Preferred method of payment?

[True Dough]

I was surprised to see an article today stating that half of purchases made in Canada are paid for in cash. I rarely have bills in my wallet anymore. Almost all my transactions are done by credit card. It's so easy with the "tap" feature for smaller purchases. Plus the credit card we have provides air travel rewards, so we get major discounts on flights each year (I'd say "free" flights but we do pay fees and taxes) and by paying off the balance each month, we don't get hit with high interest rates.

Do you still use cash much these days?


http://www.cbc.ca/news/business/bank-of-canada-cash-king-1.4405237

[Stargazer99]

1. You can bet the financial lords have some nasty trick up their sleeves by putting us on a cashless

society, Just wait a couple of years maybe less

[True Dough]

4. Well, there's a lot of talk about Bitcoin

and other digital currencies but I haven't dabbled in any of that. At least not yet. Who knows in the years to come?

[steve2470]

19. simple, they love the 18%+ interest they charge

Many people carry a balance every month because they have to, so the banks love the interest. They don't like the bankruptcies much, but they still make tons of money.

[lastlib]

23. Those of us who pay our cards in full every month are called "deadbeats"

by the credit card bankers because we use their money for free. That should tell you all you need to know.

[steve2470]

31. yes heard about that, so true! those bankers are ***** to me nt

[left-of-center2012]

2. No. Mostly I use credit cards.

I carry some cash for small purchases,
but I probably use my cards for 90%.

[hibbing]

3. Debit card

I should probably just choose credit with the stupid thing then I think I get some rewards, but then I get a bill.


Peace

[lastlib]

24. Plus, you're using your own money....

If I'm paying with plastic, I use a credit card so I can use someone else's money. This lets me earn interest (pitiful tough it is...) on MY money. When the bill comes, I pay it in full, so I get an effective 0% interest rate. Then I laugh in the ears of those credit card phone hawkers who say they can give me a lower interest rate!

[flotsam]

5. On line I use a credit union debit card and paypal

In real life I carry a sufficient amount of cash plus a decent amount squirreled away elsewhere...By "sufficient" I mean several hundred which is good if you find a bargain and it gives me the option to deposit some to buffer other purposes. My credit went south years ago and I need to be able to back myself.

[True Dough]

7. Have you ever had any issues with Paypal?

I've sold two vehicles privately and as soon as the ads go online, I received several texts and emails with varying stories from people professing that they wanted to purchase the car from a remote location and would arrange to pay via Paypal. They're always concerned that you too have an account. It struck me as fishy so I Googled "Paypal scam" and sure enough there's two common acts of fraud using Paypal. One is to attempt to get your personal information so they can steal from your account, the other is that the con artist has hacked into someone else's account and will someone else's money to pay for the item for sale.

[flotsam]

9. I have not had a problem

That said I only use paypal to buy online and although several small deals have gone wrong paypal has always restored my funds. I think my largest purchase thru them was less than $300. They are simply a real easy way to deal online where I am uncomfortable posting my debit card # for small purchases even though they tell me the site is encrypted...

[Hoyt]

27. Paypal has worked well for me. I've bought and sold a good

bit of musical instruments and gear. It's easy to buy stuff online without signing up or having to get a credit card out. It's accepted by a lot of places. But, you never know.

[snooper2]

17. online is one word

FYI

[jberryhill]

6. I accept PayPal, cash and wire transfers

[Hassin Bin Sober]

14. I hate cash.

I have a customer who thinks he is doing me a favor paying in cash.

I keep telling him I'm going to get mugged on the way to the bank.

[jberryhill]

15. Specifically where is that bank and when do you go there?

It might not be as risky as all that, but I'd have a better idea if you told me the details.

[defacto7]

8. Debt card and cash...

Although I don't like $1 bills, I think they're obsolete. I get 1 - $25 roll of dollar coins about every week. They're great for parking meters or the diy checkouts. They're also easier for helping homeless; I don’t have to deal with a wallet. Perfect fit for those small change pockets in jeans.

[Binkie The Clown]

10. Debit card in person, pre-loaded credit card online. Cash at gas stations and convenient stores.

Paypal on eBay.

Don't have any other credit cards and don't want any.

If I'm going to buy $50 worth of stuff from Amazon I load $50 onto my pre-paid American Express "serve" card and use that at Amazon. That way if someone steals my card number they can't take money that I don't load onto it.

[Leith]

11. I Got Caught Up in the Target Hacking a Few Years Ago at Christmas

and with all the stories about hacking everywhere, I've become paranoid. I have used nothing but cash for 3 years.

[True Dough]

12. Did you suffer any real losses?

Was it the idea of having money/your identity stolen that bothered you, or did you actually realize material losses?

[Leith]

13. No Materieal Loss

Thank goodness. But having your identity stolen or money mysteriously vanish from your bank account both rank pretty high on my list of disasters that could happen.

We canceled our debit cards as soon as we heard about the hack. Since it was fresh in the news at the time, the bank was very happy to comply. They gave us new cards immediately, but we never activated them.

[Fla Dem]

16. Mostly cash except at a gas station or of course on-line purchase.

While I have them I never use a debit card. I like cash. I know what I have to spend and don't have to check a bunch of small purchases on my account at the end of the month. I SMH when I see someone pull out a debit card for a $2 purchase. If I'm ever caught short of cash, like out to dinner then I'll use a credit card.

[steve2470]

18. a credit card 99% of the time

I only use cash when I have to, such as using the toll road. Yes, I can hook up my CC to use the toll road but meh.

[Iggo]

20. Cash is king. (n/t)

[Generic Brad]

21. I prefer ApplePay

I don't have to carry my wallet. Checking out has never been faster. All I need is my phone and a fingerprint.

[Kali]

22. I hardly ever use cash anymore, at least here in the US

and I haven't been out of the country in a couple years so... I try to pay off cards every month and suck the banks for points and always get cash back. I do pretty well and I am ahead of them on interest for the occasional need to carry a balance. Mostly just use two, one has a rotating scam for 5 points at certain businesses every quarter and the other has a 1 point for everything, 2 for gas and 3 for groceries (or maybe those are the other way around) and then it adds 10% if you do cash back and deposit it into one of their checking or savings accounts.

[goldwax317]

25. My preferred method of payment...

...is someone else's credit card!

[blueinredohio]

26. Still use cash only use credit card for larger purchases scared of getting hacked

[Glorfindel]

28. Very little. Almost exclusively American Express

Like you, I use the rewards points for travel. I usually carry about $50.00 in my wallet, though, in case I spot an estate sale or the like.

[Kilgore]

29. Almost 100% cash

Only is the card for fuel and Amazon. Otherwise it stays in the wallet.
Reoccouring bills get paid by our banks bill pay service.
Makes budgeting much easier

[femmocrat]

30. I still write checks.

Easy to keep track of and (possibly) harder to hack.

[onethatcares]

32. read anything by Richard Wolff

then think about the upside of paying for what you need. Or even saving for what you want.

All it takes is an unforseen accident and the bank will take what you worked hard for all these years and I've yet to
talk to a sympathetic banker that wants a loan paid off.


I see less and less of Canadians here in Florida. The ones with pensions have been dying off and their kids are selling their condos and mobile homes. Seems like they can't afford those winter places anymore.

[True Dough]

33. Household debt is a big, and growing, issue in Canada

Doesn't bold well, especially if interest rates continue to climb, and surely will...

https://www.theglobeandmail.com/report-on-business/economy/canadas-household-debt-to-disposable-income-ratio-climbs/article36275898/

[LeftInTX]

34. Checks for me!

Credit card and then cash.

I tend to spend cash when I have it.