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Cash can be expensive to use. There is a hidden tax on all goods and services of a few percent to offset the payment fees merchants have to pay to processors an
by thinkloop 8y ago
Cash can be expensive to use. There is a hidden tax on all goods and services of a few percent to offset the payment fees merchants have to pay to processors and to support the loyalty programs arms race. By using cash, you miss out on the 1%-2% rewards/cashback that offset the elevated prices. That's supposed to be your prize for having helped pressure the merchants into accepting your payment method.
- shorttime 8y agoNot true. It's illegal for something to cost more if you use cash.
- jefftk 8y agoIt effectively costs more, since you pay the same but don't get cash back. If I buy something for $100 cash it would have cost me $98 (after cash back) via credit card.
- ken 8y agoI've noticed the opposite. A surprising number and variety of businesses will give a discount (and more than 1-2%) for using cash.