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Decided to start paying predominantly cash again
(lemmy.mtate.me.uk)
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this post was submitted on 29 Jul 2024
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Privacy
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Some credit cards offer 2% cash back... (Not points) So it's hard to give that up when you get 2% off for just about every dollar you spend. Why wouldn't you put every dollar on card you would normally spend.
This doesn't work well if you are paying interest...
If you're fiscally savvy and don't overspend and can pay your balance in full every month and are not paying interest, this is a strong vote for choosing over cash.
However, without that....I see no benefit and would use more cash for all reasons in this thread.
This is sort of a scam though. Credit cards give rewards, but then charge the business for the processing fees. So the business needs to raise prices to cover the fees. So really no one is getting that 2% except for the card network. And if you don't use a card you lose 2%.
It is basically a protection racket. "It would be a shame if you didn't use our credit card and had to pay 2% more everywhere"
Yes, I know it is complicated. Handling cash also costs non-trivial amounts. I know that the EU has limits on fees (and that is why basically no credit cards have rewards there). I also know that some businesses see the fee as more of a marketing costs because higher spenders tend to use cards and people tend to spend more on cards.
Indeed. Its very uncommon to get flat cashback options in the UK for this reason. I think I had AmEx that gave me 1% for a year and nothing after that.