Supposedly, it won't save much money because we will now need to make more nickels, which are even more costly, apparently.
1.5 chase points for every penny spent Turn those into hyatt stays or intl travel and average 5 cents per point. Every 10k i spend on that card gives me $1k +/- in free travel when not working on sign up bonuses. We earned appx 1.2M points last year across various platforms in sign up bonuses, which require a min spend be met, and usually a nominal annual fee. On average around 3 cents per point redemption values. So $36k in travel expenses covered for around $1k in fees and my normal spend. Spending on credit cards instead of cash can have great benefits, especially if you like to travel.
More likely cash doesn’t get reported as income. I think moving to a cashless society would increase sales tax receipts by maybe 10 percent.
Yes, the cost of the nickel is over 5 cents, like 13-14 cents each. Get rid of the nickel, dimes are producded for less than 10 cents. Prices for everything would be rounded up/down to the nearest dime.
I'd expect that to be inflationary. Any smart retailer will set their prices so that it always rounds up rather than down. Where I live the sales tax is 8.25%. If you charge $5.00 for an item you pay 5.41. Leaving the price at $5.00 the retailer is losing a penny (collecting 5.40). Increasing it to $5.02 and the retailer is gaining 4 cents (collecting $5.45).
Again, at least initially this would be inflationary as prices would be set to always round up to the nearest dime rather than down.
cash usage in general should be lower. It’s surprising how credit cards for everything had increased over last 10 years.
It would also allow for despots like Musk to track every purchase you make, sell it to insurance companies, health care providers, etc.... It will make it easier for Trump's Taliban to monitor your anti-Christian purchases, your anti-American purchase, etc.... Yeah, this will be the next step into de-volving us into China.
Perhaps but you’re looking at this in the context of buying a single item. Buy two, five or 35 grocery items and it changes the calculation in a way you can’t calculate for.
Well certainly there is that when it comes to cash tips. Most of them aren’t reported. Tips on a CC are all part of the ledger now. Trouble is in a cashless society somebody is making a cut on the processing fees. BIG money there. BIG.
