I feel very uncomfortable not having cash on me at all times.
I try to spend cash on a majority of expenses - it helps me budget much better.
|However, we had a debit card and got rid of it, after hearing the advice from Clark Howard. He said never, never, never, ever, ever, ever use a debit card. Most are not protected like credit cards are (you can only lose $50 on a credit card--our debit cards could lose $1,000 per day!), and every use of it risks every penny you have in your account.
Don't use debit cards!
In addition, many gas stations block as much as $50 in your account as soon as you swipe the card, so that they can be sure the card will be honored. The block is supposed to be removed when the transaction is completed, but it CAN take as much as 72 hours to be removed. Same with a hotel; most block at least $100 when you check in, and some block more.
This is my thinking - even if (in theory) I get it back, I do not want my acct screwed up and frozen for days. This happened to a friend of mine on vaca - and she had NO money for a few days during her trip. I also have bounced checks/transactions before b/c the gas station putting a large hold on my $15 worth of gas. I am still hit with a NSF fee. I'm not one of those ppl who has over $1000 sitting in my checking acct "just in case".
I also think it is absurd that either I or the merchant has to pay a fee because *I* want the convience (although I think cash is far more convienent). I especially find it absurd to do a debit/credit transaction for something like an ice tea - while having a fee put on something that is under $2 - ridiculous.
For you non-cash people - do you at least have a stash at home in case the power is out for a long while or you have to evacuate?