WSJ reported that for the first time in history, plastic has replaced cash and check as the method of payment.
According to the cited American Bankers Association, the 2003 usage of different payment methods in in-store transactions are:
Debit Card: 31% (up from 21% in 1999)
Credit Card: 21% (22% in 1999)
Check: 15% (down from 18% in 1999)
Cash: 32% (down from 39% in 1999)
Other: 2%
I use credit cards for most of my transaction and only use check or cash when credit card is not an option (like mortgage payments, daycare expenses, etc.) Most recently I see the nearby McDonald's is starting to take credit cards too, and this will move more of my cash transactions to the credit card column. To be, credit card is a source of convenience and some extra money (I'm talking about cash back). I just cannot understand why there will be more people favoring debit cards over credit cards.
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