Cash is Still King, Especially While Traveling
I have seen articles discussing “the end of cash” and there is even a book out called The End of Money: Counterfeiters, Preachers, Techies, Dreamers–and the Coming Cashless Society. The author of this book, Wolman “flies to Delhi, where he sees first-hand how cash penalizes the poor more than anyone—and how mobile technologies promise to change that.”
Really? The poor (and not so poor) often use an underground economy with cash that keeps them from having to report income so I’m not sure how mobile technology will be a benefit there. There are many who work under the table for cash, collect food stamps and disability etc. This way, if they go over the limit allowed for income, they keep the cash and their benefits. With mobile technology only, it might be easier to spot this illegal activity. However, while this may be good for society, it doesn’t sound “good” for the poor, if “good” means they have more access to money in general. Once they lose their benefits, they have less. On second thought, maybe this is a benefit of going to a cashless society.
Anyway, I have been thinking about the use of cash while traveling in California for the past few weeks and I realize its benefits more than ever. Twice now, I have been in stores where the credit card machine broke, one for two days, and the owners would only accept cash for purchases. The beach area I am staying now has a sign up, “Cash only” because they either don’t want to deal with credit cards, it’s too expensive or some of their clientele doesn’t have access to a bank account or credit card. While shopping, my credit card wouldn’t work. Why? I am traveling in an unknown area and the card was locked down. When I tried to call on a weekend to get the card re-activated, no one would answer my call. Thank goodness, I have a few bucks on me to get me through until the week starts.
I’m planning next summer’s vacation and many of the B&B’s in the area I will be staying want payment only in cash.
Cash is anonymous, while electronic transactions lay bare your every expenditure to the world. Those who wish to subject us to even more government scrutiny and control love the notion of a cashless society, and tout it as a way to crack down on criminals.
Makes you wonder who, exactly, meets their definition of “criminal?” =’[.]‘=
I have spend considerable time in China where cash rules. Even in major cities many business are cash only. Cash is going to be around for a long time.
I really do not see cash penalizing the poor. Credit and debit cards have fees and mobile technologies are not cheap. They waste funds that the poor can use better elsewhere.
Years ago I was a skycap at a bay area airport (mid 90′s when there was money to be made and sex crimes weren’t federally endorsed).
I had a gentleman who had problems with his rental car and a lost bag. I did everything I could to help this guy out. He ended up having to pay 5K in cash for his rental car because his card wouldn’t work. Right when I got the trunk closed he told me. “Kid, when all else fails and nothing is working…In God We Trust.”
He handed me a 100$ bill and drove off, he circled In God We Trust on the bill.
In the middle of my last vacation, my card was declined: it has been hacked, and $900 charged at an Apple store. That is, during a trip, this sort of horror is likely to happen (in my case during a stop over between planes)… cash was necessary for more than a week until I received a new card.
Also, cash makes you pay attention to costs piling up.
A few years ago, my wife and I took a cruise. Immediately after returning, I went on a business trip. The credit card company thought our card had been hacked, so they canceled it while I was on the business trip. At the time, that was my only card. Fortunately, I was traveling with a coworker who was able to withdraw some cash from an ATM; I needed money to pay my airport parking bill.
Moral: Have two credit cards and notify the credit card company when traveling out of the country.
Traveler’s Cheques as a back up is still a good idea.
Cash is cool, but it is also dangerous. Flashing enough cash to pay for a rental car can make you a target. So at airports, where you are forbidden arms to protect yourself, you are helpless unless you’re Jean-Claude Van Damme or the equivalent. Even traveler’s checks are becoming hard to use. Many places refuse them, demanding cash or credit/debit cards as they have no ready way to test traveler’s checks as they do $50 and $100 bills. You may be able to use traveler’s checks at a US airport, but don’t try them away from there. Cripes, even Waffle House refuses all checks, including traveler’s checks, which used to be as good as cash almost everywhere. (Yeah, I’m 60 and remember olden days)
Many foreign banks will not cash traveler’s checks anymore w/out making you wait several days for them to clear, as traveler’s checks are probably easier to counterfeit than cash.
Plus, if you lose cash or it’s stolen or robbed from you, you’re s**t out of luck, either here or overseas. Traveler’s checks can eventually be reissued after a hassle, and of course your credit cards are protected against more than $50 if stolen. I realize the hassle with getting your card re-credited and all, but you eventually get it back; while with cash, when it’s gone, it’s gone forever with no hope of a refund or credit even if you wait until doomsday.
Never carry much cash unless you can carry a pistol.
Call me paranoid if you will, but credit/debit cards are _not_ secure. The encryption used is little better than a simple transposition cipher (see Sir Arthur Conan Doyle’s “The Adventure of the Dancing Men”).
But what do I know? I’m only an ex-military communications/computer/cryptographic systems maintenance and operations technician/supervisor.
I agree, and I have some experience in that area as well. Of course they’re not very secure. My freaking Yahoo email is more secure than the majority of credit card systems. My private email is very secure (I use a one-off cipher pad). I actually had my identity stolen by a customer service rep of my former bank (now doing 20 years in gaol). You can bet I switched banks in a hurry. However, cash is also not secure, and neither are traveler’s checks. With cash, if you lose it or have it stolen, you are out of luck. Traveler’s checks are a bit better, and even though the credit card procedures and security SCHTANK, you’ll eventually get a full refund minus the $50. Banks and credit card companies don’t want great security. They want convenience, because CONSUMERS demand it. This thing with dapping your new, chipped card on a pad at the store is going to be even worse. Soon crooks, who are very ingenious, will make scanners they can hide in a pocket which will read said cards, again because of cruddy security protocols. You can be secure, or you can have convenience, and customers prefer convenience.