Forum Post: Time to live a Cash Life. No Cards, simply Cash and see the Havoc it Creates
Posted 12 years ago on Nov. 5, 2011, 1:43 p.m. EST by tesn1
(212)
This content is user submitted and not an official statement
Banks, and the government live on being able to track all we do. If we spend money using a check / atm card, credit card, or even writing a check it is tracked, and we pay a fee.
Today the system is driven by electronic purchases and very little physical money. Using only cash and withdrawing cash from this point forward with wreak havoc on our banking system. Go CASH and trash the cards.
Lastly it will open the eyes of many how scrutinized you become when you take out substantial amounts of cash. Take out a couple of thousand in cash and see the paperwork the banks will flood you with. Take out more and you will have to fight for your money. Most banks carry limited amounts of cash and if you take out more then $5000 they may not have it. Demand cash, and live on it and see the Havoc it creates.
A 24 hour moratorium across the nation on credit purchases will demonstrate that the populace is not without power. A one week moratorium will create havoc for the banking system which funds all of government. A non ending moratorium on credit card purchases will collapse the entire system in less than a month.
No thanks, I get money back on all credit card purchases. The bill is then paid in full every month. My bank does not me any fees.
Yes
Agreed. I think you might find more fodder for your argument in my post at http://occupywallst.org/forum/the-power-of-the-people/
64 credit unions recieved bail out money......
I can get behind this. :) I have no credit card, just student loans and loan with my credit union for a very modestly priced car (only 3,000). Other than that I use money from my own account to buy things and nothing on credit. :)
Most use their cards to purchase everything. From a cup of coffee, to clothes to dinner out. If we make a switch and dump the plastic the banks not only lose fees they will not be able to handle it and will have severe proplems with Cash Flow.
I haven't had a bank in years. I've only dealt with cash. IF I have to pay by check or MO I use a MO from my local grocery store.
most have a bank account. By using only cash it will detroy there ability to make many of the fees the banks enjoy
Exercise your power in ALL financial transactions and watch the world change !
See http://occupywallst.org/forum/the-power-of-the-people/
Use the Cash to take control
We are beginning to go in the direction of pay as you go. Everyone should get weaned off using credit/debit cards for everything. For the holidays, we should shop locally and go with lay away plans, instead of the usual routine of putting things on credit cards and in January facing the huge holiday shopping bills.
Of course you will see the banks in full force with all their usual gimmicks trying to win you back. They may give out free ipods for new accounts, rather than the usual toaster or corning ware item they usually give. Some of the gimmicks will sound very tempting--but you must resist. They will continue screwing you over in the end with hidden fees should you choose to bank with them.
I would like to add that if this sounds too stringent to some then of course bank with community banks and credit unions, this is a far wiser choice than banking with the big banks. However, become more conservative in regards to your credit card purchases. In this day and age, it is not wise to rely so much on credit cards. Try to avoid running up credit card debt at all cost as it could happen very easily in today's world. Also, actively work to bring down any current credit card debt. You don't want to become a debt slave, so do whatever you can to get rid of your debt. The interest and fees the banks make off of credit card debt is staggering, so stop making them rich.
Their gimicks are tricks to get more fees!
But of course. Everybody need to wise up to this.
Yes so spread the word!
I have been cash only for years.
It will create more havoc then just closing your account. I too have been cash for years, most are not.
What about the rewards I get from my card? I get 2% back. The marginal increase in the cost of the good caused by me using my card is minuscule.
2% back Vs. 19% interest..... No its not that bad for everyone and if you pay it off each month then you dont pay interest. But if you are able to pay it off each month, do you really need to use it anyway?
Yes, because I save 2% on everything I buy, for both personal use and for my business. I spend about $25K per month on my business so it is not an insignificant amount of money.
well then i see the benefits. any chance you can find a credit union to give you those benefits?
Oh I don't know about that. Credit unions are great for some things. I have my mortgage and my checking accounts via credit unions. I think I used them for a car loan too a few years back. I don't know about a credit card with great rewards though.
It's to get YOU to use your card and get whereever you have used the card to pay their fee to let you use that card. There was a day when every one used cash.
Right, I use it everywhere because I save 2% on literally everything I buy. I even used it to buy my last car.
Do you have an annual fee on it??? They don't give that 2% away. That means THEY are losing money. Its hidden somewhere.
I have an annual fee of $250 but I get a bonus of 25K points (which is conveniently worth $250) if I put $30K on it per year. I use it for my business also so I have no problem getting my fee back within a month or two. Credit cards are definitely not for everyone, but some people can save a lot of money by using it.
I think for the average joe, they don't spend 30K a year on credit card purchases so that 2% wouldn't work for them.Glad it does for you.
I hate those stupid point reward programs, they are a complete rip off. That whole system of giving you one point per each dollar spent sounds great at first, but the whole point system is rigged for you to spend more money. For me to rack up a enough points to get a round trip ticket to from NY to San Francisco I need to spend $50,000. For me to have enough point to be able to get a $25 gift card, I need to spend $10,000. The cash back reward programs are better than the point reward system which if you ask me is a complete scam.
However, credit card companies and the big banks know that their is always hidden fees and ways to rip you off and for that reason it is better to put your money in with a credit union or community bank. Try to find a high yield savings account.
It may sound like you are getting a great deal with your current cash reward system, but you can easily fall into the trap of spending more because you think, you are getting something back, but really that's one of the traps the cc companies are hoping you fall into. Once again, put your money in a credit union/community bank and look into high yield savings accounts.
I realize that there are fees that can possibly be charged, with smart use though, you don't have to pay anything. I have never paid my credit card company a dime. But I do get 2% cash back on all my personal and business purchases. Purchases for my business average about $25K per month so the savings are significant.
Okay, well for you than it may not be such a bad thing. However, please remember that cc companies don't look favorably upon responsible credit card users who conservatively use their card ( have a good debt to credit ratio) and pay their balance in full. They call us deadbeats. You think that label would be used on irresponsible credit card users, but I guess the cc companies look at them as cash cows. If the cc companies are not making money off of you, they will find away. Maybe it will come in the form of a new annual fee for the priviledge of using their credit card or they sneak in some hidden fees here and there. This is what they do, so if you see that happening--it's time to split. It is a waste of time speaking to them on the phone , no matter how responsible you were with your credit card--remember they look at you unfavorablly and call you a deadbeat. Oh, the irony.
Less fees with add up to more then 2%. There are fees calculated in all you buy paid to the card company.
I know, I have to pay them either way, whether I pay cash or credit. So why wouldn't I get my 2% back?
You don't pay the fees when you buy with cash. If you don't use an ATM or CC you do not pay the fee for them which is more then the 2% savings
But merchants nearly never pass that savings on to you, so why do it?
People who pay cash control their spending better. The research shows varying percentages of reduced spending, but all are significant.
My credit union has a card that is deducted automatically from my account at the end of the grace period, after I've been able to review the charges. That is ideal for internet purchases where there isn't a paypal link. With cash otherwise, it all works.
Oh I'm sure people get into trouble with their cards. I spend with it as I would cash though, and I also use it for all my business purchases. I never pay any interest either.
It's way too easy to get into financial trouble if you use credit cards. Happened to me a number of times.I finally said oh no more doing that. IIt's costing me much more than I originally paid.
Not sure if it's just NYS or not, but if you add a tip to your waitress/waiter's bill they have to pay tax on that. If you pay them cash then can have a "less of a tip" to report, if you know what I mean.
Some people should not use credit cards. Other people can save a lot of money by using credit cards. It is not all bad.
And I pay taxes on all the money I make, why shouldn't the waiter?
The fees are paid when you swipe your card. Not when you pay in cash. By not swiping you don't pay the fee. Look at a gas station that say one price for cash and the other for credit. typically cash saves you 3%. On almost all purchases cash will save you about 3%.
Because you are saving that gas station the fees they have to pay to the bank just to let you use credit cards. They pass that cost onto the consumer. Why do you think many places say cash only???? We have that privilege all over NYS.
There is more to using just cash then saving on fees. It will completely disrupt the system that is now inplace. Banks don't keep enough cash at the local banks and are no longer set up to handle it. it could severely disrupt a system.
Where, besides a gas station in certain states, will you ever pay a different price for credit instead of cash?
Almost everytime you swipe the card you do. Is becomes hidden in the price or added as a fee from the bank, but do not this the seller of an item will lose money because you use a card. The add more in one way or anther. I did an experitment at the same store (big box store) buying the same item. I paid the first time with cash and the second with credit. and sure enough I paid more with credit in the end. Credit is all about the fees to make money.
They charge the merchant a fee, not the consumer. Yes, they pass this fee on to the consumer, but to ALL the consumers, not just the credit card users. So you, the individual consumer, pays the same price regardless if you use cash or credit. Except I get 2% cash back on my credit card, so it is actually cheaper for me.
According to Big Brother Napolitano, making purchases with cash (like hotel rooms) is a terrorist offense and should be immediately reported.
Shame on you! (That's sarcasm.) Other "suspicious behavior" includes opposing surveillance, using a camera, talking to police, wearing hoodies, driving vans, writing on paper, using a phone recorder, or being white middle class. Homelnd Insecurity in action.
http://www.upi.com/Top_News/US/2011/11/02/Homeland-security-talks-to-hotel-guests/UPI-96031320243960/ http://www.youtube.com/watch?v=3N_b78ncNAc
LOL, so use cash, buy all things wearing a hoodie, write everyting on paper, and record all calls!!!!!!!!!!!!!
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