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I'm in the minority. Our daily expenses (food and incidentals) are paid in cash. My wife takes out a set amount each Monday and that is her budget. I chuckle at those who believe using CC's exclusively (so they can get rewards) is the cheapest way to go. Many studies have shown people will spend less when they are spending cold hard cash rather than using a debit or charge card. A 2 or 3% reward can easily be chewed up by undisciplined use of a charge card. People will say they are disciplined, but human nature has shown otherwise.
Everybody has their own scheme, so everyone should use what they are comfortable with, but I've been behind enough people at a fast food restaurant line charging their meals on a CC when I could pretty well guarantee they wouldn't be there if they had to pay cash, but that's another issue. I like to use cash for the small stuff so I don't have to worry about paying for it later. Larger items (say, $20+) are all charged on cards and PIF at the end of the month.
Accepting cards for small purchases would not be done if the establishment was losing money on the deal. The Mickey D's of the world have done their homework and have concluded it helps their sales, i.e., people will buy more when they wave a card for the purchase, and people who like to use cards will stop in more often..
I think that program is quite reasonable.
McD has already factored the costs into their prices.
I do this. my since 2006 my checking activty has been reduced checks written ACH tranfes to online saving
and the credit cards are paid form savings accounts when I need cash I go to wal-mart buy a RC cola that costs less than a $! and get cash over it's kind like a yummy fee I also hate recive pusedo cash as gifts(gift certs .etc) I don't use cash cash goes up in flames and it's unrewarding
There are also alot of expenses for a company to accept cash. They either have to have an amored truck come and pick up the cash or have an employee take it to the bank. It may not be a per transaction fee or a % of the transaction but it still costs money.
The only time I use cash is tipping the maid at a hotel and vending machines and I'm trying to stop using vending machines.
I don't eat fast food, but if I did I would rather do that, then hold any AMEX card!
American Express does not know how to treat a customer! Thus the very reason why I no longer hold even one.
Customer satisfaction is worthlesss... Customer loyalty is priceless...
@-RED wrote:I don't eat fast food, but if I did I would rather do that, then hold any AMEX card!
American Express does not know how to treat a customer! Thus the very reason why I no longer hold even one.
Customer satisfaction is worthlesss... Customer loyalty is priceless...
Message Edited by -RED on 08-23-2009 06:22 AMMessage Edited by -RED on 08-23-2009 06:23 AM
I like my Blue from American Express. If they have bad customer service so be it. As long as I pay my bill in fulll each month and on time, I shouldn't have any reason to call or deal with AE's customer service.
If I have a question about something, I can simply send a secured email via AE"s website.