Bad experience? Or germophobe?
Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Thank you for saying that. I am like you. I'm new to the bogleheads forum, though I have watched without signing up for some time, but I suspect that your philosophy on debit cards is probably not as uncommon here as it is in the general public.
Sometimes I kind of feel like a lone voice crying in the desert when I mention to friends and acquaintances that debit cards are NOT in their best interest, and discourage them from using them if at all possible. I explain that debit cards are not getting so ubiquitous and popular because consumers like them, it is because BANKS and the financial industry like them and are pushing them hard, because it benefits them.
Clark Howard also had a great little article on this:“When fraudulent activity occurs on your credit card, no money leaves your bank account, which is not the case with debit card fraud,” says Nunez of TopCashback.com. “Using your debit card has more risks and less protection than most people think.”
Anyway, one last comment. I agree that the times my credit card number seems to have been stolen was after I had eaten in a restaurant, which due to my frugal nature, doesn't have very often. So it is usually highly suspicious to me about restaurants when it does happen. Ironically, my Amazon.com VISA card pays more points double when paying at restaurants or gas stations than it does other transactions. Anyone know why that would be?
It used to be that was against MC/Visa terms for merchants to do that. I'm not sure if it still is.
I have no issues handling currency--the more the merrier! Coins are a royal PITA imo. I usually carry enough cash on me that paying for restaurant meals would not be problematic. I simply prefer not to make a cash transaction when I could make a CC transaction instead--be it at a restaurant or any other place.
For me ATMs are primarily an inconvenience and a drain on my time. Waiting in a line is one of my least favorite things to do. I find it much simpler to keep a stash of cash at the house--requires at most one or two stops per year at a teller's window (often when I'm in the bank anyway).
My "bad experiences" are decades old and may or may not be relevant today (in any case they were infrequent): one time being shorted but was straightened out after some effort, a few times feeling nervous about others standing in line and watching me withdraw money, and a co-worker being robbed and fondled at gunpoint at an ATM.
Nah, a sit-down restaurant will normally run about $20-30 for two people after tax, so we don't really do that much. But the place where I buy my t-shirts has a $10 minimum. So if I'm buying three or more at a time then I use my card; if I'm just buying one or two then I use cash.GoldStar wrote: ↑Thu Feb 28, 2019 2:57 pmDo you spend less than $10 in a restaurant? ($10 is the max minimum allowed from my understanding - and even that isn't typically done anymore - some terms/conditions with certain cards don't allow it.)
I used to see this "minimum" posted in some places - I haven't in quite some time.
If it is a small locally owned business that I like, I always pay cash and keep the multi-national banks from getting a cut of the transaction. It is worth losing the points to me to help support a local business.
I don't actually think the possibility of fraud is significantly higher than if they accept CCs. It's probably an audit risk factor for the IRS, anyway. So while it may be easier to initially commit tax fraud, they might be far more likely to be audited, at which point it would be fairly easy to catch them.mak1277 wrote: ↑Thu Feb 28, 2019 10:15 am Does the possibility that the owners of these restaurants are committing tax fraud actually bother anyone? I feel like it's 100% immaterial to me. Just like I don't care if my friends or family are committing tax fraud. It's none of my business. I can only control what I do.
We used to go to a restaurant close by fairly frequently (2-3 times/mo.) that went to cash only over a year ago AND raised their prices fairly substantially. Now, they're lucky if we go there once a month. The cash only thing is not convenient (we don't use ATMs) and, unfortunately, they are now overpriced for most of what they offer.
I'm picturing you guys sitting at home scrubbing your credits cards with disinfecting wipes after handing them to a cashier!
This thread has run its course and is locked (topic exhausted, derailed, numerous posts regarding cash vs. tax evasion). See: Locked Topics
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