Debit vs. Credit Cards

   / Debit vs. Credit Cards #31  
It's mind boggling to me how few businesses will offer a cash discount anymore.
There are plenty of studies out there showing it is actually more expensive for the business to take cash. You have to have controls in place to prevent sticky fingers, balance the drawer at the end of the shift, get the money to the bank to deposit, run the risk of robbery etc. The vast majority of those concerns go away if you are taking plastic.
 
   / Debit vs. Credit Cards #32  
Kinda but probably not. They have the cost of the transaction fee built into the price of the item/service. If someone pays cash, they just make more profit for themselves. No smart business is going to take a loss on credit card purchases. They're going to pass it along to the consumer by building it into the price up front. ;)
Or just saying we are adding a 3% transaction fee to cover the cost of the processing fee with their payment processor.
 
   / Debit vs. Credit Cards #34  
There are plenty of studies out there showing it is actually more expensive for the business to take cash. You have to have controls in place to prevent sticky fingers, balance the drawer at the end of the shift, get the money to the bank to deposit, run the risk of robbery etc. The vast majority of those concerns go away if you are taking plastic.
Back in high school I had to balance cash for the DQ I was working at. Had to run the "X tape" as I recall, and it would print out all transactions for the day, cash drawer starting and ending balance. If drawer didn't balance to the penny, YIKES! the owner would get upset. No credit cards at that location back then.
 
   / Debit vs. Credit Cards #35  
I use debit cards exclusively. No high interest credit cards for me. The debit card accesses cash I hold without having to carry cash. I earn 2% on each purchase. Yes earn 2%, have for years. And the seller pays the trnasaction fee not the buyer, hope this helps

There's a lot to unpack there. First, if you're paying off the credit card monthly, which is what you'd do if you have the money in the bank to use the debit card, there are no high interest rates. And for the transaction fees, the Visa or Mastercard network is adding those fees to all transactions, debit or credit. And consumers ultimately pay the fees through the cost of the product they purchase. So there is a net-zero difference between debit an credit there too.

As for the 2% earning, that is something I've never heard of on a bank debit card. Which bank do you have that pays a reward on debit card purchases. That's interesting.
 
   / Debit vs. Credit Cards #36  
AMEX ! :oops: :eek:

You should know AMEX is the only major credit card company that requires merchants to sign a waver allowing AMEX to use the customers purchase history information for profit.
I wouldn't let my dog carry this card. And we banned it's use in protest at our business.

You better stick with cash if you are looking to be ‘untraceable’.

Amex benefits far outweigh Visa, MC, Discover for my use.

I have Visa through USAA and Wells Fargo.
Visa and MC don’t service their own cards, they are issued through a 3rd party.

Amex is the financial base and the servicing party and as such have some of the best customer interaction reviews around.

We also didn’t accept for a while in our business, mainly because it was more expensive. We do now however.

Amex base and volume has always been much lower than the other 3, different business model for sure.
 
   / Debit vs. Credit Cards #37  
Snobds has it right
Debit cards you have to have the money in your account to use it. If you lose it, you might lose your money too.
I use a credit card and get points and pay the balance when the bill comes. I have never had or used a atm card.
I seen what happens with that.
 
   / Debit vs. Credit Cards #38  
My paycheck gets direct deposited to my checking account, and I withdraw a small amount for pocket cash, then use the debit card for everything else. It makes things simple.
 
   / Debit vs. Credit Cards #39  
I have been using my Visa strictly for the greater rewards. It gets paid off when the statement comes in, and have not paid anything in interest since I first received one. If I were to use my debit card for the purchases, I would not receive any rewards. These rewards have provided my wife and I many things over the past few years which we normally would not splurge on ourselves.
 
   / Debit vs. Credit Cards #40  
Snobds has it right
Debit cards you have to have the money in your account to use it. If you lose it, you might lose your money too.
I use a credit card and get points and pay the balance when the bill comes. I have never had or used a atm card.
I seen what happens with that.
Our debit card has protection against unauthorized purchases.
 
 
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