Why Cash Is the New Plastic
(Smart Money) — Consumers are spending again, but gone are the days of swiping and signing for everything from lattes to lawn furniture. Shoppers are reaching for paper money, and as they do, stores and even credit card issuers are increasingly ready to reward them – with more cash. Already customers are showing a strong preference for cash. Consumer spending is up 2.2% so far this year, but none of the four major credit-card companies have benefitted from the increase. Visa credit-card transactions were down 1.2% in the first half of the year, compared with the same period in 2009, according to the Nilson Report, which tracks payment systems.MasterCards were used for about 10.2% of all card transactions, also down. Discover transactions also dipped slightly; only American Express’s business remains steady.
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