Sometimes Cash is King


A bit of a surprise in a survey about credit cards -- Americans still prefer cash for small purchases.

Creditcards.com's Ted Rossman says nearly half of us prefer cash for things like a pack of gum, a bottle of soda or a bag of chips.

"We found that for purchases under $10 Americans prefer to pay with cash over debit and credit cards."

Rossman says cash seems less convenient than a card for such purchases. If buyers are worried about their identity being stolen Rossman says credit is safer than cash or debit cards.

"With a credit card they have zero liability and if your account gets hacked it's just a line of credit that needs to be restored, it's not actual money missing from the account."

Rossman says wasn't a survey of diehard cash users, either.

"We specifically surveyed people who have rewards credit cards, so you'd think these people would be more likely to use credit in order to get points and miles, but it didn't turn out that way -- cash was still king."

Rossman says using your phone to pay, with Apple Pay or Android Pay, is also more convenient than cash.


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