In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

 

[Chris Churchill]

Booking Airline seats online is one horrible GLARING example!

 

[riskydave]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

Everyone including the Government has driven us to the use of cards to the extent they now some business's dictate that you must spend a 10 dollar minium, as soon as they say that I put my goods down on the counter and walk out, I think it is too late to change everyone now, too many young people and too many lazy people to bother carrying cash. A lot of the young people can't add or subtract so would not know how to handle cash. It is the smart thing to do and the comment she made is correct and also you can't get your cash scanned by someone walking past to be used later. But I think too late. We always carry cash for coffee and small purchases if we remember.

 

[Jack the old fart]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

 

[Cheezil]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

Maybe so, but try asking your employer for cash instead of direct debit? Eftpos or credit card is pretty damn convenient too of you wanna order goods online, pay bills online etc & it would be more expensive (fuel, vehicle costs) than those card fees mentioned if you had to drive around everywhere & pay those bills etc

 

[Jack the old fart]

In the beginning you paid a once a year fee and that was all......now they charge for every transaction as well ... and now they want us to be a cashless society..... and that will happen because the banks and businesses and the government are taking it all and we will be cashless and broke while they make bigger profits.....

 

[JayKay]

I'm a cash only person.
I don't buy anything online, so don't need credit.

 

[Happymad]

A lot of places have notices card only no cash

 

[David S. Anderson]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

The seller has already increased the product to cover the card charges so actually $50 value by seller is really only should cost $48.50

 

[JayKay]

A lot of places have notices card only no cash

These places don't get my business.

 

[Mark1]

Cash encourages tax avoidance, especially with tradies and fruit shops. They simply understate their earnings and pay less tax.

 

[Glenbob]

While I like the idea of saving money, any business owner worth his salt knows how much his bank fees are and will build them into his cost of good or services, just like any other business expense. So whether we pay by cash or card, unless there is a discount for cash we end up paying those fees anyhow, one way or another...

 

[Shane O'Neill]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

Exactly cash is cash debit cards always someone is take a little of the top all the time inthe end all we are doing is filling the pockets of shareholders and banks and institutions never opt for a cashless society because you will be paying fees until you die then there will be fee's on your funeral costs that the family have to pay for don't become a sheep

 

[paulamc52]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

Hi Everyone

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

Hi Everyone, Happy Thursday
I'm old fashioned,I pay in cash,for coffee, groceries,fuel.I must admit that I do have a Credit Card,but only for emergencies.from Paula in Gippsland Victoria.

 

[Macarj]

These places don't get my business.

If businesses want to charge me for using a card I will go elsewhere once the owner of a store tried to charge me I said I will go he wouldn't let me go and didn't charge me extra we the consumer did not ask for credit cards so I refuse to be charged or I will leave the store

 

[BJM]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

I’ve noticed also (I’m in Qld) that when I tap my card I get charged a little extra. I’ve noticed that when I make a purchase at Aldi and some newsagents (when I purchase my lotto) by inserting my card and selecting “savings” and using a PIN number I don’t get charged any extra. My card even though it says Visa Debit, my card is only debit. I’m

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

I’m in Qld and I’ve noticed Aldi and some newsagents (when purchasing lotto) have a surcharge when I make a purchase I insert my card and select “savings” and enter my pin. My card is a debit card not credit. Not sure which other merchants charge extra.

 

[Happymad]

Donut king charge for using a card

 

[Halona]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

 

[Halona]

That story has been has been around for a long time, so nothing new there. Also if people take notice of such things, there are more and more places that display "No Cash" payments....also takeaways are the same....we rarely buy it, but did so at a drive through Coffee shop yesterday morning...we had the cash but had to use the card I much prefer cash, now I must remember to take my credit card. Although I did see that the Government are spruiking "Pay with Cash".....

 

[Observer]

In an age where it has become easier to pay for goods and services with debit and credit cards, it can be difficult to remember the good old days when cash was king.

But there’s a good reason why opting for coins and notes over online payments is still popular.

Recently, Fiona Edmunds, a mother-of-three from Brisbane, revealed how physical money will retain its value.

In a Facebook post that has quickly made the rounds on social media, Ms Edmunds illustrated the hidden cost of using a bank card.

A mum-of-three from Brisbane gave an elegantly simple explanation for why paying with cash is better than using a credit card. Credit: Shutterstock.

'I have a $50 banknote in my pocket and I go to a restaurant and pay for dinner with it,' she explains.

'The restaurant owner then uses the bill to pay for their laundry. The laundry owner then uses the bill to pay the barber. After an unlimited number of payments, it will still remain at a $50 value which has fulfilled its purpose to everyone who used it for payment.'

However, if you pay with a card, the amount paid will gradually diminish in value because part of it will be eaten away by fees.

'BUT if I come to a restaurant and pay digitally via card, the bank fees for my payment charged to the seller could be up to 3 per cent or $1.50,' she continued.

Ms Edmunds claimed that up to 3 per cent of payment can be charged to the seller by banks, and added that this percentage will be imposed on every other transaction paid with the same card.

'Therefore after 30 transactions, the initial $50 will exist at only $5 and the remaining $45 has become the property of the bank,' she explains.

It should be noted, however, that this simplified example does not give the full picture, and the fees charged by banks for credit card transactions vary widely.

Regardless, the principle that Ms Edmunds is getting at is accurate: In the long run, banks and credit card companies will generally take a portion of your money every time you make a transaction that inevitably becomes theirs over time.

'Use it or lose it folks... cash is king,' she finished.

Meanwhile, the Reserve Bank of Australia confirmed that while there's truth to what the mum claimed, the average cost for certain businesses to use banks' or credit card companies' payment services has decreased.

'However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants,' the RBA remarked.

It's also worth noting that smaller businesses face considerably higher card payment costs for each and every transaction than larger businesses.

This means that in some cases, merchants may pass on a surcharge to the customer in order to cover the cost of payment.

Here are a few examples of the fees a merchant might pay depending on the type of card they accept:

Eftpos: Less than 0.5 per cent
Visa and Mastercard debit: Between 0.5-1 per cent
Visa and Mastercard credit: Between 1-1.5 per cent
American Express: Between 1.5-2 per cent

Key Takeaways

• Using cash over cards is more beneficial to you and the community because banks and credit card companies will take a cut from each transaction
• Businesses, especially smaller businesses, suffer more from high card payment costs, with merchants paying up to 3 per cent in fees
• Businesses are allowed to pass on surcharges to customers to cover merchant fees, but the amount cannot exceed the fee amount
• So, even though cash might be inconvenient or old-fashioned, it's a better option for both you and local businesses in terms of maintaining the value of your money

Given this information, members, it's no wonder why many recommend starting to pay for products in cash if you can. By paying with cash, you can avoid unnecessary surcharges, and keep more money in your own pocket!

What are your thoughts, folks? Do you regularly pay for your everyday purchases with cash?

What seems to be really unfair is that if you have and use a debit card, IT IS YOUR MONEY in the first place and not the Banks money should you use a credit card.
Another peeve of mine is the fact that some smaller businesses have a minimum spend before accepting a card. For example, you need to purchase a $10 minimum for say an $7 item. Who the hell do they think they are telling you how much to spend??? I have paid cash and seen it go straight into an empty ice cream container under the register, something that will never be declared as an income, defrauding the ATO.