67
Cash was meant to be dying. But new RBA data tells a different story (www.sbs.com.au)
submitted 6 months ago by to c/australia@aussie.zone
23 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] 6 points 6 months ago (3 children)

It used to be that credit card companies would give 'rewards' to users for the privilege of being about to track their spending. Now it seems to be the opposite. I reckon that means banks have too much power.

I use cash quite a bit, and it isn't all about the transaction fees.

  • permalink
  • fedilink
  • source
  • hideshow 3 child comments
    •
  • [–] 4 points 6 months ago (2 children)

    That's always the cycle when it comes to giving up data for 'perks'. First there'll be benefits for complying, then those will go away, then it'll turn into penalties for people who don't comply. With the rise in technology in cars we're already seeing some insurance companies offer lower rates for people in exchange for sharing their location/driving info. I think eventually it'll shift to the point where 'default' insurance is made so expensive you'll have no choice but to share everything you do with your insurance company

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [+] 2 points 6 months ago* (1 child)
    [deleted]
  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 2 points 6 months ago

    You guys are both off in your thinking. Credit card companies didn’t give rewards to get your spending data, they did it to get you spending. If people don’t spend on their credit cards, people don’t get charged large amounts in interest.

    They do it for debit cards too though. There'll be other reasons as you said but getting your spending daa is 100% one of them

  • permalink
  • fedilink
  • source
  • parent