Preferred method of payment

[say1988]

Cash, always cash(unless online of course). I only decided to get a credit card because a website wouldn't accept my debit card, the only other thing I used it for was paying for my driving practical and theory test.

Did anyone else when applying for a credit card get asked how they would pay off the debt if you lost you're job? I had no idea what they wanted me to say to that, I mean it would be impossible.

The only questions I answered were name, address, and phone number and what credit limit I wanted.

 

[GenMarshall]

American, I prefer to pay in cash. If no other option, then I'd go with a debit card.

 

[Mise]

I can't remember the last time I wrote a cheque. I think it was in 2007.

 

[say1988]

Aren't postdated cheques strictly illegal?

No. In fact signing a lease generally requires you to give the landlord a series of post-dated cheques around here.

 

[SS-18 ICBM]

Cash makes me think twice about purchases.

 

[Borachio]

Right. And debit/credit cards don't? I think about money whenever I notice it leaving me.

 

[Oruc]

It's really easy if you do your banking on-line.

But don't you keep a record of what you spend, as you spend it? We paupers do it all the time.

Oh I did for a time, I just became really lazy, I think I stopped just after I recieved £630 back the government because I think I was paying too much in taxes for my first year working

No, and I would tell them I'd definitely pay them first. Err, second, after I spend all the remaining money on hookers and blow.

The only questions I answered were name, address, and phone number and what credit limit I wanted.

Well they asked me all kind of questions, how much I was earning and how much I spent weekly. I think it was because this was shortly after the banking crisis started.

 

[Skwink]

I find it a nightmare to work out, and I've still got a jar of coins I work through, from time to time.

I go to the store, and my purchase cost $9.50. I hand the cashier a ten. I get two quarters and put them in my pocket. It's not hard.

I always pay in cash.

 

[SS-18 ICBM]

Right. And debit/credit cards don't? I think about money whenever I notice it leaving me.

The need to withdraw more money from an ATM is an extra checkpoint. I have yet to find a way to make bills appear out of thin air by chanting my bank PIN.

 

[Borachio]

Six months later I have a jar of coins.

As for cash or debit/credit cards being easier for me to resist purchases or keep track of spending, they're pretty much the same kind of thing, imo. Money is money.

 

[Antilogic]

Well they asked me all kind of questions, how much I was earning and how much I spent weekly. I think it was because this was shortly after the banking crisis started.

If you are fairly young or do not have established credit, then it makes sense if it is somewhat intrusive. For my first card, I had to provide a paystub and tell them how much I was spending on apartment rent. I don't think there were any more questions than that, but it was awhile ago so I may have forgotten some.

My second card was much easier--they basically looked at my credit history (which is pretty good, I've paid back my student loans, haven't defaulted on anything, no stolen identity or weird charges, no spending sprees or heavy debt loads, and had my old card for a few years without problem), and I was approved.

(And yes, I stopped at two. I don't think I've ever been at even 50% of my combined credit limit, so I don't see any need to request more.)

 

[bhsup]

You really shouldn't say debit/credit. They are totally different things not at all related to one another beyond "oh hey, you swipe it."

 

[Borachio]

They are almost exactly the same, provided you always pay off the credit card every month in full. Which you most definitely should. There are always cheaper ways to borrow money, if you really must. Which you really shouldn't. Because that would mean you pay more for goods and services than you need to. You definitely should not finance consumption on credit. That is just madness and a large reason for the present credit-financed bubble.

 

[Camikaze]

The bulk of my weekly expenses are a weekly public transport ticket, which I pay for with cash, because the machine doesn't accept card.

 

[downtown]

I buy almost everything with plastic, either debit or credit (which is paid off at the end of the month). I use Mint to track all my purchases, and I've found that cash means I'll be more likely to buy stupid impulses, (mostly food). On the debit card, I know Mrs.DT will see everything and that whatever I buy I'll need to be able to defend. Works out better that way.

 

[Antilogic]

You really shouldn't say debit/credit. They are totally different things not at all related to one another beyond "oh hey, you swipe it."

There's a big difference between swipe 'n sign and swipe 'n pin!

I buy almost everything with plastic, either debit or credit (which is paid off at the end of the month). I use Mint to track all my purchases, and I've found that cash means I'll be more likely to buy stupid impulses, (mostly food). On the debit card, I know Mrs.DT will see everything and that whatever I buy I'll need to be able to defend. Works out better that way.

I think I'm the opposite--I hate handing over cash out of my wallet, but I can stomach numbers on a screen changing, especially if I see them after the fact.

 

[hobbsyoyo]

Do you guys all pay off your cards every month to avoid interest or to build credit.

I'm just asking because it doesn't really build your credit score to pay it off every month. Certainly not as much as maintaining a balance.

 

[ace99]

Debit card except when they have stupid mandatory minimums in some stores or when I just want a quick drink at the bar and don't want to open a tab.

 

[say1988]

There's a big difference between swipe 'n sign and swipe 'n pin!

Nowadays it is often swipe 'n pin or swipe 'n pin

 

[azzaman333]

Paying with cash is more satisfying.