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glad i pay cash... if i had a debit or check card i wouldnt have anything in my savings. granted, its a PITA to go to the bank when i need money but atleast i only take out what i need and dont spend outside my means.
Kind of. Cash deposits are like 1/10th of a percent of a bank's business...especially among the set of people that won't have credit at their disposal...i.e. low income/bad with money
So Im horrible with money. I dont spend outside my means, but I have more bills then cash most of the times and its a balancing act for who gets paid this month and who gets paid next month.
Does this make me a bad person? No, more a victim a shit economy. As a flat rate tech, if the public has no money, I have no money. The most common answer I hear for lack of funds. Furlos have killed my budget. No one is spending to fix cars, and no one can afford to bu new ones. Thats how bad it is where I am.
Now we are talking about taking money out of the banks hands, and where does the difference in cash go? Back to the consumer. Be it a small amount, but if we dont have to pay the higher rates on these cards. I use mine all the time because its easier to manage money on an exact amount basis, instead of saying I have a $20 for a $4.67 purchase. Now Im having to deal with change, and I shouldnt need to. Ill use my card for the $4.67. Exact change, and I can keep the rest of it in the bank.
Now, is it fair for the banks to charge $0.44 for my $4.67 purchase? Fuck no. So where does the savings go? Not to the bank, so that leaves the retailer and me. The retailer isnt going to be able to keep it, because it has to be documented where the difference in price is shown. So that means my $4.67 is now $4.55. While not a huge saving, over time. Say a month or so. This can translate into $50. (ballparking)
As for the spending cap. Wont happen. They wont be able to enforce it on the mass public. It will cause major unrest and trust issuees with banks. Its just not feasable or financially responsible for banks to enforce this idea. The mechant side of it would fall to ruin and banks will lose even more money is they even try.
more bills than cash means you spend outside your means
as for a bad person, i'll leave that up to your own judgements
me personally, i don't buy anything or get anything i know i can't pay for, and i don't play the who gets paid this month game, i pay all my debts, on time, every month
people that dont do this, or default on their debts, cost the rest of us in the long run
the 44 cents is a percentage, more like 3% like your average credit card
so your 4.67 purchase is more like a 14 cent cost to the retailer
the glitch in this system is that checks are more expensive to process than cards, but there is no fee to pay by a check
thats cause the check is meant to replace cash, just like a debit card is meant to replace cash
the gov't would like to get cash out of the equation all together, to streamline commerce so when it starts to cost 10 for a gallon of milk, its not as bad when its just the swipe of a card compared to pulling out 10 dollars from your wallet
as far as enforcing it
they already do
gas stations in NY already have a $75 limit on debit card purchases for "security" reasons, in case your card is stolen, or so they claim
Same deal. 75 max at most gas stations here. And they tend to off a 9 cent discount for cash gas.
lmao E.
personally ive never seen any gas station offer a cheaper price for cash purchase. and if they do, ive never seen it advertised. this area is flooded with gas station / car wash combos though, so its commonplace to see 20c off per gallon for buying a car wash. if im gonna get a quick car wash anyway, ill jump on it.
i havent seen too many caps on gas purchases either. i used to, but cant say ive seen it lately (granted im only filling up at like $50/tank), they just make you put in your billing zip code to thwart fraud.