) 🍕 on 6th ave ( NYC )  There have been times where I'm shit out of luck for this HOWEVER I can be as easily annoyed ( probably more so ) by a business or eatery that doesn't accept cash 😵‍💫🫠 🤷🏻‍♂️ 

[+ Vegas_Millennial]

5 hours ago, jackcali said:

Just last night, paying for dinner at my favorite restaurant, I noticed that the credit card receipt had a 3% charge for using a credit card.  I was outraged, but it's my favorite restaurant, so I didn't say anything, but this is going to drive more and more people to use cash. 

Yes, I've noticed about 80% of the restaurants, bars, and stores I visit have gone Cash Only or charge fees for credit cards.  Join the bandwagon and start carrying cash, and enjoy that 3-5% discount at every purchase!

[smorgasbord]

On 11/12/2024 at 2:54 AM, Vegas_Millennial said:

I am seeing  more and more restaurants charging 3%-5% surcharge for paying with credit cards.  About 1/3 of the businesses I visited last week in Las Vegas offered cash discounts or charged more for credit cards. 

Today in Puerto Vallarta, Mexico, the restaurant I visited advertised on the menu a 10% discount for paying in cash. 

A few of the restaurants that I've visited in the past and paid with credit cards (pre-pandemic), now have signs that say "Cash Only".  That is fine for me, as I've cancelled my credit cards and have gone "Cash Only" since 2020.

Not really an issue in Europe as surcharging is essentially banned for consumer transactions - so they're not allowed to charge more but not obligated to take cards. 

This is coupled with a much lower interchange fee cap of 0.03% for credit and 0.02% for debit cards than the US means merchant fees are generally lower. 

You usually see cash only if it's a takeaway,  barbers or just before a larger store goes bust as their bank has withdrawn card processing.

[+ ApexNomad]

Cash is, and always be, king. Not going anywhere. Just ask Brenda from “Adventures in Babysitting.”

Brenda: Uh, those are hot dogs, right?
Hot Dog Vendor: Yeah, want one?
Brenda: Mmm, yeah I'd love one.
Hot Dog Vendor: That'll be two bucks.

[Brenda hands him a check, he stares incredulously.] 

Hot Dog Vendor: A check?
Brenda: Yeah, but it's a good check. See, Chris' mom wrote it to Chris 'cause Chris bought her something, I can't remember what. Then I bought Chris some press-on nails, I gave Chris the difference, and she wrote the check over to me. So I'll write the check over to you, you keep the difference, and I'll take the hot dog. So, you got a pen?
Hot Dog Vendor: Get outta here!
Brenda: Wait! I'm starving, you'd rather throw it away than give it to me?
Hot Dog Vendor: I work on a cash-only basis.
Brenda: But it's a perfectly good check!
Hot Dog Vendor: No! I'll make it very clear. You slip me the cash, and I'll slip you the weiner.
Brenda: But I don't have any cash!
Hot Dog Vendor: Then I don't have a weiner!

[56harrisond]

 

People in 1993 react to credit cards being accepted at a Burger King.

[Thomas_Belgium]

https://www.irishtimes.com/business/economy/2024/12/13/keep-cash-at-home-due-to-cyberattack-risks-dutch-central-bank-warns/

Although I don't live in the Netherlands, in my opinion it's a good thing to have some cash.

[+ Vegas_Millennial]

As of today, my pest control guy has started charging more to accept credit card payments.  I will now be paying him with cash each month.

[+ ApexNomad]

36 minutes ago, Vegas_Millennial said:

As of today, my pest control guy has started charging more to accept credit card payments.  I will now be paying him with cash each month.

Looks like those credit card fees have really been bugging him.