I’ve often pondered is it better for me to use cash or credit in my day-to-day life. My dad has always used cash or check. My mom loves to swipe the card. Many share my parents views on these, but it is hard to determine which is better.
- Carrying cash makes you a target for criminals.
- Credit card companies offer rewards or cash back systems for using your card.
- Credit cards offer flexibility for payment just in case you’re a few cents short.
- Credit cards, if lost can be canceled and all you need do is get a new one. Cash if lost is gone.
- Credit cards help boost your credit score by making purchases and paying them off.
- Cash allows to you pay for something and not worry about it anymore. Credit cards have to be paid with cash later.
- Cash avoids any fees. Credit cards often come with processing fees, potential late fees, or balance initiated fees.
- The color and smell seem to command respect in many establishments. (Don’t believe it – go to a luxury car dealer and open a bag of money)
- Cash makes people spend less. Dave Ramsey reported that people spent 47% more at McDonald’s when using their credit card.
However, we all have our reasons for our methods of payments, but let’s hear why you pull your card or flash the green.
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