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Cash and the future of money

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sleeper's avatar

sleeper

Legend

27,879 posts
Jun 27, 2012 12:03 PM
Do you use cash? Is cash going the way of the dinosaurs?

Thoughts?

I'd be really interested in seeing how NFC on smartphones starts changing things. How convenient would it be to just carry your phone around and not need to bring a wallet. Cash is king, but kings die, credit cards just charge more interest.
Jun 27, 2012 12:03pm
sleeper's avatar

sleeper

Legend

27,879 posts
Jun 27, 2012 12:04 PM
Also, its silly to use cash for most things(besides major assets like house/car). Anyone who uses cash for a majority of their smaller purchases just helps subsidize prices for those who use credit card. I thank you for that.
Jun 27, 2012 12:04pm
M

MontyBrunswick

Jun 27, 2012 12:07 PM
I use my credit card for everything. Every now and again I'll break a $20 just so i have singles for the vending machine at work. In the event someone gives me cash, I usually just buy lottery tickets.
Jun 27, 2012 12:07pm
SnotBubbles's avatar

SnotBubbles

Master of teh QQ

4,492 posts
Jun 27, 2012 12:10 PM
I rarely use my credit card. Cash for almost everything. Unless obviously I'm ordering stuff online or making a large purchase.
Jun 27, 2012 12:10pm
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Jun 27, 2012 12:12 PM
I use my credit card for almost everything and then pay it off every month so I get the miles and don't have to pay interest.
Jun 27, 2012 12:12pm
thePITman's avatar

thePITman

Senior Member

3,867 posts
Jun 27, 2012 12:13 PM
I like to have about $10-$40 in cash on me at all times, but I'm normally lazy and don't go to the ATM... so I end up using my debit card for just about every thing. I use my credit card strictly on gasoline and groceries only, for cash back. If we go to a cashless society, then it opens up for banks to charge us a fee for EVERY card transaction. Banks are already bringing up charging for ATM withdrawals. Ugh...
Jun 27, 2012 12:13pm
hasbeen's avatar

hasbeen

Excuse me, Flo?

6,504 posts
Jun 27, 2012 12:29 PM
i carry cash for food. I use debit when I don't have enough cash. I rarely use my credit card.
Jun 27, 2012 12:29pm
B

BR1986FB

Senior Member

24,104 posts
Jun 27, 2012 12:32 PM
Use debit card 90% of the time. Rarely use cash.
Jun 27, 2012 12:32pm
BORIStheCrusher's avatar

BORIStheCrusher

drunk

1,893 posts
Jun 27, 2012 12:42 PM
I've thought about this a lot since 99% of the time I use my credit/debit card; I almost never have cash on me. But without cash it would make a lot of things difficult. How could I borrow a couple bucks from someone if I didn't have any on me, if a group of people were pitching in on a purchase how would that work, how would younger people get/spend money (like my 5 year old).
Jun 27, 2012 12:42pm
DeadliestWarrior34's avatar

DeadliestWarrior34

gooby pls

3,101 posts
Jun 27, 2012 12:45 PM
sleeper;1212869 wrote:Do you use cash? Is cash going the way of the dinosaurs?

Thoughts?

I'd be really interested in seeing how NFC on smartphones starts changing things. How convenient would it be to just carry your phone around and not need to bring a wallet. Cash is king, but kings die, credit cards just charge more interest.
I thought you thought smartphones were useless.
Jun 27, 2012 12:45pm
sleeper's avatar

sleeper

Legend

27,879 posts
Jun 27, 2012 12:54 PM
DeadliestWarrior34;1212959 wrote:I thought you thought smartphones were useless.
Still do.
Jun 27, 2012 12:54pm
G

gut

Senior Member

15,058 posts
Jun 27, 2012 1:00 PM
IMO, I fail to see how NFC is more convenient than swiping my credit card. I'm also not convinced of the security for NFC. I don't do anything financially sensitive on my phone (i.e., even if NFC is good, I could lose my phone or there's always the potential for virus/hack).

I tend to pay cash at the coffee shop or convenience store, maybe for lunch. Gas and groceries are always on the CC. Otherwise, I just take out $200 at a time and that usually lasts me a month or more. As much as possible, utilities and other recurring expenses go to my CC or debit/autopay from my checking account.
Jun 27, 2012 1:00pm
BORIStheCrusher's avatar

BORIStheCrusher

drunk

1,893 posts
Jun 27, 2012 1:01 PM
My theory is that cards will be gone and fingerprints will have a direct line to your account.
Jun 27, 2012 1:01pm
M

MontyBrunswick

Jun 27, 2012 1:03 PM
Dumbphones can have NFC too
Jun 27, 2012 1:03pm
G

gut

Senior Member

15,058 posts
Jun 27, 2012 1:03 PM
Also, I have used my debit card once out of necessity. I'm a little paranoid about swiping that baby and having my checking/savings account at risk if it gets compromised. Yeah, I know, the ATM is probably a bigger risk.

I suppose I can see not wanting to carry multiple cards, but otherwise I fail to see why someone uses a debit card when it offers less protection than a CC.
Jun 27, 2012 1:03pm
thePITman's avatar

thePITman

Senior Member

3,867 posts
Jun 27, 2012 1:08 PM
BORIStheCrusher;1212997 wrote:My theory is that cards will be gone and fingerprints will have a direct line to your account.
Part of the legislature in the originally-proposed Obamacare plan said a chip would be placed in the wrist or behind the head and tie each person to his or her bank account.
Jun 27, 2012 1:08pm
Trueblue23's avatar

Trueblue23

BASEDgod

7,463 posts
Jun 27, 2012 1:09 PM
I'm the dude that uses my debit card for a $2.00 Powerade lol

I rarely get money out. If I spend 2 bucks on a drink, I'll blow the other $18 on shit I don't need.
Jun 27, 2012 1:09pm
G

gut

Senior Member

15,058 posts
Jun 27, 2012 1:14 PM
Trueblue23;1213004 wrote:I'm the dude that uses my debit card for a $2.00 Powerade lol

I rarely get money out. If I spend 2 bucks on a drink, I'll blow the other $18 on **** I don't need.
Hilarious. Sort of the polar opposite of people who don't use a CC because they fear they can't control their spending.
Jun 27, 2012 1:14pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Jun 27, 2012 1:17 PM
Trueblue23;1213004 wrote:I'm the dude that uses my debit card for a $2.00 Powerade lol

I rarely get money out. If I spend 2 bucks on a drink, I'll blow the other $18 on shit I don't need.

Exactly this.
Jun 27, 2012 1:17pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Jun 27, 2012 1:18 PM
I rarely ever have cash. Debit card for everything unless account is running low, or it's a large purchase.
Jun 27, 2012 1:18pm
DeadliestWarrior34's avatar

DeadliestWarrior34

gooby pls

3,101 posts
Jun 27, 2012 1:20 PM
Trueblue23;1213004 wrote:I'm the dude that uses my debit card for a $2.00 Powerade lol

I rarely get money out. If I spend 2 bucks on a drink, I'll blow the other $18 on shit I don't need.
If you spend more than $1 for a Powerade, you're getting robbed.
Jun 27, 2012 1:20pm
Trueblue23's avatar

Trueblue23

BASEDgod

7,463 posts
Jun 27, 2012 1:28 PM
DeadliestWarrior34;1213025 wrote:If you spend more than $1 for a Powerade, you're getting robbed.
Just an example broseph.

I worry about losing my wallet when I have cash. You can straighten debit/credit card issues out, that cash is gone forever.
Jun 27, 2012 1:28pm
DeadliestWarrior34's avatar

DeadliestWarrior34

gooby pls

3,101 posts
Jun 27, 2012 1:31 PM
Trueblue23;1213032 wrote:Just an example broseph.

I worry about losing my wallet when I have cash. You can straighten debit/credit card issues out, that cash is gone forever.
I prefer brochacho.
Jun 27, 2012 1:31pm
S

Sonofanump

Jun 27, 2012 1:37 PM
I don't think cash will be eliminated. Smaller items that the cost to use a credit transaction outweighs the purchase, illegal items such as drugs and blackmarket deals would drive the market to keep cash.
Jun 27, 2012 1:37pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Jun 27, 2012 1:53 PM
anything less than about $15 i still probably use cash.
Jun 27, 2012 1:53pm