Cashless society

[Dona Ferentes]

My new CBA visa CC is almost blank on one side, rather confusing actually

ditto ANZ+ card... all about branding ?

 

[Bellcose]

ditto ANZ+ card... all about branding ?

Maybe Visa is going to move in the direction of Mastercard which is proposing doing away with numbers and using bio-metrics, one-time numbers and PINs to enhance security (or so it claims.)

 

[qldfrog]

same for CBA diamond mastercard

used to be classy black, now looking like a club junior membership card

 

[Value Collector]

You know, I had a bit of a chuckle yesterday at the fish and chip shop.
Whilst waiting for a retiree/pensioner to pay for a spring roll. The old gent complained about how expensive everything is and struggles to live on the pension.

I was feeling sorry for the old bloke and, if he didn't mind, was about to offer paying for his spring roll until, he asked if they had EFTPOS and pulled out his card. He proceeded to pay for the said roll even after he was advised of the 1.75% surcharge if paying by card. No worries he said and placed the card on the terminal.

I'm guessing he's not really struggling on the pension then eh?
Yes, I know. I don't know his financial circumstances, perhaps it was a special treat but if he was really struggling, surely paying by cash would be a money saver.

FWIW, my observations were that the CBA card he used wasn't a credit card, I didn't notice any other markings and if I'm correct, he didn't earn any points.

Well, by my calculations using my card earns me about 3% in benefits, so using cash to avoid the 1.75% fee isn’t a good plan from a financial perspective, He might just be really good at math.

Using card is also just easier, I can’t imagine an older person that may struggle with mobility should be prioritising having to find an ATM to save them selves 9 cents or what ever the fee was.

 

[Value Collector]

same for CBA diamond mastercard
View attachment 208576
used to be classy black, now looking like a club junior membership card

Use Apple Pay, and then you don’t have to worry about your card.

 

[Value Collector]

My new CBA visa CC is almost blank on one side, rather confusing actually

Makes it less likely your card number will be picked up in a security camera while you tap it, but Apple Pay is safer.

 

[farmerge]

I wouldn’t say poorly educated, just different experiences, they can do thing things that the older generation can’t simply because both generations have had different experiences.

Paying with cash is becoming like sending a fax.

I would definitely say poorly educated.
When the youth of today (generalising0 Can't do simple adding up, taking away then the education system has failed = poorly educated.
I won't start on the spoken word.

 

[rolly1]

Well, by my calculations using my card earns me about 3% in benefits, so using cash to avoid the 1.75% fee isn’t a good plan from a financial perspective, He might just be really good at math.

Using card is also just easier, I can’t imagine an older person that may struggle with mobility should be prioritising having to find an ATM to save them selves 9 cents or what ever the fee was.

3% seems pretty good may I ask what card you use?

 

[frugal.rock]

AMEX card.
Spends an absolute motza on it which offsets the mammoth yearly fee.

Do travellers chqs even exist anymore?

 

[TimeISmoney]

Well, I was away on holiday and decided to indulge in some fish and chips, the price board dictated $10, the lady at the counter asked for $15, swiped my card, and I thought maybe I wasn't seeing it right without my glasses on. I got back to my accommodation to pay some other bills online, and I noticed the rotten critter charged me $19.

 

[qldfrog]

3% seems pretty good may I ask what card you use?

indeed, mine is more $1 for each 200 or so spent so 0.5 % return
of course, can get more points on spevials, dome vendors and can redeem more similarly on specials, etc
but if i spend $100 in coffees groceries, o will get 50c against said groceries..not much

 

[rolly1]

indeed, mine is more $1 for each 200 or so spent so 0.5 % return
of course, can get more points on spevials, dome vendors and can redeem more similarly on specials, etc
but if i spend $100 in coffees groceries, o will get 50c against said groceries..not much

Yea that is about right that is why I asked the question about getting 3% benefits.

 

[Value Collector]

3% seems pretty good may I ask what card you use?

CBA Ultimate card, The 3% value I am talking about is derived from the value of the points I get when I convert them to velocity points and use them for reward business class tickets, combined with the fact that when using my card I get to hold my funds in an interest bearing account (or mortgage offset account) for an extra 30 days or so earning or saving interest.

For example,

If I spent $1000 I earn the equivalent of 1000 velocity points, which are worth $23.40 + $5.50 of interest (saved on my home loan) bring the total benefit to $28.90 or 2.89% making any fee below that essentially worth it. There is also the added benefit that reward seat prices in points are about half the value you would have to pay in cash, so a $6000 business class seat to London only consumes $3000 worth of points, which would double the value of the points.

So the fee isn't a real cost, its basically dropping into my home loan and holiday fund. Especially when a lot of transactions don't have fees and most fees are less than 2.89%.