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BA Deere
Honored Advisor

Re: Trend back to cash.

Hey Craig`s Bro, what do you think about this "Square" credit card swiping outfit for your smart phone? https://squareup.com/  Sounds like they charge 2.75% and those that run a booth at a flea market can easily accept credit cards.  The last 60 Minutues show, they did a very interesting piece on the inventor, Jason Dorsey.  They say he might run for mayor of NYC, a smart guy like that couldn`t be any worse than the current Doomberg Smiley Happy

BA Deere
Honored Advisor

Re: Trend back to cash.

Hey Gough, I don`t care what the credit card companies do, but at the current rate it`s looking like they are pooping in their own nest. What I`m interested in is what some of this small town businesses are up to, like the eatery charging 10% for the privilage to use plastic.  They basically must not want the CC customer at all and want "federal reseve notes" ...what do they see coming down the pipe that many of the rest of us aren`t seeing? 

 

Right now, I could go to the bank and open a line of credit for living expenses for about 3.5% interest and withdraw $100 from a ATM when I`d need the cash.  With this businesses giving a 10% cash discount to not use plastic and then if you run a tab on the credit card, they`ll ding you 20% interest, that would get real expensive real quick, so much so if you had to use plastic you`d tend to curb your spending habits.

 

About 15 yrs ago, I`d get "0% interest credit cards in the mail, with checks and that rate was good for 1 year.  Well I financed my farm inputs that way for a few yrs.  I remember paying a nitrogen bill at the elevator with one of those checks.  You had to pay them off within that 1 yr though, or you`d get charged interest back to day one and at a pretty steep rate at that.

hobbyfarm2145365
Senior Contributor

Re: Trend back to cash.

This was raised before on CCs   People bragging on their cash back CCs purchases. I said then and say now the end users of CC paid that cash back. thru higher prices.   I cash pay gas knowing I'm pay for these CC cash back schemes.    

Craig's Brother
Senior Contributor

Re: Trend back to cash.


@BA Deere wrote:

Hey Craig`s Bro, what do you think about this "Square" credit card swiping outfit for your smart phone? https://squareup.com/  Sounds like they charge 2.75% and those that run a booth at a flea market can easily accept credit cards.


That looks pretty interesting (albeit flimsy and breakable).  The fact that you are physically swiping the card cuts down on fraud, which is a plus.

Craig's Brother
Senior Contributor

Re: Trend back to cash.


@hobbyfarm2145365 wrote:

This was raised before on CCs   People bragging on their cash back CCs purchases. I said then and say now the end users of CC paid that cash back. thru higher prices.   I cash pay gas knowing I'm pay for these CC cash back schemes.    


This is true, if you don't use credit cards for your purchases, you are paying the fees anyway, as they are built into the pricing.  Thus, using cash is a bad idea, it's like paying for something you don't use, so go ahead and use the convenience of credit cards.  Another advantage, cash can be stolen, with credit cards, you are never liable for any purchases you did not make, nor for any fraud.