Privacy

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Decided to start paying predominantly cash again (lemmy.mtate.me.uk)

submitted 3 months ago by smeeps@lemmy.mtate.me.uk to c/privacy@lemmy.ml

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I had two reasons, the first is because i found it way too easy to spend on my card without thinking, and the second because I wanted to regain a bit of privacy alongside everything else I'm doing. Ive set it up in my bank that on payday, an amount of my salary automatically goes to the bills account, some goes to long term savings, some to short term savings, then the rest I take out in cash.

It really does change my perception of spending I think: Ive found myself not buying things because I didnt want to break a note and carry change. I can physically see how much I have left. I can take £20 to the pub and leave when its finished. Plus it feels really good knowing every single transaction isnt stored forever. I have a small amount of money on a contactless ring for emergencies like a bus fare or somewhere that unexpectedly only takes card.

Is anyone else still predominantly using cash day to day?

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[–] Turbo@lemmy.ml 15 points 3 months ago (6 children)

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.

[–] kevincox@lemmy.ml 8 points 3 months ago* (last edited 3 months ago) (3 children)

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.

[–] smeeps@lemmy.mtate.me.uk 3 points 3 months ago

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.

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