Finance Globe

U.S. financial and economic topics from several finance writers.
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What are the Biggest Benefits of Paying with Cash?

What are the Biggest Benefits of Paying with Cash?

Credit cards remain popular among many people for a variety of reasons. From the reward points to the convenience, there will always be people who would rather swipe their plastic than pay with cash.

Conversely, there are several high level benefits of paying with cash. Once you become familiar with these, you may find yourself more interested in using cash and less interested in credit cards.

Here are three benefits:

1. No chance of running up a high balance. With a credit card, you may not be mindful of your spending. After all, you don’t need the money “right now” to make the purchase. With cash, this isn’t the case. You either have the money or you don’t. If you are concerned about your inability to shop responsibly, a cash based system is the way to go.

2. High level of security. Let’s face it: the recent data breaches, such as the one involving Target, is nothing to take lightly. If you don’t want to concern yourself with this type of security risk, pay with cash.

3. Never have to worry about being turned down. While not common in today’s day and age, there are still establishments that only accept cash. If you always have cash on hand, there will never be a time when you are at a disadvantage. As long as you have enough “green,” you can make a purchase.

There are pros and cons of paying with cash. The same holds true with credit cards. This article should help you better understand the benefits of cash, including why you may want to look into this approach in the near future. It could change your financial outlook for the better.

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Comments 1

Finance Globe on Wednesday, 08 July 2015 03:04

Nice perspective Chris, one most of us think about often. Just like anything, abuse and too much freedom can be destructive.

Nice perspective Chris, one most of us think about often. Just like anything, abuse and too much freedom can be destructive.
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