Is Cash Still King in 2021?
Sometimes, it seems as if society is telling you to just leave your cash in the bank. I carry some cash with me as a budgeting tool. I spend the cash I have on me, and leave the money in the bank for bills. Does it work every month? Not really. But just last night I was out trying to grab something to eat and I had a few ones with me along with a $50 bill. Some places make it hard to spend your cash!
So I tried to use my $50 at a couple of fast food type restaurants and they said 'no', along with the folks at Casey's. I understand why some places can't break a $50. They typically don't have a ton of cash on hand. It's a safety issue and if people knew they did always have a lot of cash on hand, they would get robbed. But other places I just don't get. I walked in to Best Buy, a store that sells plenty of high priced items. They told me I could not use my $50 bill in their store. I was stunned.
It got me thinking as more and more stores refuse to allow you to use larger bills, are more people no longer using cash. According to Fortunly.com, cash still remains king in 2021. Cash remains the most popular form of physical payment with 30% of all payments, are made using cash. But, credit and debit cards are making their mark. Debit cards make up 27% of purchases. Cash is used most on everyday purchases, $10 to $100. The average credit card transaction is $57, according to Fortunly.
So while cash is technically still king, I think we can all see a day when barely any of us use it. Some businesses will refuse your large bills now. How long before they no longer take cash...at all? By the way, I did break that $50 bill this morning. At a gas station, no less! Thanks Kum & Go!