With every story we write about increased credit card fees, slashed rewards programs or hacked bank databases, a growing number of readers have expressed a growing interest in ditching their plastic and going cash-only.
Over at SmartMoney.com, columnist Brett Arends gives a pretty in-depth explanation of the 10 reasons he's opted to live a life without credit cards.
Here are some of the highlights:
The card bonuses aren't worth it.
"A lot of people use their credit cards for the frequent flyer miles or other bonuses. But... deals are getting less valuable, and are increasingly focused on cards with annual fees. Most of us are doing very well if we manage to get back 2% on our cards. Compared to the extra amount you spend, that's chicken feed."
Cash makes budgeting easy.
"I have a confession: I'm just not that organized. Nor, I suspect, are lots of people. But if I go to the bank once a week and draw out a certain amount of cash, it makes the budgeting automatic. Easy."
Less worry about identity theft.
"Do you worry about handing out your card or details every time you make a purchase? I do. The banks and online merchants work hard to maintain security, but the crooks are just as inventive. And there are plenty of them."
try buying a plane ticket or renting a car with cash.
ReplyDelete7:00am....Couldn't you just purchase a prepaid CC? It's the same as cash.
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