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We Love Not Carrying Cash, And Half Of Us Carry $20 Or Less

Wednesday, May 14, 2014 - 4:51 PM
Alternative forms of currency, most notably credit and debit cards, are thinning out our wallets and pocketbooks, and Americans seem to love it.   Eighty percent of Americans carry less than $50 in cash on a daily basis, and half of Americans carry less than $20 per day, according to a study from Bankrate.com.

We Love Not Carrying Cash, and Half of Us Carry $20 or Less | Save | Get the best rates on mortgage, home equity loans, CD, money markets and checking accounts | BankingMyWay

9
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,636
1. Wednesday, May 14, 2014 - 5:01 PM
Sorry but I am not in any of the above categories.  I don't feel dressed unless I have a decent amount of good old greenbacks with me.  I don't like running up high credit card bills and only use the credit card if I see something extra I want and don't have enough cash.  I guess I am truly in the "minority".
4
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
2. Wednesday, May 14, 2014 - 7:42 PM
7
cumuluscumulus365 posts since
Jan 16, 2010
Rep Points: 1,717
3. Thursday, May 15, 2014 - 6:32 AM
I hardly ever have more than $20 dollars on me on a given day.  If I have cash I spend, if I do not have cash I do not spend.
2
dpandslemmendpandslemmen29 posts since
Feb 10, 2011
Rep Points: 120
4. Thursday, May 15, 2014 - 6:55 AM
Count me in as part of the 80 % group. I only keep $10 to $30 in my wallet. I prefer to use credit card for everything to earn rewards and like to keep my money in the bank to earn interest. I pay off the credit card every month so do not incur any fees. If I go somewhere and know I need cash  I just go to the ATM. I do keep a small film roll canister filled with loose change in my car. If I make a small purchase have dollar bills in my wallet  and the store has auto check out I may pay cash to use up the change. I only do this if there are no people behind me so people are not waiting while I put coins in the slot.
2
FARFAR108 posts since
Feb 26, 2013
Rep Points: 387
5. Thursday, May 15, 2014 - 7:17 AM
I never have over $3-$4 in my purse and that is from bottle refunds. I use my cash back credit cards for everything except my property taxes and money gifts. I use my debit card only on very very small purchases to get the number required. In the 90's when it was allowed I purchased a new car and truck with a cash back credit card. Every penny is in CD's or cash reward checking accounts. Credit cards are paid off every month.  For me there is no reason to carry any cash. Have had a savings account since I was 3 years old and had a checking account and Christmas Club since I was in 7th grade (11 years old) and have never carried cash. Actually the checking account with $50 in it and a Christmas Club with $1 in it was the only Christmas gift that year for my sister and myself along with a ledger page for a budget. 
2
Ally6770Ally6770944 posts since
Jan 16, 2010
Rep Points: 2,748
6. Thursday, May 15, 2014 - 5:32 PM
Would someone be willing to share with me the name of the best "cash back" credit card you have found?  I get offers for new credit cards in the mail all the time but none of them offer me this "cash back" I read about in several posts.  Are there any downsides to using these type cards?  Thanks for any information.
2
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
7. Thursday, May 15, 2014 - 7:16 PM
2
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,636
8. Thursday, May 15, 2014 - 10:14 PM
I would like to thank Klink for sending me a message with his recommendations for credit cards that would be the type I am looking for. 

Thank you also Shorebreak for the link to that page where I can check out many others.  I do not want more than two since I already have a Mastercard which doesn't give me anything but useless points so it should be a big help for the second one.

Much appreciation for the quick replies and help.    Have a good evening.
1
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
9. Friday, May 16, 2014 - 7:02 AM
It is best (at least for me) to have more than one cash back card so you can take advantage of the 5% quarterly bonus rewards. The first quarter my discover it card gave 5% at restaurants. Then the second quarter my Chase Freedom is giving me 5% at restaurants. I will use the card that has the best rewards for the quarter.This way I can get 5% back for 6 months or more in certain catagories. Also use the shop discover or chase shopping feature online to earn extra rewards. Then use the pick up at store feature if available so earn bonus rewards for purchase at Home Depot, Lowes etc...
1
FARFAR108 posts since
Feb 26, 2013
Rep Points: 387
10. Friday, May 16, 2014 - 11:30 AM
Does any one of these cash back cards give a percent back on utility bills one pays on their credit cards and things other than regular items like gas, clothes, food etc.?  Thanks.
1
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
11. Friday, May 16, 2014 - 12:22 PM
Depending on the card you should get at least 1% for paying utility bills. The 5% is a rotated quarterly bonus.
Some utility companies I have found charge a fee to pay with a credit card so for those I do an ach transfer through my bank account.
1
FARFAR108 posts since
Feb 26, 2013
Rep Points: 387
12. Friday, May 16, 2014 - 5:16 PM
Paoli....your welcome. The Visa card I told you about is strictly for gas in my case. The other card gets all else including auto and home insurance premiums. My locale charges a fee if you pay taxes or utilities with a card so they get theirs by check delivered by me at the last second. (Less than a mile away)
1
klinkklink101 posts since
Dec 8, 2012
Rep Points: 276
13. Friday, May 16, 2014 - 6:30 PM
General: One can get a 2% CB card easily or the CO Quick Silver 1.5% CB card (for all purchases).

Hidden (best): One can get a card that offers unlimited 5% CB for "everyday purchases", i.e., supermarket, drugstore, and gas station (not rotational, but all the time).  There are ways to use such a card to pay bills (with 4% net CB) -- hint: gift cards.

Billers without credit card payment options (e.g., NSTAR, mortgage): Use above method and use Evolve Money (net 4% CB). 
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
14. Friday, May 16, 2014 - 6:39 PM
Klink:  We don't use enough gas (these days) to make a seperate Visa card worthwhile.  I think that second card you were kind enough to share is more what I am looking  for.  I just want one good all round "cover everything as much as possible" card.  I put a lot of Autopays on our credit card and recently a large medical device for several thousand dollars for DP.  Now that would have been a good payback if I had had the right card to give me something back on that bill!  However, it will be paid before I can get a card to cover it and it is already on our regular "give nothing" Mastercard.  It has no annual fee so I have been holding on to it for that reason.  If I can find a "no fee" plus extra percent back back, that would be a great deal for me.  I will do some work on those also in that nice link SB posted to see if what I am looking for happens to be on that site.

BTW, does it hurt our credit rating to close a credit card?   Thanks.
1
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
15. Sunday, May 18, 2014 - 9:43 AM
I open and close credit cards as needed for a promotion or a higher cash back. Even used 2 cards to save $8,000 when building our last home but payed it off each month before going over our limit or being charged any interest. My credit rating is 840 and is the only credit I have and I have never paid one penny interest on any credit card.  My credit rating went down to  815  when building our home and charging close to the limit before paying it off each month and closing a card I had for 15 years. 4-5 months ago I lowered 2 of my credit card limits from $50,000 to $1,000 and my credit rating still has not changed since doing that. 
A persons credit score doesn't really matter unless they are going to borrow. 
1
Ally6770Ally6770944 posts since
Jan 16, 2010
Rep Points: 2,748
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