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I've seen an estimate that credit cards are actually slightly cheaper overall for the economy than cash, when you factor in everything. The physical infrastruct

I've seen an estimate that credit cards are actually slightly cheaper overall for the economy than cash, when you factor in everything. The physical infrastructure to deal with cash is not cheap.

stanleydrew 8y ago
Even without the physical infrastructure it might be cheaper to use credit cards. How much cash is lost in loose change after small transactions every year? I'd bet more than 2%
- ktta 8y ago
  Of cash used in every day transactions? Maybe. Of cash used in bigger transactions that are replaced by credit cards? No way
- imustbeevil 8y ago
  This is actually a benefit because it subtly counteracts inflation.
someonewhocar3s 8y ago
Still refusing to compare to crypto? Anti-nerds should get kicked but I probably got shadowbanned somehow by now ;)
Silhouette 8y ago
Those two aren't the only options, though. Many other electronic payment methods exist that are better than credit cards in almost every way.
- PenguinCoder 8y ago
  Which payment methods are readily available to consumers and business owners that is 'better than credit cards in almost every way'?
  - Silhouette 8y ago
    That depends on where you are. In Europe, electronic payments directly from bank accounts or using various types of card that debit directly are much more reliable and have much lower fees, for example.
    - joeseeder 8y ago
      Can you imagine the queue forming in the morning at the coffee place, where someone is trying to pay them with a bank transfer... ? Just typing in the IBAN Takes ages.. Card/Phone Contactless payments are super fast and efficient.
      - Silhouette 8y ago
        But you don't make a bank transfer in that environment. I can make a contactless payment with my bank's debit card, and it comes straight from my bank account. Many people here in the UK do this routinely for minor purchases, and the technology has been available for several years now. As you say, it's fast and efficient.

I've seen an estimate that credit cards are actually slightly cheaper overall for the economy than cash, when you factor in everything. The physical infrastructure to deal with cash is not cheap.

stanleydrew 8y ago

Even without the physical infrastructure it might be cheaper to use credit cards. How much cash is lost in loose change after small transactions every year? I'd bet more than 2%

ktta 8y ago
Of cash used in every day transactions? Maybe. Of cash used in bigger transactions that are replaced by credit cards? No way
imustbeevil 8y ago
This is actually a benefit because it subtly counteracts inflation.

someonewhocar3s 8y ago

Still refusing to compare to crypto? Anti-nerds should get kicked but I probably got shadowbanned somehow by now ;)

Silhouette 8y ago

Those two aren't the only options, though. Many other electronic payment methods exist that are better than credit cards in almost every way.

PenguinCoder 8y ago
Which payment methods are readily available to consumers and business owners that is 'better than credit cards in almost every way'?
- Silhouette 8y ago
  That depends on where you are. In Europe, electronic payments directly from bank accounts or using various types of card that debit directly are much more reliable and have much lower fees, for example.
  - joeseeder 8y ago
    Can you imagine the queue forming in the morning at the coffee place, where someone is trying to pay them with a bank transfer... ? Just typing in the IBAN Takes ages.. Card/Phone Contactless payments are super fast and efficient.
    - Silhouette 8y ago
      But you don't make a bank transfer in that environment. I can make a contactless payment with my bank's debit card, and it comes straight from my bank account. Many people here in the UK do this routinely for minor purchases, and the technology has been available for several years now. As you say, it's fast and efficient.