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Earlier quoted context omitted.
This is still the case in the Netherlands. Most stores don't accept credit cards, debit cards are prevalent here.
But at the same time, you have plenty of places where you cannot pay with cash.
I have experimented with it too, and you may as well, leave your credit cards at home, and only use 'Cash' ... you will think twice before paying for $100 consumer item ... whereas using Credit Card, you barely had noticed the price tag .... so bottom line is, Yes, paying through Cash can 'significantly' cut your expenses on 'extravagant spendings'.
Earlier quoted context omitted.
Not really. Debit cards are debit cards, not cash. You are comparing CC to DC as far as I can tell, but they are completely different products. There is a huge difference between having currency in your hand or use a medium to access money held by the private organization that can go bankrupt (and this happens much more often than, for example, governments with their currencies).
Both Germany and the US insure savings accounts for 6 figure amounts, meaning bankruptcy is not a major concern for most people.
According to https://www.cashforless.de/ec_cash_info/Fakten_zur_Kartenzah... methods for payments in stores 2011 was 57% cash, 5.3% credit card, 33% debit card ( https://en.wikipedia.org/wiki/Electronic_cash ). > "of course, [the Germans] attitudes toward currency must owe something to Germany’s tumultuous monetary history. During the Weimar-era hyperinflation that peaked in 1923 [...]" > "the German tendency to sett…
As a German a.) I mostly pay cash because it's faster b.) some shops that can afford it only have cash payments to save on CC costs Not because of inflation or because something happend 100y ago.
Cash workflow:
- Cashier tells you the total amount
- You look in your wallet/purse
- You spend time counting exact change if you do have it
- If not, you take out a rounded bill/note (say $20)
- Cashier takes the bill/note, punches in the register and then spends a few seconds giving you the change back.
Credit card workflow:
- Cashier tells you the total amount
- You look in your wallet/purse
- You swipe card/insert in chip reader
- Done
As a Swiss German I think the currency stability argument is moot. Swiss Frank is one of the most stable currencies available and we still have a similar attitude to cash as Germans. IMO it's mainly due to the following reasons: 1) CC is slow, at least in Switzerland. Like in Germany, efficiency is baked into the culture - people hate to wait on someone paying his chocolate bar with credit card. It's also not rare fo…
According to https://www.cashforless.de/ec_cash_info/Fakten_zur_Kartenzah... methods for payments in stores 2011 was 57% cash, 5.3% credit card, 33% debit card ( https://en.wikipedia.org/wiki/Electronic_cash ). > "of course, [the Germans] attitudes toward currency must owe something to Germany’s tumultuous monetary history. During the Weimar-era hyperinflation that peaked in 1923 [...]" > "the German tendency to sett…
As a German a.) I mostly pay cash because it's faster b.) some shops that can afford it only have cash payments to save on CC costs Not because of inflation or because something happend 100y ago.
On a short trip last month, I surprised a couple of merchants by paying contactlessly with my foreign (EU) card.
That's almost always faster than paying by cash, since there's no need to count the money or make change. The exception is when the cost is €20, and I can hand over a single note.
According to https://www.cashforless.de/ec_cash_info/Fakten_zur_Kartenzah... methods for payments in stores 2011 was 57% cash, 5.3% credit card, 33% debit card ( https://en.wikipedia.org/wiki/Electronic_cash ). > "of course, [the Germans] attitudes toward currency must owe something to Germany’s tumultuous monetary history. During the Weimar-era hyperinflation that peaked in 1923 [...]" > "the German tendency to sett…
As a German a.) I mostly pay cash because it's faster b.) some shops that can afford it only have cash payments to save on CC costs Not because of inflation or because something happend 100y ago.
- fast enough
- no problems with failing electronic payments of all kinds
- more places where it works (electronic payment systems can indeed be an extra cost which matters for small businesses)
- cash doesn't break (cards do)
- still easier to transfer directly between people
- pretty private
Earlier quoted context omitted.
Not really. Debit cards are debit cards, not cash. You are comparing CC to DC as far as I can tell, but they are completely different products. There is a huge difference between having currency in your hand or use a medium to access money held by the private organization that can go bankrupt (and this happens much more often than, for example, governments with their currencies).
When paying with cash you are also only exposed to the risk of loosing what you have on hand. A debit card is a bit more akin to handing over the key to the vault with a contractual agreement as to how much can be taken.
As a Swiss German I think the currency stability argument is moot. Swiss Frank is one of the most stable currencies available and we still have a similar attitude to cash as Germans. IMO it's mainly due to the following reasons: 1) CC is slow, at least in Switzerland. Like in Germany, efficiency is baked into the culture - people hate to wait on someone paying his chocolate bar with credit card. It's also not rare fo…
I pay with my card faster than the vast majority of people with cash. I also worked as a cashier during school, my favorite people were the older ones who'd just hand me their wallet so I could take the best mix of coins for the payment. Most people are horribly slow when trying to pay optimally.
Anyway, at least here in Germany the whole NFC thing seems to be taking off and card payments are even faster now.