Cash Money, Debit Cards, Credit Cards, Cheques, Online Banking, Transfers?

@Suebee (2013)
Canada
June 18, 2012 11:11am CST
I don't know about you, but I find that I rarely use money these days. Not that I don't buy stuff but there are so many different ways one can shop and make purchases without actually using physical money. Is money becoming obsolete? Does it cost too much to print? Is it easier to use bank debit cards, credit cards or cheques rather than cash? I've noticed also that very few people write cheques any more either. What do you prefer? Or maybe it's just online shopping with online banking? What do yo think?
3 people like this
11 responses
@winterose (39921)
• Canada
19 Jun 12
I prefer cash. I see exactly how much my stash goes down when I use cash. Then I avoid admin fees as well that way. At lot of places don't accept cheques, and I know several people who don't even have a bank account.
@Suebee (2013)
• Canada
19 Jun 12
I don't often use cheques either but I couldn't imagine not having a bank account!
@Suebee (2013)
• Canada
19 Jun 12
And oh, btw, I like the way you spell cheques, same as me.
@winterose (39921)
• Canada
20 Jun 12
checks is the American spelling cheques is the Canadian spelling especially in Quebec
• United States
19 Jun 12
It all depends upon what I am doing. If I am paying the bills, then I use checks and mail them as I will not do my banking online. Sometimes we will use the debit card for groceries or purchases like that, but other times I will have cash for whatever we are doing. My mom always uses cash for groceries, even though she could easily use a check or credit/debit card, so maybe I get that from her. I guess that I like to actually see the money and where it is going, especially since it seems to be used so quickly.
@Suebee (2013)
• Canada
19 Jun 12
For sure it depends on what you're doing. I always use my debit card for groceries and shopping unless I'm buying big ticket items, then I'll use my credit card and then just pay it off online when I get home. I find I rarely use cash, other than on holidays. I don't like writing cheques but do use them occasionally especially if I have to mail money.
1 person likes this
• United States
21 Jun 12
Speaking of holidays, those are two circumstances when I always use cash rather than a check or debit card ... except sometimes at hotels that require the debit card anyway when you register to stay with them. We have a tight budget for holidays, such as Christmas, so having the cash makes it easier to keep track of the money and know when we are getting close to our spending limit. Similarly, it is very easy to spend a lot of money when on vacation and not even realize how much you have spent until you check the balance in your account. In addition, I do not necessarily trust all the places that might get my bank information when I am on vacation as I do not necessarily know the area and what places to avoid. Therefore, it is also easier to just carry cash when on vacation, especially since there are still some places that will only accept cash, so you are always prepared.
@Suebee (2013)
• Canada
23 Jun 12
Very true. I find also that if you are using a different currency it is so much easier to get your money exchanged before you go and carry cash. A lot of places don't accept foreign debit or credit cards and if they do there is often a hefty fee attached.
1 person likes this
@marguicha (92150)
• Chile
18 Jun 12
I prefer credit cards as I think that I can keep better track of my money some how. Besides, my credit card gives me a small amount of dollar-prizes if I use it. I pay it all each month, so I just pay for having it, but not for money interest. I use some money in cash for transportation, eggs and other such things. !
@Suebee (2013)
• Canada
19 Jun 12
Yes a lot of credit card companies offer incentives such as prizes or rebates if you use them. For me, it is too tempting to overspend if I put everything on my credit card. That's why I prefer using my debit card, lol.
@marguicha (92150)
• Chile
19 Jun 12
I turned in my debit card because every card has a maintenance fee and I only need a credit card to have when I travel. But I treat my credit card as a debit card and pay it all every month. Yet I even buy bread and butter with it so that I can get more dollar-prizes. I had over US$500 for my air fare this coming June 30th.
@Suebee (2013)
• Canada
19 Jun 12
Wow, it's true eh? The banks charge a fee for just about everything so why not just narrow it down to one card. Excellent idea!
@wolveren (1568)
• Cebu, Philippines
18 Jun 12
All these are just a way of accelerating flow of money. It is nothing new. We have just began to unfold from the limitations we used to have. In the ancient past it was not practical to carry around precious metals to purchase so they had the people deposit their precious metals like gold and silver in exchange for paper money. Thereby making purchases and mobility much quicker. Nowadays, the paper money is still in the bank or to be collected. So our physical paper money will still be around for quite some time. If we will have learned to manage our transactions wisely using plastic cards and the online thing, perhaps we will be ready for the next trend in monetary transactions. Which will lead to new more ways to speed up flow of money everywhere.
@Suebee (2013)
• Canada
18 Jun 12
Oh for sure paper money will be around for quite some time yet. I agree technology is a way of accelerating the flow of money. Just look at how quickly we can now buy things from other countries over the internet, all done by technology but we get our purchases and sellers get their money. In earlier days it would have taken forever to accomplish something like that. I just find that fewer and fewer people actually carry money now, myself included.
@wolveren (1568)
• Cebu, Philippines
18 Jun 12
Right, it is a convenience and its a good thing if managed wisely. The power of the plastic card is limitless. It's impractical to carry around 10 grand. It's not safe.
@Suebee (2013)
• Canada
18 Jun 12
Not that I would have that much to carry around but yes, I know what you mean!
@inertia4 (27605)
• United States
24 Jun 12
Money is still being used. But I know what you're saying. I hardly use actual cash myself anymore. I use basically my debit card when I buy things and I also buy online. Sometimes I use cash. Like when I am with my kids I use cash to teach them about money. This way they see me with only so much money and they would not be apt to constantly ask for more. When they see a debit or credit card, they automatically think that there is an endless pit of money from them cards. But one day we might see money go away.
@Suebee (2013)
• Canada
29 Jun 12
Oh I know what you mean about it seeming like an endless supply when you use a card to pay for items...and not just for kids either! lol It's true, it's easier to teach kids about money if you have the actual cash on hand and they can see it. I think it will take quite a long time before money goes by the wayside, if ever. There are just too many people who don't have credit cards or even debit cards right now.
1 person likes this
@inertia4 (27605)
• United States
8 Jul 12
I agree. It will happen some day I believe but I am sure not in our lifetime anyway. But we all do need a budget, after all we need to have money on hand to have as we get older.
• United States
19 Jun 12
I actually prefer cash as opposed to anything else. I have a bank account but I very rarely even keep money in it. They always want me to keep an extra five dollars in it to keep my account in, 'good standing', but I don't buy it. I don't trust banks at all. Ever since all of those bailouts happened, I don't trust any financial institutions whether they're credit unions or not. I ESPECIALLY don't trust PayPal.
@Suebee (2013)
• Canada
19 Jun 12
No system is perfect, that's for sure and banks are no exception. Although I have never had any problems with banks or even PayPal that's not to say that I never will.
• United States
19 Jun 12
I use online bankng to pay my bills. Then I use cash to buy some things. and I use my debit card to get other things. I try not to use my credit card for anything..
@Suebee (2013)
• Canada
19 Jun 12
Much the same as I do.
@blue65packer (11835)
• United States
18 Jun 12
I don't have a checking account a debt card. I do have a savings account and a Christmas account. I do have a few credit cards. I pay my bills with money orders. Some things when i order out of a magazine I use a money order. The rest of things I buy I use cash. I abuse checking accounts this is the reason i don't have one!
@Suebee (2013)
• Canada
19 Jun 12
A checking account I could live without but definitely not my debit card! It's practically the only thing I use when shopping!
• United States
18 Jun 12
Money is a form of energy and it always will be even if our transactions exist metaphysically. That's part of living in a time where technology is huge. I still carry cash and coins. At certain times it's convenient to do so. I also like knowing that I have other options where I can exchange numbers in the computer for things I need. Are coins and cash becoming obsolete? Not necessarily. It's just more convenient and economical to experience electronic transactions, especially, when so much is done online.
@Suebee (2013)
• Canada
18 Jun 12
Oh I agree that it's more of a matter of convenience than anything else. It would definitely take a long, long time before cash and coins became obsolete, however, here in Canada they are phasing out pennies. Is that a beginning perhaps?
@Hatley (164670)
• Garden Grove, California
18 Jun 12
hi suebee I love using my debit card as it saves my cash for other things. I love online shopping using my debit card and thus always having a check on my account balance. I do not use credit cards thus do not owe anything. good way to keep account of all your transactions.[
@Suebee (2013)
• Canada
18 Jun 12
Hey Hatley, how are you? I do all of my banking online as well. I also like to shop online for certain things. I use my debit card for almost everything when I shop in person. It saves me a trip to the bank and besides, I never know how much I'm gonna spend so don't know how much to take out of the bank at one time. I use my credit card for big purchases, as there is usually a daily limit on my debit card. I then just pay the credit card by online banking. I think cheque writing is becoming a thing of the past. The only thing I use cheques for is my mortgage payment. As for cash, about the only thing I use it for is the vending machines at work and the laundry machines in my condo.
• United States
12 Oct 12
I do most of my shopping online or I use my debit card, it's much easier than cash, and it's convenient too.