They have your money, but there seems to be a number of ways to pay for it. Does your head spin when the cashier asks “Will that will be cash, credit or debit? ” Don’t know what the smartest choice is usually? Here, we break down each way of payment, and explain it’s advantages and disadvantages, as well as example scenarios. We assist you in finding the wisest method of payment for your situation.
PAYMENT METHOD: Cash PROS:
Universally accepted, easy to keep track of investing patterns, always aware of your “balance” without having to dial a 1-800 amount or log onto the bank’s website.
You avoid bank maintenance, overdraft and other fees.
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In the event of your purse of wallet containing cash being lost or stolen, even though it would indeed be a set back, only the amount of cash contained in your purse/wallet will be lost. In other words, you aren’t at risk for your entire account being wiped out. Most likely also at a less risk of becoming a victim of stolen identification, as the prospective thief has no concept how much money you make, your level of financial debt, or what is in your accounts. There’s no personal information that he might otherwise find on a checkbook or credit plus debit cards. Most thieves would not take the risk if they don’t know if the targeted person has money, assets or simply loads of debt.
As for transferring money goes, using cash, wiring money and using money orders to pay expenses can be easier and faster. Additionally, it provides more protection for your private information than writing a check or transferring funds from account to account.
You also avoid the risk of “bouncing checks” and the fees that follow.
Although every single bill has an unique serial number, it is virtually impossible to trace. (Who writes down each and every serial number, of every single expenses from one to one-hundred that they experience? ) Because of this, people who might not grab credit/debit cards or checkbooks would certainly steal cash.
Cash also occupies more “room”, making it easier to discover. For example , a wallet that contains hundred buck, all in $1 bills would be considered “fat”, an d would certainly look like it contained well over hundred buck.
Unless you request, and save a receipt for every single purchase, there is no way to prove that you do or did not purchase, buy, or even make a payment on something, whereas using plastic automatically has a report of every purchase made. Be smart, save and file cash statements on large purchases, and monthly obligations.
It is very hard, if not impossible to money orders (as com pared to a check). Because of this, money purchases were a favorite payment of rip-off artists that do their dirty work over the internet, such as the Nigerian (419) E-mail ripoffs.
When is cash the ideal choice?
Whenever paying for large purchases in full. Typically will off er discounts to get cash and/or payments made in full. Just ask!
When shopping at garage or estate sales, buying merchandise on Craigslist or eBay, or through a local buy/sell newspaper like the Greensheet, a s most citizens do not have credit card processing devices. Most people would not accept a personal examine from a stranger either, aware of the possibility that the check may bounce, be fraudulent or stolen. The seller can in fact find themselves in legal trouble to get accepting fraudulent or stolen bank checks, even if they had no idea it was not legitimate.