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Canadian,Banknotes,Are,In,The,Back,Pocket,Of,Blue,Jeans.

Why Pay With Cash?

Published On: January 1, 2023Tags:

Why pay with cash as opposed to a bank card everywhere you go? Here’s a simple explanation for one good reason:

I have a $50 bill in my wallet and when I eat at a restaurant, I’ll pay for my meal with it. The restaurant owner uses that $50 to pay his bill at the dry cleaner. The dry cleaner uses the $50 to pay for his haircut. The hairdresser uses the $50 to pay for groceries at the supermarket and so on. You get the idea. After an unlimited amount of payments, that $50 note remains unchanged — it has served its purpose to everyone who used it to pay for goods and services. The bank has not interfered or profited in any way.

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Now, what if I go to the restaurant and pay for my $50 meal by debit or credit card? The cost of my digital payment which is billed to the restaurant owner as a percentage is an average of 2.5% or $1.25. If the restaurant owner then pays the dry cleaner digitally, the dry cleaner pays the hairdresser digitally and the hairdresser pays the supermarket digitally, that same $50 has already been reduced by $5. There are no unlimited transactions. After 40 transactions, that $50 has become the property of the bank because of all the transaction fees.

Why give the banks more of our money than we need to?? Cash is king.