How payment methods vary by generation

[mrsjuleshs]

DH is bad with spending so if he can't see the actual money coming out of the bank he doesn't realize how much he spends. We have always just used our debit cards. The 1 time money was taken from my account, the bank immediately shut it down, let me pull some cash for expenses and had the funds back in my account 2 days later. Ours has rewards and while they probably aren't as high as with a regular credit card, its still something.

[lasagnasshole]

I use my debit card for everything. We have CC debt we are paying off so I don't want to charge everyday purchases like groceries. And I just don't carry that much cash.

I've used my debit card regularly for 16 years.

::shrug::

[cosmos]

Aug 28, 2014 14:41:09 GMT -5 v said:

I'm jealous of those of you who never need cash. I feel like I have to go to the ATM at least once a week because (a) housekeeper is coming that week, (b) going to a cash only restaurant, and/or (c) going out with friends and don't want to annoy waiters/bartenders by trying to split the tab on a bunch of credit cards (some restaurants are fine with this, some are not, and at bars it is difficult anyway).

It would be a lot easier if I didn't like so many restaurants that don't take credit cards. But so many yummy MM places here don't!

I pay my housekeeper by check and my friends and I split checks evenly with credit cards. And I haven't been to a bar in forever,so...,

[v]

Aug 28, 2014 16:42:51 GMT -5 cosmos said:

Aug 28, 2014 14:41:09 GMT -5 v said:

I'm jealous of those of you who never need cash. I feel like I have to go to the ATM at least once a week because (a) housekeeper is coming that week, (b) going to a cash only restaurant, and/or (c) going out with friends and don't want to annoy waiters/bartenders by trying to split the tab on a bunch of credit cards (some restaurants are fine with this, some are not, and at bars it is difficult anyway).

It would be a lot easier if I didn't like so many restaurants that don't take credit cards. But so many yummy MM places here don't!

I pay my housekeeper by check and my friends and I split checks evenly with credit cards. And I haven't been to a bar in forever,so...,

We *try* to split restaurant bills on cards (particularly because using a card means something like 6.5%-8% back in rewards), but it can get unwieldily quickly.  Evenly doesn't work if there are some couples and some singles, explaining "1/5 on this card, 2/5 on this card, and 2/5 on this card" is annoying for the servers and is often messed up, and paying with lots of cards isn't always an option (some restaurants won't take more than 2 cards per table, some servers are super snotty about it, and I feel like an asshole if we try to pay with more than 3 cards particularly if the split isn't even).  So in those situations (which is most of the time when we go out with friends), cash is easier (though I'm always happy to volunteer to put down my card for everyone and get cash from them in return).

[elleblue]

I can't remember the last time I used my debit card. And I pretty much only carry cash if I know that I'm going somewhere where I'll need it (most often for valet or parking fees). 

[tacom]

I don't think all young people are choosing to use debit over credit; it's much more difficult to secure credit these days. I've noticed this shift over the past few years -- reporting individual income instead of household income makes it particularly tricky for college students/broke new grads to get their first cards.

Brocom (who has a FT job in a lucrative career) finally secured his first credit card after getting declined a few times; meanwhile, some fool gave me $4k in credit when I was 18 and penniless.

[my3bears]

I never carry cash but now I do - I'd had a series of flat tires due to the horrible winter and many tow trucks take cash or check only. The one time the guy literally towed me to my bank so I could pay him. I was so embarrassed I cried. So yeah, now I keep cash for emergencies! Everything else CC, not debit. I keep a high balance in my checking account and would be in hysterics if it were drained.

[jewel]

Aug 28, 2014 13:36:58 GMT -5 @vicmo said:

Aug 28, 2014 12:44:22 GMT -5 jewel said:

I was at Costco recently, and the person in front of me was paying by check. I'm always a little annoyed by check-payers when there's a long line, but for some reason, it was especially surprising to see a check-payer at Costco. Like, I assume all Costco shoppers are a little more hip than that, or something. LOL.

Well, I don't have an amex, so I can't pay by cc at Costco. I do usually use debit, though.

You're absolutely right, especially given the payment options (or lack thereof) at Costco. I don't know why I find it particularly strange. I did learn that Costco will print most of the check for you, though, and the customer doesn't do much more than just sign their own check. I have no idea if that's new check technology, but it was new to me.

[sporky]

Ditto Cosmos. We use our CC for everything in order to earn points. We pull cash once in a while for our farmers' market and only keep the debit cards around for emergencies.

[crashgizmo]

We try to use a CC for most things, but I use my debit for Costco b/c we don't have an AMEX. I write checks to the housekeeper.

Cash is trickier, I'd like to carry more of it. We go winetasting often (live in an area with 40ish wineries around) and because we are members, we get free wine. However, we always need tip money, and 1/2 the time I don't have it. I've been known to come in the following weekend and tip double.

I'm also with v in that I hate splitting the check 3,4,5 ways in restaurants. I usually take others cash and put in on my card, which is of course the best of both worlds.

My 85 year old grandmother uses cash/check for everything. For Christmas she gives DH and I either a $50 or $100 bill. We always carry it around forever until we spend enough to feel okay using it. $2 gum seems suspicious to try to pay with a c-note.

[moolarkey]

The bank where my car loan is does not have online banking. I cannot go online and pay them on their site. I can do an electronic payment to them through my bank but they do not offer electronic payments for their customers. I was dumbfounded. It's a decent sized chain of banks too, not just a local 1 location only bank or anything

[audette]

Right now I have cash in three different currencies in my wallet. I expect to use all of them within the next four days.


I tend to use credit for most larger things, except where I might need cash back (ie: at the commissary, so I can get money to tip the baggers). DH tends to use debit much of the time (he was burned by CC debt before we ever met... paid it off before we met, too, but the effects have lasted a long time).

I tend to use cash for small purchases, but there aren't a whole lot of those for me. WFH means I'm not often out by coffee shops, nor do I usually go out for lunch...

[v]

Aug 28, 2014 19:18:04 GMT -5 sporky said:

Ditto Cosmos. We use our CC for everything in order to earn points. We pull cash once in a while for our farmers' market and only keep the debit cards around for emergencies.

That's another one -- I use cash at the greenmarket.  And in cabs (habit from when cabs didn't take cards, and from when they started taking them but liked to pretend that their machines were broken).

I'd love to live a cash-free existence, but it doesn't really work for me.

[mlvmd]

I am pretty sure if I weren't in the picture DH would be paying for everything by debit card. We are the same age. He has never had a credit card and is just an authorized user on mine. He has a great credit score and doesn't spend a lot of money, he just isn't at all interested in anything financially-related. I have asked if he wants his own and he always says no. He also very rarely pays for anything except gas.

[BeagleMama]

Aug 28, 2014 12:44:22 GMT -5 jewel said:

We use CCs for everything - for the rewards, protection, and for tracking. I rarely carry cash, and I definitely do not carry a checkbook. When I do have cash, it disappears much more quickly, and I'm usually not really sure where it all goes.

Same! I like that I have full record of every transaction that month by credit card. Plus with good cash back cards, it's like a little part time job in balance credits. If I do use my debit card for a purchase (it's my only Visa brand so sometimes I have to), I always run it as credit.

I have a unique talent to always end up behind the check writers. I always want to ask them, "Do you know the bank that issued you those checks can also issue you a debit card?" Swipe, swipe. Welcome to the 21st century.

[livinitup]

Aug 28, 2014 10:57:12 GMT -5 @kcpokergal said:

This article is wrong isn't it?

I don't think debit or credit holders are liable for a dime. Though with a debit there may be issues with overdraft fees/late fees

I use a debit because I want to not overspend.

Can't you spend the exact same amount, even if you use a credit card to make the purchases?

[Deleted]

Aug 29, 2014 8:06:44 GMT -5 livinitup said:

Aug 28, 2014 10:57:12 GMT -5 @kcpokergal said:

This article is wrong isn't it?

I don't think debit or credit holders are liable for a dime. Though with a debit there may be issues with overdraft fees/late fees

I use a debit because I want to not overspend.

Can't you spend the exact same amount, even if you use a credit card to make the purchases?

I could if I had sufficient will power. I do not.