So, for a multitude of reasons, I pretty much live in a cash economy.
And I wonder…why do I have to pay for everyone elses credit?
Let’s be clear- accepting credit and debit cards is a major expense to retailers. While the numbers are hard to pin down due to a variety of factors, we are talking probably 20-30 cents for every transaction, plus a fee of 2%-5% of each transaction. Plus considerable cost for the hardware and software to accept such transactions.
In other words, in paying cash, I am paying a several percent tax subsidizing those who use debit and especially credit cards.
And to further add to the frustration of it all- wealthier americans, those who get credit cards with rewards, or American Express cards- cost retailers the highest fees- which even those who use regular cards end up subsidizing.
I’m sure we’ve all seen some gas stations that offer lower prices for cash then cards. But this is pretty much the only industry where it is somewhat common, and it’s still far from the norm.
Just one more example of how our society is stacked against those who struggle to get by every day. Or who have made a conscious decision to not enrich the financial industry for no good reason.
Maybe that’s why stories such as Robin Hood are such classics- because it’s a mirror image of our own world- where it’s rob from the poor and give to the rich.