Do you still use currency or have you gone all-plastic?

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Seattlenative
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Do you still use currency or have you gone all-plastic?

Post by Seattlenative » Sun Mar 15, 2015 5:31 pm

I use paper currency and coin for about half of my routine purchases, the other half I split between credit and debit cards. (I pay major bills using bank bill payment). Using paper currency psychologically seems to be a deterrent to unnecessarily spending money, because swiping plastic is painless by comparison. What forms of payment do you frequently use for daily routine purchases?

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Watty
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Re: Do you still use currency or have you gone all-plastic?

Post by Watty » Sun Mar 15, 2015 5:35 pm

Almost always cash for anything less than $25 and more often than not I pay cash for things up to $50. Above that usually a credit card.

The fewer places I use a card the less chance there is that I will have trouble with a Home Depot or Target type data breach.

furwut
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Re: Do you still use currency or have you gone all-plastic?

Post by furwut » Sun Mar 15, 2015 5:39 pm

All plastic all the time. I have a rewards checking account. In order to earn the 2.75% interest I need to have a minimum of 12 swipes a month. So I use their card for all small transactions.

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Re: Do you still use currency or have you gone all-plastic?

Post by mnvalue » Sun Mar 15, 2015 5:49 pm

We use a credit card by default. Under $5 or so, I pay cash unless it's a major chain place (McDonald's, Wal-Mart, etc.). We use cash for stand-alone tips (i.e. where I'm not using a credit card already, e.g. for a hotel porter). My wife uses cash when going to the bar; she feels this reduces her risk of overspending, losing the credit card, etc. We use checks only to pay people, local fundraising entities (school, Boy Scounts, Girl Scouts, etc.), or the government. We use cash where it is the only thing accepted (garage sales, certain small businesses, etc.). I've been slow to adopt credit cards in taxis, so that is still primarily cash. (This only affects me when traveling.) Excluding traveling, I typically carry $20-$60 in cash, and get $40 once or twice a month, so clearly, I'm not using cash much. In all of this, cash means paper bills. Coins received in change go in a change jar, which I bring to the bank (or Wal-Mart self-checkout) periodically.

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Re: Do you still use currency or have you gone all-plastic?

Post by kjvmartin » Sun Mar 15, 2015 5:56 pm

Reward cards!
Target - 5%
Costco Amex - Gas 3%
BofA - Gas 3% away from Costco, 2% groceries.
Amazon Visa - 3% Amazon, 2% dining
Chase Freedom - Rotates, currently 5% groceries.

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Cheese
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Re: Do you still use currency or have you gone all-plastic?

Post by Cheese » Sun Mar 15, 2015 5:59 pm

I use a credit card for nearly all purchases but carry around a few hundred dollars in cash at all times. I feel this makes me more spontaneously generous (handing out the occasional $50 for good work by employee or a $20 for an ad-hoc donation to one of our local deserving charitable causes). One of my mentors has done this for years and told me it has had this effect on him over the years and although small adds a bit of happiness each time he can help - I can now echo his sentiment.

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wilpat
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Re: Do you still use currency or have you gone all-plastic?

Post by wilpat » Sun Mar 15, 2015 6:00 pm

I pay for my haircuts with cash and my wife writes a check for her hair care. Everything else is done either by debit card or credit card. If it is less than $10.00 I usually use a debit card all others are credit.

I make an entry on my excel spread sheets for each expenditure as soon as I get home from spending it. I pay all monthly expenses (gas, electric, internet etc.) either by credit card or direct transfer via internet. I probably spend about 10 minutes a day making all of the entries.
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Re: Do you still use currency or have you gone all-plastic?

Post by livesoft » Sun Mar 15, 2015 6:02 pm

I've bought 2 cents of gas with a credit card because I got $10 back for using it. That was the minimum amount I could "click" at the pump.

I very rarely use cash. Very rarely. Even vending machines take credit cards now, so I use a card with them. The card really helps to track spending much better than cash since the bill tells me that I spent 50 cents on a Dr Pepper.
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Re: Do you still use currency or have you gone all-plastic?

Post by GoldenFinch » Sun Mar 15, 2015 6:03 pm

Rewards cards. Have never carried a balance. Almost never use cash. :happy
Last edited by GoldenFinch on Sun Mar 15, 2015 6:28 pm, edited 1 time in total.

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Re: Do you still use currency or have you gone all-plastic?

Post by tylerdurden » Sun Mar 15, 2015 6:08 pm

I use credit cards as much as possible, unless there is a "convenience" fee. I probably use gift cards more than I use cash, since we get a lot of them from CC reward points, gifts from others, or sometimes buy them from Kroger for the fuel points. I still use cash for smaller purchases or at small businesses. And I write one check a month: for the HOA fees for our rental property. :happy
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pennstater2005
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Re: Do you still use currency or have you gone all-plastic?

Post by pennstater2005 » Sun Mar 15, 2015 6:23 pm

Credit cards anywhere they're accepted. Usually have a $20 with me but never remember how it got there. Kids birthday money I was supposed to deposit?
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Re: Do you still use currency or have you gone all-plastic?

Post by knowsnothing » Sun Mar 15, 2015 6:25 pm

Almost no paper, just for tips and other small things like that.

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Re: Do you still use currency or have you gone all-plastic?

Post by HongKonger » Sun Mar 15, 2015 6:25 pm

No such thing as rewards cards wherever I've lived. Cash all the way except for online.

island
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Re: Do you still use currency or have you gone all-plastic?

Post by island » Sun Mar 15, 2015 6:30 pm

Use credit cards whenever possible, except if a few dollars and some places only take cash or check. Always have an emergency $20 in my car (also a roll of quarters for parking) and desk drawer at work.

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Re: Do you still use currency or have you gone all-plastic?

Post by truenorth418 » Sun Mar 15, 2015 7:19 pm

Cash back credit card whenever possible, which basically covers all but my condo fees and electricity bills and about $150/month cash for walking around money.

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Kenkat
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Re: Do you still use currency or have you gone all-plastic?

Post by Kenkat » Sun Mar 15, 2015 7:47 pm

I use cash for most transactions under $10 and for some local small businesses, under $25 or so as I know that credit card fees hit them especially hard.

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Re: Do you still use currency or have you gone all-plastic?

Post by Atilla » Sun Mar 15, 2015 8:00 pm

All plastic all the time if possible. But I do hoard a bit of currency just in case.
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Re: Do you still use currency or have you gone all-plastic?

Post by patrick » Sun Mar 15, 2015 8:07 pm

I think it's been at least a year since I used cash for anything other than a taxi.

Does using credit cards mean that I end up spending more? Perhaps, but I still manage to save more than half of my income. If I really would end up spending less with cash, that's a good reason to stick to credit cards -- they protect me from underspending!

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Re: Do you still use currency or have you gone all-plastic?

Post by Coles » Sun Mar 15, 2015 8:57 pm

HongKonger wrote:Cash all the way except for online.
You don't use the Octopus card?

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Re: Do you still use currency or have you gone all-plastic?

Post by Toons » Sun Mar 15, 2015 9:14 pm

I use cash back card 95% of the time :happy
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Re: Do you still use currency or have you gone all-plastic?

Post by rayout » Sun Mar 15, 2015 9:16 pm

I carry $40 of cash with me and a back up $20 in the car. 90% of the time I pay with a card, there are a few small businesses that I go to that do not accept plastic for anything more than $X so I pay cash there.

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Re: Do you still use currency or have you gone all-plastic?

Post by jeff1949 » Sun Mar 15, 2015 9:37 pm

At least 95% with my 2% cash back VISA.

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Re: Do you still use currency or have you gone all-plastic?

Post by JonnyDVM » Sun Mar 15, 2015 9:51 pm

I get made fun of in my circle for ever using cash and that includes my wife. Apparently using cash makes you square.
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Re: Do you still use currency or have you gone all-plastic?

Post by sawhorse » Sun Mar 15, 2015 11:06 pm

I almost always use credit cards because it helps me keep track of my purchases, but for small things like paying for a cup of coffee at Dunkin Donuts, it's not worth getting out the card. I always carry a modest amount of cash in case there's a situation where I can't pay with a credit card. Carrying smaller denominations is more useful in my experience.

In the aftermath of Hurricane Sandy, all the electricity was out, so you couldn't buy gas or anything else with a credit card. Now I always have at least couple hundred dollars at home.

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kramer
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Re: Do you still use currency or have you gone all-plastic?

Post by kramer » Sun Mar 15, 2015 11:35 pm

Cash only here in the Philippines, so I only use a credit card for purchasing international plane tickets or using Agoda to prepay an international hotel reservation. When in the USA, I use credit cards for most large purchases (anything over $30).

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Re: Do you still use currency or have you gone all-plastic?

Post by cheese_breath » Sun Mar 15, 2015 11:44 pm

Cash back credit cards 99% of the time. The other 1% is for things like McDonalds senior coffee for under $1.00, or maybe a coffee and donut at the donut shop.
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Re: Do you still use currency or have you gone all-plastic?

Post by eschaef » Mon Mar 16, 2015 8:20 am

All (rewards) credit cards. I try to keep a few dollars cash on me "just in case". The only exception is probably when I want a bagel, since I'd hate to force a small business to run my card for such a small amount. I have no qualms about charging small amounts at large chains.

I drove out to see my cousin play hockey in a Junior league game in Long Beach, Long Island. Imagine my surprise when I had to cross a toll bridge with no EZ-pass option! Thankfully, my "just in case" cash came in handy. My other cousin actually had to stop when he reached the toll booth and go inside to fill out a voucher to pay by mail, since he had no cash on him.

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Re: Do you still use currency or have you gone all-plastic?

Post by inbox788 » Mon Mar 16, 2015 9:08 pm

livesoft wrote:I've bought 2 cents of gas with a credit card...
I did same a long time ago, but not on purpose. Mobil was rolling out their Speedpass system where they linked a transponder to your credit card and put the box on the back windshield of the car. Once you did that, you could drive up to the pump, and a big red circle would light up to show you were approved and just pump gas. Usually that happened before you even opened the door, when it worked. Unfortunately, it didn't work very well. If you weren't in exactly the right spot, the light wouldn't work, and you had to drive a little forward or back on the pump to get aligned.

So one time, I thought I got the lit up circle, and started to pump. A second later, it stopped, and light went off. Wouldn't go on again. So I put pump back (a few cents were charged). Got in the car, moved it a few feet back and forth and again got a light. Started pumping and the light went off. And did this about 3 times, when it just completely stopped working. I later found out it charged several transactions in pennies, and then locked my credit card for suspected fraud. Total charges no more than a quarter, just too many transactions at a gas station was suspicious enough.

It was a technology ahead of it's time. I don't recall the Timex Speedpass watch, but a precursor to the Apple Watch/Apple Pay?

http://en.wikipedia.org/wiki/Speedpass

A while back, I was trying to go cashless, and I at the time, I seldom carried much cash. My smallest charge was something less than $1 at Radio Shack (I think it was still a manual imprinter). Now I go to enough cash only places that I carry small amount of cash and will use it for small transactions less than $5 even if I could use a credit card. But those places where swiping is easy (supermarkets, etc.), I use the card because it's faster than getting change.

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Re: Do you still use currency or have you gone all-plastic?

Post by h8 2 lose » Mon Mar 16, 2015 10:01 pm

GoldenFinch wrote:Rewards cards. Have never carried a balance. Almost never use cash. :happy
Same here

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Re: Do you still use currency or have you gone all-plastic?

Post by abuss368 » Mon Mar 16, 2015 10:03 pm

It is rare. Mpretty much everything is credit card. No debit card.
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Re: Do you still use currency or have you gone all-plastic?

Post by Qprkid » Mon Mar 16, 2015 10:11 pm

EddieJones wrote:I use a credit card for nearly all purchases but carry around a few hundred dollars in cash at all times. I feel this makes me more spontaneously generous (handing out the occasional $50 for good work by employee or a $20 for an ad-hoc donation to one of our local deserving charitable causes). One of my mentors has done this for years and told me it has had this effect on him over the years and although small adds a bit of happiness each time he can help - I can now echo his sentiment.
+1.
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Re: Do you still use currency or have you gone all-plastic?

Post by abuss368 » Mon Mar 16, 2015 10:50 pm

Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
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Re: Do you still use currency or have you gone all-plastic?

Post by tetractys » Mon Mar 16, 2015 10:59 pm

One cash withdrawal transaction cuts down on many plastic transactions, so less bookkeeping; and also there are those times out when cash is best for the social pool. -- Tet

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Re: Do you still use currency or have you gone all-plastic?

Post by scrabbler1 » Tue Mar 17, 2015 12:01 am

Watty wrote:Almost always cash for anything less than $25 and more often than not I pay cash for things up to $50. Above that usually a credit card.

The fewer places I use a card the less chance there is that I will have trouble with a Home Depot or Target type data breach.
Same here, with slightly different ranges for cash versus credit. Under $30 I use cash. Over $40 I use credit. Between $30 and $40 I can go either way, depending on how much cash I have on me. I don't want my CC bill getting all cluttered with a lot of small purchases. I end up using my credit card around 4 times per month which is perfect.

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Re: Do you still use currency or have you gone all-plastic?

Post by john94549 » Tue Mar 17, 2015 4:43 am

My wife handles most purchases. In the odd occasion I actually buy something, I use cash. Gas at the local Shell station, cash. Your local 7-11, cash. Never thought about it. Might be I'm the only one in our family who ever uses cash.

3504PIR
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Re: Do you still use currency or have you gone all-plastic?

Post by 3504PIR » Tue Mar 17, 2015 4:48 am

I use primarily cash but use plastic for travel and online purchases. I find using cash reduces my monthly spending.

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JDCarpenter
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Re: Do you still use currency or have you gone all-plastic?

Post by JDCarpenter » Tue Mar 17, 2015 7:06 am

Almost all plastic and electronic.

Exceptions: 1. One little snack shop that I go to several times a week doesn't take plastic. 2. Tips for valet parking (here, amazingly, the parking at restaurants/bars in the congested areas is typically "free," so the only cost is the tip); 3. the Dollar General near my office--credit card takes far longer to process than cash....
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Re: Do you still use currency or have you gone all-plastic?

Post by Drew777 » Tue Mar 17, 2015 7:41 am

I can't remember the last time I used cash for anything. It's probably been several months. I use my credit card for literally every transaction. I load my AmEx Serve account with a credit card to pay bills that don't accept CC with no fee (mortgage, student loans, checks to individuals, etc). Unfortunately Serve is going to stop accepting CC other than AmEx cards, which don't get points from using Serve, which sort of defeats the purpose of using a CC. I use travel credit cards to get miles/hotel points. I used to use cash back cards, but now they sit in the bottom of the drawer collecting dust.

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Re: Do you still use currency or have you gone all-plastic?

Post by takeshi » Tue Mar 17, 2015 8:46 am

Seattlenative wrote:Using paper currency psychologically seems to be a deterrent to unnecessarily spending money, because swiping plastic is painless by comparison. What forms of payment do you frequently use for daily routine purchases?
Plastic whenever possible. Cash just evaporates with no record for me. I can account for all purchases made via plastic. Rewards are gravy. Besides, most of my purchases are made online.
abuss368 wrote:Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
Nope. Everyone does not use an iPhone for one thing.

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Re: Do you still use currency or have you gone all-plastic?

Post by eschaef » Tue Mar 17, 2015 8:55 am

takeshi wrote:
Seattlenative wrote:Using paper currency psychologically seems to be a deterrent to unnecessarily spending money, because swiping plastic is painless by comparison. What forms of payment do you frequently use for daily routine purchases?
Plastic whenever possible. Cash just evaporates with no record for me. I can account for all purchases made via plastic. Rewards are gravy. Besides, most of my purchases are made online.
abuss368 wrote:Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
Nope. Everyone does not use an iPhone for one thing.
Same for me. Cash evaporates with no record. If it is in my wallet, I must consider it already spent.

When available (ostensibly wherever MasterCard Tap and Pay is available...although I have found only the newer readers that show the blue lights seem to work reliably), I use Google Wallet to pay with my credit card via my Android phone. Convenient, with the added benefit that the store never has access to my actual credit card number.

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Re: Do you still use currency or have you gone all-plastic?

Post by jebmke » Tue Mar 17, 2015 9:12 am

abuss368 wrote:Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
Maybe not as fast as you think.

http://www.nytimes.com/2015/03/17/busin ... f=business

I'm still waiting for Chip and Pin. That will meet my needs.
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Re: Do you still use currency or have you gone all-plastic?

Post by JW-Retired » Tue Mar 17, 2015 9:23 am

I typically use cash if it's less than $30 or $40. Cash means merchants don't need to pay the cc tariff and I don't have so many obscure entries to scan for fraud on my cc statement. Good for both of us.

The minor downside is the big bowl of coins in change accumulated because I dislike carrying any of them.
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Re: Do you still use currency or have you gone all-plastic?

Post by Crow Hunter » Tue Mar 17, 2015 9:57 am

All plastic wherever possible.

I almost never use or carry cash.

I have a single dollar coin in my pocket right now that I swiped from my wife this morning because I wanted to get a candy bar out of the snack machine at lunch. :D

My wife usually has some cash (so I rob her when I need some :twisted: ). She keeps some for coffee if she forgets to make some for herself at home.

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Re: Do you still use currency or have you gone all-plastic?

Post by Epsilon Delta » Tue Mar 17, 2015 10:25 am

This is not a dichotomy. (Waiting for the Canadians and Australians to chime in.)

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Re: Do you still use currency or have you gone all-plastic?

Post by linenfort » Tue Mar 17, 2015 11:42 am

tylerdurden wrote:I probably use gift cards more than I use cash,
I used to buy gift cards with my Amex to use in various places instead of cash. But, most of the novelty* has worn off and since most places now allow even small purchases with a credit card, I just use a credit card.

*I like the way different gift cards look, but it became a pain to make sure each one was used up.
JW Nearly Retired wrote:The minor downside is the big bowl of coins in change accumulated because I dislike carrying any of them.
That's what the penny arcade at the bank is for. :happy

But there is another downside to using cash: making sure you get the correct change is more of a pain than scanning credit card statements, IMO.
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Re: Do you still use currency or have you gone all-plastic?

Post by inbox788 » Tue Mar 17, 2015 12:47 pm

takeshi wrote:
abuss368 wrote:Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
Nope. Everyone does not use an iPhone for one thing.
Apple Pay has been out less than a year and barely rolled out. My crystal ball doesn't see its failure so clearly. No technical limitation to tying an iPhone as long as security measures can be implemented in Android or other OS or even just a simple key fob (with fingerprint reader).
jebmke wrote:
abuss368 wrote:Now from what I am reading is perhaps my plastic is going to be obsolete considering Apple iPay.
Maybe not as fast as you think.

http://www.nytimes.com/2015/03/17/busin ... f=business

I'm still waiting for Chip and Pin. That will meet my needs.
It's a question of WHEN not IF electronic form of payment will begin to supplant simple plastic. A plastic credit card is basically a machine readable number, easily copied. Newer electronic payments systems are more than just a number and add security. Additional security digits, chips with encoded numbers, one time use numbers, etc. are all welcome, and the electronic receipt will be helpful for expense tracking and budgeting. Apple Pay is but one of many solutions that may become standard in the future. Some of these might be electronic chip embedded in plastic, either size of credit card or other. Others might be watches or pendants. Whatever works.

I recall a time when credit cards were barely accepted at supermarkets, and many folks stood in line waiting for someone to write a check, check id, etc. Some places are still checking id on credit card use today. Anything to speed up the checkout process should be welcome by both customer and merchant.

BTW, some of these Apple Pay issues will iron themselves out:
But the banks may largely have themselves to blame.
It is not clear, however, that Apple is the naked emperor. More likely it is at least as much the banks’ fault, if not more.
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Re: Do you still use currency or have you gone all-plastic?

Post by Bylo Selhi » Tue Mar 17, 2015 2:06 pm

Epsilon Delta wrote:This is not a dichotomy. (Waiting for the Canadians and Australians to chime in.)
OK I'll bite.

1. Everything in my wallet is plastic (except for the metal in the chips.)
2, Everything in my change purse is metal.

Exceptions:
(a) When I travel to the USA or Europe I usually carry a wad of paper
(b) Sometimes someone gives me one of the few remaining paper notes that's still in circulation.

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Re: Do you still use currency or have you gone all-plastic?

Post by Cosmo » Tue Mar 17, 2015 2:11 pm

livesoft wrote:I've bought 2 cents of gas with a credit card because I got $10 back for using it. That was the minimum amount I could "click" at the pump.
This is great. I like this.
Cosmo

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