Do You Carry Cash?

[tvguy]

If they charge a ten cent per gallon premium and a forty five cent transaction fee for credit card users they are not within a penny a gallon.

ARCO doesn't take any credit cards. They do charge a transaction fee for debit cards. But like I said, I avoid that by paying cash. Other brands charge 10 cents a gallon more for any card use and some also tack on a transaction fee. And of course with Costco you have an annual membership fee. But also like I said, I just don't get the wait in line for gas at Costco mentality when the gas station across the street is only a penny more. Of course, I also don't get why folks go to Chevron or Shell and pay 50 cents a gallon more.

 

[tvguy]

I don't understand people saying they pay their credit card bill each week? Isn't it just easier, especially if you're paying the bill in full, to set an automatic payment on the due date each month? I never have to even think about our credit card payments - they just automatically come out of our account each month.

I pay my credit card bill with each charge, so sometimes daily. I have an automatic payment for my life insurance, it is a huge pain in the rear trying to remember to deduct the payment. And sometimes the due date doesn't line up with my paydays, But I check my bank accounts daily anyway.

 

[CdnCarrie]

I also still write checks and I don't have a debit card. I'm 42. IMO it's a pain to keep up with debit transactions in my checkbook and if my card is compromised I'd rather have it be a credit card. Also we earn SW points and haven't paid for a flight in 8 years.

I don't understand this. Up here your debit card = ATM card = bank card. Without a debit card how do you access a ATM? I'm not certain it's even possible to have a bank account without a bank/debit card in Canada. I'm 50 and have had a bank card since the mid to late 80s. Bank card also become debit card since early 90's.

So are bank/ATM cards different than a debit card in the USA?

Here you have one card - you give it to the teller to bring up your account, you swipe it as debit, you insert it in a ATM, use use the number on it to access your online/app account.

Haven't seen a checkbook in well over a decade.

 

[CdnCarrie]

I don't understand people saying they pay their credit card bill each week? Isn't it just easier, especially if you're paying the bill in full, to set an automatic payment on the due date each month? I never have to even think about our credit card payments - they just automatically come out of our account each month.

I just do it to ensure we aren't overspending. Plus since we put everything on it one paycheque won't cover it all.
How do you know the amount to set up automatically? Is it the same every month? My credit card is not connected with my bank at all so I don't see an option to "pay in full". I have to manually enter an amount and that would vary month to month.

 

[Emtgirljen]

I just do it to ensure we aren't overspending. Plus since we put everything on it one paycheque won't cover it all.
How do you know the amount to set up automatically? Is it the same every month? My credit card is not connected with my bank at all so I don't see an option to "pay in full". I have to manually enter an amount and that would vary month to month.

Same with me, my credit card bill is the only one that isn't set to autopay, because the balance varies month to month and I always pay the balance rather than just the minimum payment.

 

[soccerdad72]

I just do it to ensure we aren't overspending. Plus since we put everything on it one paycheque won't cover it all.
How do you know the amount to set up automatically? Is it the same every month? My credit card is not connected with my bank at all so I don't see an option to "pay in full". I have to manually enter an amount and that would vary month to month.

When setting up an auto pay for our cards, there's an option for 'pay statement balance'. The balance changes from month to month, but we make sure enough funds are in the account we're paying out of to cover what the balance is that month. Once we get the notice that a new statement is available, we check what the card balance is and verify that there's enough in our primary checking account and transfer from other accounts if necessary.

 

[kdonnel]

ARCO doesn't take any credit cards. They do charge a transaction fee for debit cards. But like I said, I avoid that by paying cash. Other brands charge 10 cents a gallon more for any card use and some also tack on a transaction fee. And of course with Costco you have an annual membership fee. But also like I said, I just don't get the wait in line for gas at Costco mentality when the gas station across the street is only a penny more. Of course, I also don't get why folks go to Chevron or Shell and pay 50 cents a gallon more.

But if you use your Costco Credit Card you get 4% back on gas.

If you buy 15 gallons at $4 a gallon that works out to a .16 per gallon discount.
If you buy 15 gallons at $2.50 a gallon that works out to a .10 per gallon discount.

I can wait 5 minutes at Costco for savings like that. Multiply that out over 4 cars and 52 weeks and I save over $300 in a year.

 

[tvguy]

But if you use your Costco Credit Card you get 4% back on gas.

If you buy 15 gallons at $4 a gallon that works out to a .16 per gallon discount.
If you buy 15 gallons at $2.50 a gallon that works out to a .10 per gallon discount.

I can wait 5 minutes at Costco for savings like that. Multiply that out over 4 cars and 52 weeks and I save over $300 in a year.

Well, I have never timed the wait at Costco, but it can be enough cars in line that I suspect the wait is longer than 5 minutes.

 

[wenrob]

I don't understand people saying they pay their credit card bill each week? Isn't it just easier, especially if you're paying the bill in full, to set an automatic payment on the due date each month? I never have to even think about our credit card payments - they just automatically come out of our account each month.

It’s a control thing for me. The only things I have on auto pay are my phone bill and my phone payments. The first is for a discount and the second is required in the contract. They’re the only two bills I’m not a month to two months ahead on. Paying the credit card weekly just makes me feel better. Having a large balance makes me nervous. It’s a throwback to not growing up financially stable.

I don't understand this. Up here your debit card = ATM card = bank card. Without a debit card how do you access a ATM? I'm not certain it's even possible to have a bank account without a bank/debit card in Canada. I'm 50 and have had a bank card since the mid to late 80s. Bank card also become debit card since early 90's.

So are bank/ATM cards different than a debit card in the USA?

Here you have one card - you give it to the teller to bring up your account, you swipe it as debit, you insert it in a ATM, use use the number on it to access your online/app account.

Haven't seen a checkbook in well over a decade.

We have a separate bank card that is only used for ATM or banking. It’s kind of an “emergency” card. If my debit card is compromised I can still use the bank card. That said I haven’t used an ATM in years. If I need cash I get cash back at the grocery store. If I need a large amount of cash I go to the bank. I probably use my debit card once every couple of months. Once it had been so long I couldn’t remember my pin.

On using the credit card vs cash or debit, as others have said I earn cash back. I average at least $100 month cash back and pay zero interest.

 

[Searc]

I don’t understand how this works because I pay cash but from the gist of what I’ve read, maybe they want their rewards available weekly?

Rewards aren't available until the end of your statement period. If people get paid weekly, that may be why they make weekly payments on the credit card, so the entire amount doesn't come out of one or two checks.

 

[CdnCarrie]

Same with me, my credit card bill is the only one that isn't set to autopay, because the balance varies month to month and I always pay the balance rather than just the minimum payment.

This. I have everything else to autopay to my credit card or via debit.

 

[CdnCarrie]

When setting up an auto pay for our cards, there's an option for 'pay statement balance'. The balance changes from month to month, but we make sure enough funds are in the account we're paying out of to cover what the balance is that month. Once we get the notice that a new statement is available, we check what the card balance is and verify that there's enough in our primary checking account and transfer from other accounts if necessary.

Okay I checked and there is that option for the credit card associated with our bank which is our backup/secondary card.
Our regular card we use for everything is BMO while our bank is RBC and that option is not there. Besides months like last month when we had higher than usual spending as we were in Europe I would rather not have it paid off in full automatically as I need to pay it off over a couple months.

 

[John VN]

YES I carry CA$H.

DW always pays CC only when statement arrives. Not going to miss out on even 1 cent of interest by paying early.

Always use our no fee designated 5% cash back CC for gas unless Discover has a 3 month 5% cash back.

 

[mousefanmichelle]

I never have cash. Infuriates my dh. He always has cash so I know where to go if I need some lol!!!
I take cash out if we go on vacation otherwise I use my debit card for whatever I need. I won't use it for less than 5-10 bucks though unless its going through the drive-thru or something. Works for me but my dh hates it so i let him do what he wants and i do what I do.

 

[yoopermom]

When I hit middle school and started going to school events alone, my parents taught me about the "emergency bill" (used to be a five, is now a couple of twenties) that should always be in my wallet "just in case".

And, yes, we have places up here that either don't take plastic, or "ding" you for using it for under a certain amount (legal or not, I'm not sure). Plus, I try to tip in cash (so they get it right away).

Terri

 

[DisLiss]

I carry cash, DH carries cash, and our kids carry cash. But in very small amounts. We like to have it on hand for places where we will make small purchases or where you cannot use a credit or debit card, which for us is a lot of places......most vendors at local Farmers' markets, Flea Markets, garage/yard sales, church or community festivals, etc. only take cash.

Plus, even if a local business allows credit/debit card use for purchases under $10, we feel bad to do that knowing they're going to take a processing hit for it. So we try to pay cash in those places, too.

We also tend to use cash on the road for vending machines, turnpike plaza food court purchases, drive-through food or drink stops, etc. And for tipping purposes when eating out or traveling.

 

[DisLiss]

I don't understand this. Up here your debit card = ATM card = bank card. Without a debit card how do you access a ATM? I'm not certain it's even possible to have a bank account without a bank/debit card in Canada. I'm 50 and have had a bank card since the mid to late 80s. Bank card also become debit card since early 90's.

So are bank/ATM cards different than a debit card in the USA?

Here you have one card - you give it to the teller to bring up your account, you swipe it as debit, you insert it in a ATM, use use the number on it to access your online/app account.

Haven't seen a checkbook in well over a decade.

My debit card is my ATM card and it's linked to my checking account. BUT I do have another checking acct. that I do not have a debit card for because I don't need it. I use it only to link to my Paypal acct. because I don't want my Paypal account linked to the checking account where I keep the majority of my spending money.

I do have a checkbook for my main checking account and I use it all of the time. Almost entirely for kid related things. More and more groups (sports, camps, etc.) are letting us pay online now, but the school related things are always checks. So many checks.

 

[DisLiss]

Oh, I also like to have it on hand for random donations here and there.

 

[wenrob]

I never have cash. Infuriates my dh. He always has cash so I know where to go if I need some lol!!!
I take cash out if we go on vacation otherwise I use my debit card for whatever I need. I won't use it for less than 5-10 bucks though unless its going through the drive-thru or something. Works for me but my dh hates it so i let him do what he wants and i do what I do.

On the rare occasion I need unexpected cash I go to my DS. That kid always has cash. Then I ask my DH for cash to pay him back.

 

[bjscheel]

I don't understand this. Up here your debit card = ATM card = bank card. Without a debit card how do you access a ATM? I'm not certain it's even possible to have a bank account without a bank/debit card in Canada. I'm 50 and have had a bank card since the mid to late 80s. Bank card also become debit card since early 90's.

LOL I don't use an ATM either. I take my paper paycheck to the local bank on payday and get the cash I need till the next paycheck. DH has an ATM card in his wallet but it's been approximately 20 years since he used it so I question its validity

I know, I'm behind the times but it works for me.