| by Glenn J. Downing, MBA, CFP® |
As I’ve noted elsewhere, it used to be that if a man wanted to impress a woman, he’d flash a bankroll. Now she’d likely flee in horror at such behavior. It is the platinum card she wants to see. On second thought, actually using a credit card might also be too old-school – one simply flashes one’s phone at the point of sale terminal.
Is it possible to go back to cash days?
I’ve been mulling this over: is it even possible to go back to pre-credit days and pay by cash or check for everything? Privacy is the concern, of course. If you’ve ever Googled anything you’re interested in spending money on, you’ll see that from that day forward the pop-up ads will all feature that thing.
Can I live on cash alone, leaving no digital footprint? For starters, I’d have to login to each account I have and change my billing method to US mail, rather than electronic. Then, twice a month I’ll have to sit down with these bills, write out checks, and mail them off. No longer will I earn airline miles and hotel points. I’ll have to figure out how much cash I need to have in my pocket.
What can I NOT do without plastic?
It is a growing list:
- I can’t use vending machines. Most are card only.
- I can’t use Uber. Big inconvenience.
- I can’t use Turo
- I can’t use Air B&B
- I can still rent a hotel room and rent a car and pay cash, but I will be required to present a credit or debit card to be charged for incidentals.
- You need to demonstrate strong credit to be hired into certain jobs. If you go cashless, you are no longer producing a credit history.
- I can’t buy a meal on a plane
Can a store refuse to take cash?
From the Federal Reserve website: There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.
I love the present!
Technological advances excite me. What can I accomplish in the 2 hours I don’t have to allocate to paying bills? Tapping a card for payment couldn’t be easier – I love it! And who knows what wonderful advances are heading our way?
