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Salty Dog

Here are 5 great reasons that cash reigns supreme

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Salty Dog
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Here are 5 great reasons that cash reigns supreme

1. Cash can't be hacked
Sorry RFID skimmers and malware-infected card terminals--cash is invincible to you. Aside from the occasional X-files conspiracy theories about cash being bugged, there is no personal info at risk of being compromised.

2. Cash is universally accepted, and sometimes mandatory
Whether it is paying for deep fried Oreos at the Iowa State Fair, parking in a cash-only lot, or buying a mojito at a new upscale NYC bar, cash is accepted all the same!

3. Cash can help control impulse buying and going over budget
If you move into a new house with a bunch of big storage closets, chances are you will fill ALL of them up. The same goes for a credit card; some consumers have little to no hesitation in putting more charges on a card than they can handle. Convenient? Yes. Bad habit forming? Yes. With a finite amount of cash in your wallet, you're more likely to be conscious of your spending.

4. Cash is anonymous
Credit cards and mobile payments make it easier to track your purchasing history and habits. But what about situations where you want to pay for something anonymously? For instance, you might pay in cash when you are buying an anniversary gift for your wife and do not want anything on the statements, or when you contribute to a charity organization and you do not want them harassing you afterwards by sending incessant mail to your home address.  To keep things private, pay in cash!

5. Cash is great for emergencies and the unexpected
Has your car ever broken down and the tow truck driver with the raspy voice tells you that he only accepts cash? Or what happens if you need to go out and buy baby formula and a harsh thunderstorm has knocked the power out or disabled the card readers in the store? As the popular blog Lifehacker states, "Cash is King in Emergency Situations."

https://www.flipsidewallet.com/blogs/news/113809094-in-a-digital-world-cash-remains-the-most-reliable-payment-method

 

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SkyMan

But there are probably 5 just as great reasons to use a credit card.   Cash may not be hackable but if lost or stolen, it's gone.  You can't just call your bank and have the cash cancelled and reissued or have the purchases made after that reversed.  As for keeping you on budget, I do know people that if they have cash they will find something to buy.  My wife for example.  Yes, it's great to have cash for emergencies but if you just spent your cash on purchases where you could have used a credit card, now what?

I have no problem if someone wants to stay on a cash basis but if you have some control, credit can be used to advantage.  Years ago a cash friend of mine was considering getting a VCR and they were running about $500 at the time.  He didn't want to buy on credit because with interest he'd pay more so he was going to save for a year.  I said fine, but you won't have that VCR for a year and if you wanted to watch a movie you'd have to also rent a VCR or go to a theatre, it's up to you.

Of course, I knew also a couple who had maxed out their credit cards so took a second mortgage to pay them off to reduce their interest.  Then they took a cruise and within months the cards were at max again.  WTFO?

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smokey

Ok lets shine the light on the topic credit cards are everything sky said and he is correct UNLESS the guy paying the card is married then credit cards suck well to me the one who pays the bill but to my x wives it was like picking up money in the streets

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Bama
10 hours ago, SkyMan said:

Years ago a cash friend of mine was considering getting a VCR and they were running about $500 at the time.  He didn't want to buy on credit because with interest he'd pay more so he was going to save for a year.

If it takes a year for your friend to save $500 to buy anything then perhaps he/she had other financial issues that should be considered first.

As stated banks don't reimburse you if you lose your wallet. Banks also can only do so much if your identity is stolen and charges are rang up all over town with credit obtained with your CC accounts and personal data. In these cases it's pretty easy to prove who you are but can be difficult to prove who you are NOT. Just my opinion.

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SkyMan
5 hours ago, Bama said:

If it takes a year for your friend to save $500 to buy anything then perhaps he/she had other financial issues that should be considered first.

He was very budget minded and that was part of his entertainment budget.  He had other money he could have used but that went to other savings goals.  

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