Is cash on the way out?

Jules said:
An online poster commented that he couldn’t get enough cash from his local bank for a large purchase he was making . He had the money in his account; the bank had almost run out of cash on a Friday afternoon. It was suggested he go to a neighbouring branch where they were going to be low on cash but they gave him the money.

He also commented that the ATM lineups were longer than usual.

Are people hoarding cash?
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I do. Even have a large old apple cider jar with nothing but folded up dollar bills, quarters, dimes and nickels.
 

That Lady in PA said:
So, no sporting events, no concerts, no theater? Do you rent cars and reserve hotel rooms with cash?

I cannot imagine life without CCs, and I am debt free :)
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I have no interest in none of those things. I do use my debit card mostly for online shopping, but credit cards only about $5-$20 every few months so they won't bother me to use them.
 
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Home and auto insurance companies in Texas check credit reports at each renewal, and rates are based in part on credit scores. To maintain a good score, some credit history is needed. Also, I may want (or need) to buy another car later on and I will need active credit and a good score if I choose to finance the car.

There are other things. Someday I may have car trouble traveling. I can't anticipate in advance the cost in order to carry enough cash for car trouble, but my credit card will take care of it. Also, I belong to AAA road service. They might take cash for road service I don't know, but I'm certain they will accept my credit card.

I'm not big on ordering online, but even the few times I do, it requires a credit card.

A loan officer at my bank, who is also a friend of sorts (acquaintance) told me it's better to pay with a credit card than a debit card for ease in getting bogus charges removed and not having my bank account compromised. Consequently, I only use my debit card for cash withdrawals at ATM machines.

When I was in my twenties I was very careless and got over-extended, lost my cards, had to pay for everything in cash. It was a hard road to rebuild my credit. I learned from that and never made that mistake again.
 
MACKTEXAS said:
Home and auto insurance companies in Texas check credit reports at each renewal, and rates are based in part on credit scores. To maintain a good score, some credit history is needed. Also, I may want (or need) to buy another car later on and I will need active credit and a good score if I choose to finance the car.

There are other things. Someday I may have car trouble traveling. I can't anticipate in advance the cost in order to carry enough cash for car trouble, but my credit card will take care of it. Also, I belong to AAA road service. They might take cash for road service I don't know, but I'm certain they will accept my credit card.

I'm not big on ordering online, but even the few times I do, it requires a credit card.

A loan officer at my bank, who is also a friend of sorts (acquaintance) told me it's better to pay with a credit card than a debit card for ease in getting bogus charges removed and not having my bank account compromised. Consequently, I only use my debit card for cash withdrawals at ATM machines.

When I was in my twenties I was very careless and got over-extended, lost my cards, had to pay for everything in cash. It was a hard road to rebuild my credit. I learned from that and never made that mistake again.
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I ruined my credit during the 2008 financial crisis when I lost everything. It's taken awhile to get back to around 700 credit score. I do have credit cards but seldomly use them and only for important things and emergencies. I believe in carrying cash. Like during the black out in the Midwest and East Coast a few years ago that lasted a few days. I was able to walk in the local grocery store and pay cash. They just put the money in a cigar box.
 
Oldeagle66 said:
I do have credit cards but seldomly use them and only for important things and emergencies. I believe in carrying cash.
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Yes, I carry cash too. Just so you know, my post wasn't meant to go against you for carrying cash. You mentioned gold in your post 143. I have zero gold (other than what's in a couple of rings I sometimes wear). There is some gold jewelry in my safe deposit box that belonged to my wife. It's there for sentimental reasons, not for it's monetary value - at least not for me, but I'm sure that when I croak, my cousin will quickly convert it to cash.
 
We all travel at our own speed.

I use a credit card for most purchases and enjoy automatic payments for most of my monthly obligations.

I still keep some cash in the house and carry a small amount.

I have a credit card in my iPhone Apple wallet but still haven’t used it yet.

My auto insurance cards and my drivers license are also in my iPhone Apple wallet, I will eventually make the change and only need to carry my iPhone or rely on an Apple Watch when I’m out and about.

It’s probably a good thing for me as I get older.

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Bretrick said:
This morning, looking for a coffee, the first two places would not take cash so I went elsewhere.
Last week I went to a coffee shop at 1.50pm on a Friday. The person behind the counter informed me they close at 2pm. I went elsewhere. That place also does not accept cash. I told this to my friend’s wife and she said there are many senior people who no longer go there because they do not take cash.
One place I went to would not serve me a coffee unless I bought a meal.
How can businesses complain when they do not take the money people want to part with?
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That happened to me when I went to get a hotel room several years ago. I had a reservation I made online and they never told me then that I had to use a card. When I got there I and my dog waited for quite awhile in a line and then they told me they don't take cash. I didn't have enough in my account to use my card so I went home very disappointed. No vacation for me.
 
PeppermintPatty said:
We rarely if ever use cash. We use our phone to pay for everything. It’s far safer.
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I am afraid to use my phone and credit card numbers to pay for things. I gave my card numbers to a company for something I bought and someone stole my numbers and probably sold it on the dark web. I had to cancel my card and have it investigated. The bank paid me my money back, about 300.00 but still it was an awful hassle and made me a nervous wreck. I got another card and haven't made any purchases on my phone since that happened. For about a year I kept getting notices from the bank that the old card was trying to make purchases. It had been cancelled but it really bothered me people were still trying to use the old one.
 
Ruthanne said:
That happened to me when I went to get a hotel room several years ago. I had a reservation I made online and they never told me then that I had to use a card. When I got there I and my dog waited for quite awhile in a line and then they told me they don't take cash. I didn't have enough in my account to use my card so I went home very disappointed. No vacation for me.
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Those companies do not really worry if a few people will not follow their business model.
Only when the majority of people stay away because of that business model might make them think again.
 
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