Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 11-03-2019, 04:06 PM   #41
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Posts: 1,126
Quote:
Originally Posted by Teacher Terry View Post
My groomer, chiropractor and hairdresser do not take any type of cards to keep costs down. Either cash or check. I am fine with that if it keeps costs down.
Most folks will get cash if they get a discount. If you think about it that is what the customer is doing right now with credit cards. I look for cash to make a semi-comeback. In a way I like this because I don't want a cash less society.
__________________

FANOFJESUS is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-03-2019, 04:13 PM   #42
Confused about dryer sheets
 
Join Date: Dec 2016
Posts: 8
If I recall correctly, credit cards initially became popular because by law they could charge these ridiculous fees so the consumer did not know the difference between cash and credit. Being allowed to do this was/is unfair to any business and because of the lack of visibility the popularity of cards exploded. Now companies can charge more for credit cards which is really fair. But cards are now so popular and ingrained in society it may never change. Now I do like my credit card and would not like to go back to a cash transactions but the ~3% charge is ridiculous. I use Venmo for no fee and would like to see fees lower substantially. But then I would have to give up my Fidelity 2% cash back on every charge.
__________________

Floridaman10 is offline   Reply With Quote
Old 11-03-2019, 06:02 PM   #43
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,184
Quote:
Originally Posted by MichaelB View Post
Most of us here have cash back credit cards that return 1.5% - 2% of purchases, so a 3% cash discount is really 1% - 1.5%. Paying with credit card has other benefits, so Iíll continue to use it and disregard the cash discounts.
I agree that some purchases are better off being paid by CC if there are some benefits like extended warranty, rewind but I don'get why 3% cash discount is really 1% - 1.5%.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Old 11-03-2019, 06:07 PM   #44
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: lumpen slums of cyberspace
Posts: 30,590
Quote:
Originally Posted by MJ View Post
I agree that some purchases are better off being paid by CC if there are some benefits like extended warranty, rewind but I don'get why 3% cash discount is really 1% - 1.5%.
When I use my credit card I get 2% cash back. If a merchant gives me 3%, thatís only 1% more than I get with the card.
MichaelB is offline   Reply With Quote
Old 11-03-2019, 06:22 PM   #45
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,972
Quote:
Originally Posted by MichaelB View Post
... more than I get with the card.
+1
OldShooter is offline   Reply With Quote
Old 11-03-2019, 08:40 PM   #46
Full time employment: Posting here.
 
Join Date: Mar 2017
Posts: 500
I book a lot of vacation trips with a tour company that gives you a 5% discount on your balance if you pay it by check instead of credit card.
SheitlQueen is offline   Reply With Quote
Old 11-03-2019, 11:23 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,806
Quote:
Originally Posted by SheitlQueen View Post
I book a lot of vacation trips with a tour company that gives you a 5% discount on your balance if you pay it by check instead of credit card.
While 5% is nice, what you might miss out on is: 2% back on the credit card and the included trip cancellation, lost baggage coverage.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 11-03-2019, 11:39 PM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 12,013
The flip side of credit cards is that people tend to spend more, and more impulsively when using a card. So, in the long run, I'm not sure credit cards cost most retailers anything. It seems stupid for monopolies, like utility companies, to accept credit cards though I take full advantage of it.
__________________
You probably mean principal not principle. Judgment only has one "e".
travelover is offline   Reply With Quote
Old 11-04-2019, 08:38 AM   #49
Recycles dryer sheets
SmallCityDave's Avatar
 
Join Date: Oct 2018
Posts: 158
Quote:
Originally Posted by travelover View Post
The flip side of credit cards is that people tend to spend more, and more impulsively when using a card. So, in the long run, I'm not sure credit cards cost most retailers anything. It seems stupid for monopolies, like utility companies, to accept credit cards though I take full advantage of it.

This!
__________________
The richest man is not he who has the most, but he who needs the least.
SmallCityDave is offline   Reply With Quote
Old 11-04-2019, 09:05 AM   #50
Thinks s/he gets paid by the post
Mr._Graybeard's Avatar
 
Join Date: Apr 2011
Posts: 1,547
Quote:
Originally Posted by Sunset View Post
While 5% is nice, what you might miss out on is: 2% back on the credit card and the included trip cancellation, lost baggage coverage.
Going a little OT, I noticed this fall while buying airline tickets with my Costco Citi Visa card that Citi has dropped its trip cancellation and interruption insurance benefit for travel purchases.
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
Mr._Graybeard is offline   Reply With Quote
Old 11-04-2019, 09:23 AM   #51
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,297
Quote:
Originally Posted by OldShooter View Post
Skeptical? Do you work for the IRS? If not, why would you be concerned one way or another?

Edit to be clear: Not trying to argue. Just don't understand.


Well, pretty simple really: if someone cheats the IRS out of revenue then we all foot the bill in the end, either through higher taxes for all, or through reduced services.
euro is offline   Reply With Quote
Old 11-04-2019, 10:25 AM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,806
Quote:
Originally Posted by Mr._Graybeard View Post
Going a little OT, I noticed this fall while buying airline tickets with my Costco Citi Visa card that Citi has dropped its trip cancellation and interruption insurance benefit for travel purchases.
Yes, this is terrible, and it even affects trips for next year that have been purchased but not fully paid.

Until this point I liked the Costco Card, now it's nearly useless for me, as I can get 2.6% of everyday purchases with another card.

I'm in the process of getting a BOA CC that will have this travel coverage and then switch the card used on my trip for the final payment of $5,000.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 11-04-2019, 10:40 AM   #53
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,972
Quote:
Originally Posted by euro View Post
Well, pretty simple really: if someone cheats the IRS out of revenue then we all foot the bill in the end, either through higher taxes for all, or through reduced services.
Sigh ... I get that. Here is what I don't understand:

The illogic that says merchants preferring cash are tax cheats and that all cash tips go unreported*. Both conclusions are prima facie false.

Then the rants about how reprehensible these theoretical sins are. That's mostly what I don't understand. What is the point of this?

Why get upset over something so economically trivial? Really, if you want to get upset about something that is not trivial, worry about the US position of #22 out of 180 countries in the Transparency International corruption index -- even behind Estonia. Or maybe get upset that a majority if Illinois governors seem to move from the mansion to prison? A few shopkeepers and a few servers not reporting 100% of cash income does not even move the needle.

-------------------------------
*BTW, the IRS understands this potential problem and goes to some lengths to ensure that cash tips are reported: https://www.irs.gov/businesses/small...-and-reporting
OldShooter is offline   Reply With Quote
Old 11-04-2019, 10:45 AM   #54
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 12,013
Apparently the big tax cheats are in rural Mississippi.

Quote:
Humphreys County, Mississippi, seems like an odd place for the IRS to go hunting for tax cheats. It’s a rural county in the Mississippi Delta known for its catfish farms, and more than a third of its mostly African American residents are below the poverty line. But according to a new study, it is the most heavily audited county in America.
https://projects.propublica.org/graphics/eitc-audit
__________________
You probably mean principal not principle. Judgment only has one "e".
travelover is offline   Reply With Quote
Old 11-04-2019, 10:53 AM   #55
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 9,806
Handling cash in a store is often a problem. It has to be counted, secured and deposited. Often cash takes more time at the register which night require more staffing during busy hours. All of the previous require time and effort ($$'s). Of course, if one is robbed, there goes the cash. Credit cards require the use of special terminals that the business needs to purchase. That's another expense.

I think each business can figure out what works best for it.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 11-04-2019, 10:53 AM   #56
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,972
It looks like they audit most in areas where the weather is nice year around.
OldShooter is offline   Reply With Quote
Old 11-04-2019, 10:59 AM   #57
Thinks s/he gets paid by the post
 
Join Date: Apr 2015
Posts: 1,185
We have several businesses around that are either cash only (well advertised) or discount for cash. When I plan to shop there, I take cash.
Doesn't bother me.
__________________
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime.
pacergal is offline   Reply With Quote
Old 11-04-2019, 11:01 AM   #58
Thinks s/he gets paid by the post
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 4,499
I pay less because they arenít taking cards and I always write a check and see most people paying with checks. They are small businesses.
Teacher Terry is offline   Reply With Quote
Old 11-04-2019, 11:04 AM   #59
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 1,362
Quote:
Originally Posted by OldShooter View Post
Sigh ... I get that. Here is what I don't understand:

The illogic that says merchants preferring cash are tax cheats and that all cash tips go unreported*. Both conclusions are prima facie false.

Then the rants about how reprehensible these theoretical sins are. That's mostly what I don't understand. What is the point of this?

Why get upset over something so economically trivial? Really, if you want to get upset about something that is not trivial, worry about the US position of #22 out of 180 countries in the Transparency International corruption index -- even behind Estonia. Or maybe get upset that a majority if Illinois governors seem to move from the mansion to prison? A few shopkeepers and a few servers not reporting 100% of cash income does not even move the needle.

-------------------------------
*BTW, the IRS understands this potential problem and goes to some lengths to ensure that cash tips are reported: https://www.irs.gov/businesses/small...-and-reporting
The thing is, that nobody in this thread seems remotely "upset" except for you. Nobody said "all cash tips go unreported" except for you. Of course you can argue against those opinions, but you're fighting your own strawmen when you do.

For the rest of us, we're capable of wondering whether someone running a cash business is paying all their taxes and being concerned about government corruption at the same time. We don't have to abandon one of those thoughts in order to adopt the other.
cathy63 is offline   Reply With Quote
Old 11-04-2019, 11:14 AM   #60
Thinks s/he gets paid by the post
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 3,972
Quote:
Originally Posted by cathy63 View Post
The thing is, that nobody in this thread seems remotely "upset" except for you. Nobody said "all cash tips go unreported" except for you. Of course you can argue against those opinions, but you're fighting your own strawmen when you do. ...
Could be. If so, sorry. I think I've made my point by now.
__________________

OldShooter is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Most "Discounts" These Days are Engineered Fakes Amethyst FIRE and Money 14 12-02-2013 09:13 AM
"Everyday" HD discounts mickeyd Other topics 5 07-02-2010 12:58 PM
Finding "Value" in your purchases maddythebeagle Other topics 33 03-03-2007 05:20 PM
Attitude towards planning purchases an indicator of wealth PsyopRanger FIRE and Money 62 10-12-2006 05:15 PM
Online purchases Arif Other topics 1 05-03-2006 11:54 PM

» Quick Links

 
All times are GMT -6. The time now is 04:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×