… There is already a movement away from plastic, debit is taking over, maybe when the banks can’t make money off c cards they will hike debit fees to cover it. People will then return to cash…
You would be surprised at the amount of folks who are surprised that using the debit cards costs the merchants taking them. It’s when it costs the user that you will start seeing a change. It’s possible that in the near future (like the next 5 years) will see a huge decrease in the “small” debit/credit card purchasers. We have pulled way back on using our debit cards in lieu of cash, but for other reasons. I post on RV boards where they hotly debate the debit vs credit every few months. It is surprising the amount of RVers who are shifting from plastic to cash for their smaller purchases. They are often still using some form of plastic but we are often fueling up tanks at pumps that only take plastic and we are filling tanks that hold 35 to 200 gallons of fuel (and that’s not counting generator fuel tanks). Thats alot of cash to be hauling around.
I think that there is no “right” or “wrong” answer when it comes to taking plastic. It is a personal choice… kinda like what condiments to offer on your cart. I do know that more and more places are not taking it. We travel thru alot of small towns and so many small businesses say their merchant account and banking fees are breaking them. We have run into a few small stores that have had signs posted “cash only, no checks, no credit, no debit”. They have explained it was in protest to their bank hiking fees for taking those items. And this was a few years back (South GA, a regional bank). Because it was somewhat wide spread across a couple of counties, the locals took it in stride. The stores said they were surpirsed at how much of their $$ were eaten up in various bank fees and they were seriously thinking of staying cash only permanently. Since we were passing thru (several times over the course of several years), we don’t know how long they held out against plastic or if the bank “won”. But it was interesting.