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(Business Insider)   Cash is bad, mmkay   (businessinsider.com) divider line 107
    More: Obvious, atm machine, Tufts, credit rating  
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3364 clicks; posted to Business » on 04 Feb 2014 at 4:51 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



107 Comments   (+0 »)
   
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2014-02-03 11:53:38 PM  
"Americans waste 28 minutes a month traveling to an ATM, or 5.6 hours a year. Much of that time would likely have been spent on leisure"

I could have been masturbating an extra 5.6 hours last year?!?!?!?!
 
2014-02-03 11:59:25 PM  
Most of those "reasons" are idiotic.  Cash is dirty?  Do you even want to think about what's been swiped through the checkout scanner?
 
2014-02-03 11:59:43 PM  
article was written by credit card companies and is totes bullshiat. i have only ever used cash, never had a credit card. fark them.
 
2014-02-04 12:13:58 AM  
Article by the NSA?
 
2014-02-04 12:20:09 AM  

some_beer_drinker: article was written by credit card companies and is totes bullshiat. i have only ever used cash, never had a credit card. fark them.


Other than 1 or 2 of the items though, they are basically just saying "use a debit card instead of cash", not necessarily "use a credit card".

/granted, the CC companies get their % from the store when you use the debit card as "credit" anyway, so, they are still making out.
 
2014-02-04 12:31:33 AM  
At many gas stations, the gas is cheaper if you pay in cash.

But hey, I enjoy paying extra fees to access my own money.
 
2014-02-04 12:41:19 AM  
Jesus, that was weak. A four-year-old could tear those arguments apart.
 
2014-02-04 01:00:46 AM  
What a stupid, biased, farkin' article. "ooh if you use cash you're a criminal". Numbers 5, 6, 9, 10, and 11 (out of 13) all make reference to crime, either conducting business or stealing the cash. And #13 is a straw argument - cash doesn't discriminate, banks discriminate.

Mind you, I use credit cards for the convenience and the ~$800 in cash back I got last year (no interest paid on my monthly balances), but to say cash is "bad" is beyond stupid.
 
2014-02-04 01:05:13 AM  
Nah. We should trust banks. They would never ever screw us over.
 
2014-02-04 01:33:54 AM  
This may be the single dumbest list I have ever seen on the internet.

/and I've read extensively about Time Cube
 
2014-02-04 01:54:39 AM  

ThatGuyFromTheInternet: Article by the NSA?


I don't think they're too worried about people using individually-numbered pieces of paper dispensed by machines which know their account number. Sure they won't know the exact path that every bill takes between the ATM and the merchant who eventually brings it back into a bank, but a bit of Big Data processing will give them a decent approximation of the social networks which are involved. Think of it as "Where's George" on steroids.

I mean in a purely fictional alternative timeline where the NSA might actually do something like this, of course. Your cash transactions are safely anonymous in the real world.
 
2014-02-04 02:37:00 AM  
You know who else hated cash?

Hitler.
 
2014-02-04 02:37:29 AM  

GreenAdder: Nah. We should trust banks. They would never ever screw us over.


There's a mini run going on in Greece as we speak because of rumors that depositors will have their accounts shaved in a bailout deal.
 
2014-02-04 03:46:06 AM  

Marcus Aurelius: You know who else hated cash?

Hitler.


lmao. i am sure he loved it.
 
2014-02-04 04:01:35 AM  
That was silly. Cash is king.
 
2014-02-04 05:02:51 AM  
www.biography.com
 
2014-02-04 05:41:52 AM  
It's also bad because it's the property of the Federal Reserve. Yep, that's right, the cash in your wallet is not yours. Not that any money you put in the bank is yours, either.
 
2014-02-04 05:54:06 AM  
This article is bad. And stupid. mmkay.
 
2014-02-04 06:07:20 AM  
TFA is ridiculous. For a business, there's a cost to handle cash payments, sure. But there's also a (often higher) cost to handle credit card transactions due to the fees credit companies charge to businesses. There's a cost to handle cheques (similar to cash). And there's a cost to handle debit transactions, too.

I keep some cash around in case I want to buy/sell stuff from yard sales or Kijiji. Credit card for everything else, almost.  Debit is used at small businesses because I don't want independent vendors to pay out those hefty credit card fees (often 3-4% of the total transaction for small vendors who don't have the clout to negotiate it down). Debit fees are a flat rate in Canada, and I think only a few cents per transaction. From a vendor POV, it's the preferred form of payment.
 
2014-02-04 06:12:51 AM  
...FWIW, about three months ago Mrs Coast and I went to cash only - we've saved an incredible amount of money.

/YMMV
 
2014-02-04 06:14:12 AM  

Gig103: What a stupid, biased, farkin' article. "ooh if you use cash you're a criminal". Numbers 5, 6, 9, 10, and 11 (out of 13) all make reference to crime, either conducting business or stealing the cash. And #13 is a straw argument - cash doesn't discriminate, banks discriminate.

Mind you, I use credit cards for the convenience and the ~$800 in cash back I got last year (no interest paid on my monthly balances), but to say cash is "bad" is beyond stupid.


Yeah, not only a criminal because you're doing something the government can't track (allegedly), but you're being a deadbeat for not paying them that sweet tax money.

Fark the banks.  I hope the article's author gets attacked by a roving band of angry weasels with a fetish for genitals.
 
2014-02-04 06:19:08 AM  
Because I always take my financial advice from greasy bums.

static5.businessinsider.com
 
2014-02-04 06:42:48 AM  
Conservatively, the Tufts professors say, studies have shown the government loses $100 billion annually in foregone tax revenue from cash transactions.

i can only wonder how much they thought they lost back in the days of no plastic
 
2014-02-04 07:09:13 AM  
Can't slide a credit card down a stripper's ass. Nor can you roll a credit card up and snort coke off said ass.
 
2014-02-04 07:13:54 AM  
Reason #14:  Doesn't give credit card companies a cut of the action when using cash.
Reason #15:  Much more difficult to track your spending and sell your 'anonymized' info to 'partners' who wish to offer you 'valuable products and services you absolutely need' via targeted advertisments.  Corollary:  Harder for the government to track in an investigation.

You are clearly not a patriotic true American if you don't succumb to the pressures of the job creators and the overlords.

\Uses credit & debit quite a bit.  Article is still complete and utter bullshiat.
 
2014-02-04 07:17:21 AM  

untaken_name: It's also bad because it's the property of the Federal Reserve. Yep, that's right, the cash in your wallet is not yours. Not that any money you put in the bank is yours, either.


images.sodahead.com
 
2014-02-04 07:21:26 AM  

The Angry Hand of God: Can't slide a credit card down a stripper's ass. Nor can you roll a credit card up and snort coke off said ass.


Science is working on a lot of flexible plastic applications. Soon you can do #2. The first one, you need your strippers NFC compliant, or tagged with RFID. Tap to pay!
 
2014-02-04 07:24:36 AM  
Is he saying that carrying cash makes me some kind of target?

/fail, asinine, and stupid tags must have had cash on them
 
2014-02-04 07:29:50 AM  

Monkeyfark Ridiculous:


There's always the guy who says, "I like country music, but I hate Cash."
 
2014-02-04 07:50:21 AM  
whynotboth.jpg

I use cash and credit cards. To the credit card companies, it is the revolvers who are their 'cash cows'. Like Ben Stein, I NEVER have an unpaid balance on which I can be charged interest. If you pay off your credit card balance in full each and every month, you are essentially a 'deadbeat; to the credit card companies. I use credit cards that pay me 1-5% 'cash back ' and would never pay an annual fee.

The author of the article did not make a convincing argument to exclusive credit card and debit card use any and all transactions, but some of the responses from the comments section read like conspiracy nuts that live in a constant paranoia and fear that the government tracking their candy purchases at Walgreens.

There was a report that over 25% percent of Americans have no checking or savings accounts. I'm sure there are a few folks that are worried about possible Federal intrusiveness or are opposed to banks in general, but the sad truth is that the main reason these people do not have a regular bank account is because they are poor. These are the people that must pay check-cashing fees and take out high interest payday loans when unforeseen expenses arise.

I fully understand that those that cannot control credit card debt are better served by using cash. But let's not pretend that because you don't qualify for a credit card because of poor credit rating or unpaid debt, that you are the smartest guy in the room. If you are a drug dealer or criminal, then credit card transactions are not the smartest move for your 'business model'. I always think it's a good idea to have a supply of ready cash available, it is part of anyone's plan that claims to be 'completely' divested.
 
2014-02-04 08:07:09 AM  

The Angry Hand of God: Can't slide a credit card down a stripper's ass. Nor can you roll a credit card up and snort coke off said ass.


Sage words.
 
2014-02-04 08:09:51 AM  
For a rag that calls itself "Business Insider" it's amazing that not only has it never actually posted any inside business information that you couldn't get off any mainstream news site at the same time, even it's bread-n-potato fluff pieces like this are full retard.

mutterfark: Is he saying that carrying cash makes me some kind of target?


I think he's saying "man I wish I hadn't spent so much time drinking turpentine in college... it sure would be nice to have a real job right about now instead of this shiat gig".
 
2014-02-04 08:23:19 AM  
First item doesn't compare cash cost versus credit and debit transaction fees. I can remember the Enco outlet having a 3% cash discount, and I briefly sold CC terminals and found processors made 1.5-2.8% of a transaction. It adds up.

#2, well that's the point of a cash diet. Although in my current line it's quicker because the thrifts I haunt have low end registers and crappy CC terminals.

Then we get germophobia, and reiterations of my previous rebuts. Cash is great, but you should have a CC for gas, groceries and utilities. Get points for those regularities.

/3% adds up when you're talking $20k gap bed lathes
 
2014-02-04 08:26:36 AM  
Cash Enables Tax Evasion!!!! OMG!!!!

Yeah, I know, that's why I'll offer my contractor cash for work.. I usually get a hundred bucks off.
 
2014-02-04 08:27:36 AM  
Paying for stuff with cash is a FAD?   I was hoping the whole debit card thing was a fad.   It's so much faster and easier to put down the cash on the counter and walk away.
 
2014-02-04 08:28:26 AM  

Dahnkster: There was a report that over 25% percent of Americans have no checking or savings accounts. I'm sure there are a few folks that are worried about possible Federal intrusiveness or are opposed to banks in general, but the sad truth is that the main reason these people do not have a regular bank account is because they are poor. These are the people that must pay check-cashing fees and take out high interest payday loans when unforeseen expenses arise.


They don't, though, that's the odd thing. It costs having $100 in TD Bank to pay no fees at all, and they're open 7 days a week. When I lived in Houston, First Convenience Bank was in Kroger and had the same arrangement.

/they were in Joe V's Smart Shop too, and they signed up a whole lot of people there
 
2014-02-04 08:28:37 AM  

untaken_name: It's also bad because it's the property of the Federal Reserve. Yep, that's right, the cash in your wallet is not yours. Not that any money you put in the bank is yours, either.


I'll be glad to take all of Uncle Sam's money, that you have in your posession, of your hands for you.  I'm helpful that way.
 
2014-02-04 08:29:10 AM  

MugzyBrown: Cash Enables Tax Evasion!!!! OMG!!!!

Yeah, I know, that's why I'll offer my contractor cash for work.. I usually get a hundred bucks off.


Think of what you're stealing from Harry Reid's cowboy poetry festivals!
 
2014-02-04 08:30:40 AM  

The Angry Hand of God: Can't slide a credit card down a stripper's ass.

Well, to be honest.... you *can* do that.  They just prefer that you not.  Or so I've heard.

 
2014-02-04 08:31:35 AM  
#14 - Don't carry "too much" cash or the cops will steal it from you in a chance encounter.

Seriously, civil forfeiture is the #1 reason you shouldn't carry "too much" cash. You could be doing something totally innocent and still have it stolen from you with little to no redress.

Out of the 13 other reasons listed in that article only two or three of them make any sense to a reasonable person. Not being able to order online, not building a credit score, and maybe the last part about fees - and an earlier poster hit it right on the head, it is the banks that discriminate, not the cash.
 
2014-02-04 08:32:20 AM  

YixilTesiphon: MugzyBrown: Cash Enables Tax Evasion!!!! OMG!!!!

Yeah, I know, that's why I'll offer my contractor cash for work.. I usually get a hundred bucks off.

Think of what you're stealing from Harry Reid's cowboy poetry festivals!


If the contractor /whoever decides not to record their receipts appropriately, that's their issue not mine ;-)
 
2014-02-04 08:38:58 AM  
#4 Using an ATM is like going to a public bathroom


Yes, and everyone has to use them, yet we haven't had a massive cholera outbreak.
 
2014-02-04 08:42:28 AM  

MugzyBrown: YixilTesiphon: MugzyBrown: Cash Enables Tax Evasion!!!! OMG!!!!

Yeah, I know, that's why I'll offer my contractor cash for work.. I usually get a hundred bucks off.

Think of what you're stealing from Harry Reid's cowboy poetry festivals!

If the contractor /whoever decides not to record their receipts appropriately, that's their issue not mine ;-)


Aw, crap, he forgot to file for the building permit to switch out those cabinets? Imagine that. Well, too late now...
 
2014-02-04 09:02:44 AM  
Thank you VisaMastercardDiscoverAmex for that very "thought inducing" article...
 
2014-02-04 09:12:29 AM  

The Angry Hand of God: Can't slide a credit card down a stripper's ass.


You can, but the real fun begins when you try to enter your PIN.
 
2014-02-04 09:15:05 AM  

GreenAdder: Nah. We should trust banks. They would never ever screw us over.


And credit card processors.
 
2014-02-04 09:18:41 AM  
That's a lot of words to say: "Put everything on credit cards, sure you'll rack up debt, but debt is good 'cause I'm an idiot, and there's never plenty of situations where cash is the better option for speed and convenience, and also, I got a kickback for writing this crap."
 
2014-02-04 09:20:53 AM  
You should definitely use cash when buying all the tin foil you need to protect yourself from the governments mind control devices.
 
2014-02-04 09:24:57 AM  
Oh and another thing, someone may think a person is wasting time getting cash from an ATM, but the extra time saved doing quick cash transactions for hamburgers other small items,while others fumble for their cards, then put the card in the wrong way on the scanner..then forget their code, then mess it up, then finally get it right and find out that they've been denied, is priceless.
 
2014-02-04 09:40:03 AM  
That's why I do all of my transactions in gold. You rubes can use your worthless paper from the Monopoly bank, or your worthless plastic, but I use the only true currency. Yeah, it's a bit inconvenient to carry around a scale and gold dust everywhere I go, and most retailers won't accept it, but at least I'm not part of the vast global banking conspiracy!
 
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