Pros And Cons Of Cash And Debit Cards

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According to Jason Steele (2017), a TSYS survey found that people ages 25-44 preferred credit cards, while the 18-24 crowd and the 45-54 crowd preferred debit cards. A very low percentage of people that took the survey preferred cash. I believe that if the survey would have included more people, the percentage for cash would have been higher. It is traditional, and many people that I know prefer to use it. Credit cards can get people in trouble, and they are very easy to misuse. There are many pros and cons to both cash and credit/debit cards.
Everyone wants the method of payment that they use to be the most convenient. If it is not convenient most people will not use it. A majority of grocery and retail stores accept cash. Some stores do not accept credit or debit cards. The Bank of America (2017) found that some businesses are cash-only or have credit card minimums, and that legally that minimum cannot be more than $10. You will rarely find a store that does not accept cash. Although, cash can be tricky when paying, as it takes longer to get the right amount of money out of your wallet than just grabbing a debit card and swiping it. Swiping a card is much faster than counting out money, giving the cashier money, and getting change back. It is pretty easy to get cash even when you have just a debit card. Laura Adams (2011) says that you can opt for “cash back” at most stores or use your debit card at an ATM and withdraw money. Convenience really depends on your preference
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