While recently making a purchase at a local major retailer, I found myself a little discombobulated to find that half of the self teller machines had signs on them that said “no cash, credit card only.” I was shocked. I remember not too long ago, the express lanes at local grocery stores read cash only. Are we parting with cash or do the retailers know something we don’t?
I pulled up some numbers so I could have my facts straight, but research shows you will spend 12-18% more money when using plastic instead of cash. In it’s own study, McDonalds found when they started accepting credit card purchases, the average purchase went from $4.50 up to $7.00. That is incredible!
I am here to say that cash still is king. You will keep more of your hard earned money when you use cash and it is still a very powerful negotiating tool when you wave around a fan of Benjamin Franklins. (Try it, I dare you)
Have a plan, because retailers do.
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