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Millennials Prefer Plastic to Cash for Small Purchases

If your cup of coffee is less than $5, chances are you’re going to pull out cash to pay for it – unless you’re a millennial. Then you’re more likely to whip out plastic, regardless of how big or small your purchase is.

According to a recent survey by CreditCards.com, cash has long been king when it comes to small purchases (under $5). Overall, about two-thirds of credit card-carrying Americans pay for small purchases with cash, 22 percent use debit cards and 11 percent use credit cards.

But the younger generation is helping to change those figures.

CreditCards.com said:

The generational divide is striking. A slight majority (51 percent) of consumers 18-29 prefer plastic to cash, the only age group to do so. A preference for cash becomes stronger in each advancing age bracket, until at age 65-plus, 82 percent prefer cash.

Financial experts say paying with plastic isn’t bad. But millennials are using debit over credit by a near 3-to-1 ratio. Debit cards offer fewer protections for consumers. Plus, they don’t help build credit.

Both offer solid protection from fraud in case your card is lost or stolen, particularly if you report the disappearance in a timely fashion. However, Matt Schulz, senior industry analyst for CreditCards.com, told MarketWatch:

“If your debit card information gets stolen, somebody can take real money out of your account that you won’t be able to use to make a car payment or a doctor’s bill,” Schulz says. “That money may be gone for a week or two.”

Some people opt to pay with a debit card because they’re trying to be money-conscious, limiting their purchases to money they have. Bloomberg Businessweek said:

Debit cards work a lot like cash because the money comes straight out of a checking account. A credit card is more complicated. It can be a better choice than a debit card if you pay off your card in full each month because you get what amounts to an interest-free loan and rewards points to boot.

Other survey findings include:

Got kids? Parents are more likely (41 percent) to use cards to pay for purchases under $5 than people without kids (30 percent). As a parent, I usually don’t have enough free hands to fiddle with change, so using a card is easier. College-educated are comfortable with plastic. Americans who have graduated or attended college use plastic twice as often (39 percent) to pay for small purchases than their counterparts who haven’t attended college (22 percent). Politically, we’re on the same page (about one thing, at least) . When it comes to paying for a small purchase, 30 percent of Democrats and 28 percent of Republicans prefer plastic to cash.

I rarely carry cash. But if I have it on hand, I use cash to pay for small purchases.

Do you use cash, credit or debit to pay for small purchases? Share your comments below or on our Facebook page.

This article was originally published on MoneyTalksNews.com as ‘Millennials Prefer Plastic to Cash for Small Purchases’.

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Payday Loans – The Quick-Fire Fix | Payday Loan Business

Most of us may find ourselves a bit out of pocket at some point, whilst we’re not one of the many people who are unfortunately in debt, money may still be tight. Whilst it could be possible to ask friends or family members to lend some money for a short period, for some people this isn’t possible or is an embarrassing prospect.

Luckily there is a short term lending option being provided in the form of Payday loans. Payday loans, otherwise known as Cash Advance loans are normally small amounts of money ranging from £100 up to £1,000 and are normally used for emergencies or situations when you need to borrow some money until your payday at the end of the month.

The concept of getting a loan until payday was initially a concept popular in the United States at cheque cashing shops but has now become one of the most popular short term lending methods in use today.

Payday loans are much simpler to apply for than regular personal loans and are much quicker to get money from. The application process can normally be done on the Internet or the telephone with the money being in your account within 24 or 48 hours. The amount of documentation needed is significantly less with most companies needing just bank details and a recent payslip to provide evidence of a steady income. The process is made quicker by not having to carry out any credit checks too.

Another plus that payday loans have is that they need no collateral where as other loans such as
secured loans would need collateral such as property or assets, payday loans are not exclusive to home owners too.

Cash advance loans normally cover emergencies such as: Urgent medical check-ups, car or home repairs, TV repairs, sick pets etc. Although some people have used them for last minute holiday deals where they are pouncing on a limited time deal, in this case not having to wait for payday may mean a huge saving.

Repaying payday loans can be a two edged sword, on one hand this is rather simple to do with options such as cheques or Direct Debit being preferred once you get paid. People who get paid weekly are normally expected to repay loans off after the fourth week’s pay from the date of taking the loan.

The downside is that the interest rates are normally higher than the loans banks issue, sometimes 25% or 29% which encourages borrowers to pay off the loans as soon as possible since this kind of loans are not marketed as long term solutions. They are however marketed as quick solutions and for people who borrow infrequently.

So Payday loans are far more accessible than some more conventional personal loans and due to their speed of delivery it can mean you aren’t waiting around for credit checks and left out of pocket when it comes to an emergency.

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ANZ drops one-year fixed rate to 4.95%

ANZ today announced a drop in its one-year fixed interest mortgage rate to 4.95%p.a., down from 5.19%p.a., for lending when there is at least 20% equity.

The new rate, effective from tomorrow, is one part of ANZ’s best-ever home loan offer – a package that provides customers a great deal for their overall banking.

The package includes $1,000 cash on new lending of more than $100,000, fee-free banking and a free ANZ Visa Debit card with the ANZ Freedom account and a credit card with no account fee for one year.

Kerri Thompson, ANZ Managing Director Retail, said the new offer was about providing people with an excellent deal for their ongoing, everyday banking.

“More Kiwis choose ANZ for their home loans – and for their everyday banking – than any other bank,” she said.

“We want our value, service and expertise across all our banking services to be the reason people choose a home loan with us.

“We have more branches in more locations with more people ready to help than any other bank.

“We have a team of home lending and residential investment experts, mobile mortgage managers who come to customers, and educational resources designed to give our customers the latest information on the market,” Mrs Thompson said.

ANZ’s home loan prize draw – in which 10 home loan customers each month win back the value of their annual mortgage repayments – will continue through until 30 September.

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Can You Put a Payday Loan on a Debit Card? (HD)

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PERSONAL FINANCE. CHECKING ACCOUNTS AND DEBIT CARDS. PREPAID DEBIT CARDS […]

Debit Card Payday Loans | pay day loans online

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Salaried persons always find themselves trapped by the financial crunch due to sudden unforeseen expenses especially at the second fortnight of the month. The situation becomes quite critical because incomes are fixed and expenses are fluctuating nature and can’t be predicted every time. But you don’t have to worry anymore if you are holding a valid debit card issued by your bank, because it makes it easy to get a payday loans by pledging your debit card as collateral.

Get approved online payday loans for bad credit with your debit card

We at online fast payday loans have a very efficient loans service with the name of

debit card payday loans

which offers you instant cash assistance to overcome from your financial shortage. The loan amount offered by debit card payday loans is between $100 to $1000 depending upon the borrower’s requirements for a short time period of 14-31 days. The borrowed amount may be used for diversified purposes. It acts like a helping hand during your financial disaster. We approve instant decision loan with no credit check and no upfront fees.

To avail our loan service, you have to meet the basic criteria to be benefited with our debit card payday loans at online fast payday loans. Followings are the pre requirements which every borrower have to fulfill who are seeking for a quick payday loan:

Permanent resident of USA Applicant must be at least 18 years old Regular monthly take home salary at least $1000 An active bank account with valid debit card

It is an easy option to get online debit card loans with no credit check, no upfront fee and hassle free.

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A Pay day Loan Can Help If You're Short of Money | Ultrabrown

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Pay day loans are usually called money advances or pay-check advances, they’re short term loans used by the ones that have surprising emergency costs or instant money needs. This sort of loan is designed for short term fiscal wants only and not as a long term fiscal solution.

These money loans usually range between £50 and £1500 and are borrowed till your following pay date. On your date due the sum, with the finance charge, is instantly taken from your account or ATM card ( dependent on the settlement type you select ). At about that point, your finance exchange is complete. Paying back a Money Advance Loan When making the application you can choose a payment strategy to fit your wishes.

You may either pay by ATM Card or Direct Debit, the amount is instantly withdrawn from your cash card or deposit account on the payment date, the exchange is then finished. As fast as your exchange is finished, you can make an application for a new loan. All you’ve got to do is set your loan amount, identify your pay date, electronically sign the contract and wait for fast authorisation.

Extending a Pay-day Loan Should you you want longer to reimburse back your loan, you’ll ask to increase, up to 3 working days before your date due. If you extend a payday loan, you’re going to have to pay further finance charges. The finance charge for the original loan needs to be settled on the first date due. You’ve got to pay the amount and also a finance charge on your next payment date, which should be your next pay date. We suggest that you pay back as much as feasible on your original payment date to reduce further charges.

Extending a payday loan isn’t a long term money solution. The Application Procedure You’ll have to provide some basic info ie your name, e-mail, telephone number and address. You’ll provide your work and revenue info, which may be confirmed to make certain that you will be in a position to pay back your payday loan. Approval is dependent upon completing of crime checks. You’ll need to provide your deposit account details, so the deposit of your funds can be made. Prior to signing the contract. You’ll be in a position to view the detailed terms of the loan arrangement, the sum and the finance charge. After reviewing and signing the contract, you’ll have to decide how you would like to pay back your loan. Either by Direct Debit Instruction, your loan is immediately paid back from your account, or by ATM Card.

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