[Finance] Cash or card ?

[Rdodge30]

They’re expensive rates - expect no more from settle or sum up. I’m with xln - monthly charge and 0.2% on debit cards. The amount of money we take in August alone pays for all the year’s monthly payments and still cheaper than the companies with no monthly charge but higher percentages.

*mate of mine is repping for dojo and guarantees me they will beat xln prices

 

[Wozza]

When tech goes down, let the good times roll...

 

[mile oak]

Has the Amex ever had a problem with cards? What would happen? Have they got a back up of allowing cash? Does anyone carry more than 1 card in case?

 

[Springal]

Has the Amex ever had a problem with cards? What would happen? Have they got a back up of allowing cash? Does anyone carry more than 1 card in case?

No back up.

 

[timbha]

More risk of fraud and theft surely with with cards, pin nos , computers etc. If someone nicks my £50 in cash, that is all he`ll get.
Nick your card and even without pin can do multiple £100s I believe.

True from the customer’s point of view.
But if there’s £500 in the till and someone’s grabs it and does a runner then you’ve lost £500. Or if someone nicks your bag of cash as you walk to the bank…..
For a retailer cards are safer and more efficient.

 

[mile oak]

No back up.

So what free beer free food like Newcastle?

 

[sydney]

once again.....you show how out of touch with the modern world.....you are.........

oh do piss off..... ffs , i employ 9 people full time and turn over around 2 million a month , the cost of which is increasing weekly , so much so that this year i am probably going to pull the pin or at least down size as the instances of bad debt , pressure from people for more money , rising rates from trades like tilers , plumbers , carpenters and rising costs of materials make it increasingly hard to register a meaningful profit for the time and effort i put in.....i am well out of touch. Removing cash from circulation will have consequences that may not affect you but will certainly affect many others.If you want to trust the big banks to do the right thing then you carry on but keep your pathetic , judgemental sniping to yourself.

 

[sydney]

I think you need to look at who you are using!!!

visa for the ffp's

 

[WestYorkshireSeagull]

I have atleast £50 on me generally.

You never know, an impromptu game of poker may arise that needs a loser

 

[Springal]

So what free beer free food like Newcastle?

No idea. How many times has it happened since the Amex opened ?

 

[Flounce]

No idea. How many times has it happened since the Amex opened ?

If it did happen I reckon we’d just close the bars

 

[Springal]

If it did happen I reckon we’d just close the bars

My point being the risk clearly doesn’t match the cost there would be to have cash on site at all kiosks, risk of mistake / theft, banking cash etc etc etc given how extremely low that risk appears to be

 

[Creaky]

finally someone with a brain ....if you make a purchase with a card either you or the vendor pays the card fee which is generally 1.5 % if i buy 3k worth of timber from my supplier and use credit thats $45.00 that goes to the credit provider for doing f*** all .......i'll keep using cash as long as possible , once it's gone we're f***ed.

Have had need to use large amounts of both cash and card payments over the last 12 months.

Credit cards I like for the protection and the free of interest period.

Trying to withdraw large amounts of cash from the bank though can mean facing a full on interrogation. On one occasion it took nearly an hour to withdraw £20k of my own money

It would be interesting to calculate just how much of the price of anything we buy is due to bank fees. For manufactured goods there are all the costs of the raw material suppliers which will have incurred bank charges on payment On sale to the manufacturer the payments are likely to have passed through the banking system. Then there's transport, fuel packaging etc. Payment for which will all have gone via a bank including payments by the suppliers of their costs. The retailer's costs, wages, storage, transport, insurance etc. will again be handled by banks.

At any stage the individual bank charges may be relatively low but I would submit that the overall proportion of any consumer purchase is substantial.

Prior to the cashless society being marketed to and accepted as the norm a pound note would go through various hands as payment without any charges being applied before finally landing up in a bank account. Hardly surprising that banks extoll the use of their systems.

 

[Shropshire Seagull]

I consider myself to be reasonably financially savvy, but not wishing this post to come over as "Look at clever me".

In the last 30 years I've not paid any current account or credit card bank charges. Yes I've paid mortgage interest and loan interest on the loan I took out for solar panels, but that's all.

When I was contracting, I found a bank who offered free business banking, so no bank charges there either.

All that said, I acknowledge there are many who find finances a struggle and find themselves paying bank fees and charges.

I'm just trying to suggest that bank fees and charges are not mandatory and can be avoided.

 

[Creaky]

I consider myself to be reasonably financially savvy, but not wishing this post to come over as "Look at clever me".

In the last 30 years I've not paid any current account or credit card bank charges. Yes I've paid mortgage interest and loan interest on the loan I took out for solar panels, but that's all.

When I was contracting, I found a bank who offered free business banking, so no bank charges there either.

All that said, I acknowledge there are many who find finances a struggle and find themselves paying bank fees and charges.

I'm just trying to suggest that bank fees and charges are not mandatory and can be avoided.

Direct bank fees and charges can be avoided but you are paying bank charges indirectly in the prices of the goods you buy.

 

[Herr Tubthumper]

oh do piss off..... ffs , i employ 9 people full time and turn over around 2 million a month , the cost of which is increasing weekly , so much so that this year i am probably going to pull the pin or at least down size as the instances of bad debt , pressure from people for more money , rising rates from trades like tilers , plumbers , carpenters and rising costs of materials make it increasingly hard to register a meaningful profit for the time and effort i put in.....i am well out of touch. Removing cash from circulation will have consequences that may not affect you but will certainly affect many others.If you want to trust the big banks to do the right thing then you carry on but keep your pathetic , judgemental sniping to yourself.

I appreciate this is not a reply to my post but Sweden is almost cashless, only 2% of transactions are now cash in some parts of the country apparently.

What consequences are you talking about, and how have they seemingly got around this in Sweden?

 

[The Clamp]

Cash is vital for some people. Life saving in some instances.

People in relationships where their finances and online life are controlled by an abusive partner rely on cash.

People with a low credit score would be severely restricted.

And will nobody think of the car boot man. 6 lighters for a tenner isn’t to be sniffed at.

But for the vast majority of folk, a cashless society is perfectly viable.

 

[Herr Tubthumper]

oh do piss off..... ffs , i employ 9 people full time and turn over around 2 million a month , the cost of which is increasing weekly , so much so that this year i am probably going to pull the pin or at least down size as the instances of bad debt , pressure from people for more money , rising rates from trades like tilers , plumbers , carpenters and rising costs of materials make it increasingly hard to register a meaningful profit for the time and effort i put in.....i am well out of touch. Removing cash from circulation will have consequences that may not affect you but will certainly affect many others.If you want to trust the big banks to do the right thing then you carry on but keep your pathetic , judgemental sniping to yourself.

PS seems like you're in the building business. I can understand why you're reluctant for a cashless society

 

[sydney]

PS seems like you're in the building business. I can understand why you're reluctant for a cashless society

i just feel if we lose cash completely then banks and financial institutions and governments have full control , turn off the internet or electricity and you don't have access to your money , majority of the payments i take are eft .....humans have used cash for thousands of years , why change it ...? my wife went OS before christmas and got her credit card skimmed , what a ball ache.

 

[sydney]

Have had need to use large amounts of both cash and card payments over the last 12 months.

Credit cards I like for the protection and the free of interest period.

Trying to withdraw large amounts of cash from the bank though can mean facing a full on interrogation. On one occasion it took nearly an hour to withdraw £20k of my own money

It would be interesting to calculate just how much of the price of anything we buy is due to bank fees. For manufactured goods there are all the costs of the raw material suppliers which will have incurred bank charges on payment On sale to the manufacturer the payments are likely to have passed through the banking system. Then there's transport, fuel packaging etc. Payment for which will all have gone via a bank including payments by the suppliers of their costs. The retailer's costs, wages, storage, transport, insurance etc. will again be handled by banks.

At any stage the individual bank charges may be relatively low but I would submit that the overall proportion of any consumer purchase is substantial.

Prior to the cashless society being marketed to and accepted as the norm a pound note would go through various hands as payment without any charges being applied before finally landing up in a bank account. Hardly surprising that banks extoll the use of their systems.

banks are all for it obviously .