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Yes, you are participating in a low-level wealth transfer from the poor to the wealthy. I do too, but you have to understand what it is. I find it to be one o
by phil21 10y ago
Yes, you are participating in a low-level wealth transfer from the poor to the wealthy. I do too, but you have to understand what it is. I find it to be one of the least morally acceptable practices I participate in.
Every single person in the US now effectively pays 2-3% more for goods, and that goes directly to pay for your benefits.
I don't consider this a positive, and I honestly feel really scummy using my card in such a manner - but it's one of those things protesting doesn't really help any longer.
I also actually do value my privacy quite a bit as well - and giving banks free marketing data annoys too.
I feel the first complaint is a huge social problem, but the second rather trivial.
Also, credit cards are only faster these days vs. cash due to the insanely bad cash handling skills of the average cashier. 30 years ago this was exactly the opposite - and once in a while you'll get an old-school cashier who has worked a cash business for years and you will realize how utterly slow credit is in comparison.
- op00to 10y agoWhen using Apple Pay at my grocery store, if I wait until the cashier is done scanning my items, it takes 4 seconds from when I tap to having the receipt come out. I can tap at any time during the transaction, and the process is nearly instantaneous. There is absolutely no way cash is faster than this. As far as the cost of credit card rewards, the cost of managing cash for retail businesses is about 1.3% (cite http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6968143/Is-a-cashless-society-on-the-cards.html http://www.telegraph.co.uk/finance/newsbysector/banksandfina...) but I honestly suspect that doesn't take into account cash shrinkage (theft). At 2-3% for credit cards, it's not a huge difference. I spend way more when I use my credit card then when I (grudgingly) use cash, so I suspect retail stores come ahead overall by taking credit over cash.