Travelex on LinkedIn: The secret life of cash: why we’re turning our back on cards (2024)

Why is a Credit Card necessary?It can be a valuable instrument for collecting rewards, which later can pay for your purchases, availing travel perks, meeting emergencies, and improving your credit score.#travel #creditcards #creditscore #rewards #perks #onlinebanking #heycreditcard

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Does good behaviour hurt credit cards?If all customers start paying their entire bill on time, it does more harm than good for credit card companies. It will reduce bad loans and improve cash flow, but credit card companies rely heavily on interest income and late payment fees. Almost 40-60 percent income of a credit card company comes from interest and other related fees.Credit cards are a valuable financial tool when used responsibly. However, the irony lies in the fact that if you are a responsible consumer, you may not be as profitable for the credit card company. Finding a balance is essential because we cannot expect everyone to default on their payments or pay their bills on time.Credit card companies require a mix of responsible users who pay their bills on time and users who carry forward balances, allowing them to earn interest and maintain cash flow. Striking a balance between these user types is crucial for the sustainability and profitability of credit card companies.#creditcards #paymentsolutions #debts #personalfinancetips #financialservices

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Banks become more conservative at times of economic unrest. The companies that bear the brunt of that conservatism are those that banks term “high risk” — and that unfortunately includes much of the #travel industry.Read the article from Robert Kaufman, the founder and CEO of ConnexPay, on #PhocusWire.#travelnews #travelindustrynews #travelindustry

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💳 Rewards cards offer great perks that can enhance your lifestyle, BUT they should be used with control and moderation. Why? Irresponsible credit card spending can get you into debt.That's why this week's blog post covers the BEST rewards cards in Canada, as well as what you should know about rewards cards before you get them, including:❓ If the card has an annual fee❓ If the rewards have expiration dates❓ If there are spending caps on the card+ MoreTo read the full blog post, go to: https://hubs.la/Q02j2p9-0#rewardscards #creditcards #creditcard

Cash payments rise in UK as people seek ways to manage budgets…Cash has mounted a comeback in the UK, with payments made using notes and coins increasing for the first time in a decade, data shows.Cash use has been in long-term decline, but the banking body UK Finance said the cost of living crisis had prompted many people to turn back to “tangible” physical money to help them manage their budgets.Last year also brought a “big jump” in the total number of payments made using all methods, which was attributed in part to people increasingly making lots of small visits to supermarkets, and shopping around more to get good value, rather than doing one big grocery shop.In its annual report on the UK payments market, the banking trade body said plastic still ruled the roost in 2022. For the first time, half of all payments in the UK were made using debit cards, while the number of contactless payments jumped by 30% in a year to reach 17bn.The total number of payments across all methods increased to 45.7bn, up from 40.4bn in 2021 and £35.6bn in 2020. UK Finance said this was also due to changes to travel habits linked to hybrid working, with many people now paying for individual journeys rather than buying a season ticket.However, it was the mini-renaissance of notes and coins that was the most eye-catching finding. Cash payments increased for the first time in a decade last year, rising by 7% to reach 6.4bn payments, despite the fact that many businesses have gone card-only.Click below to read the full The Guardian article.#economy #business #managementhttps://lnkd.in/ey_PVAMG

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How many times have you succumbed to paying a transaction fee?How many times has that fee been unaccounted for?When you’re travelling frequently it’s easy to get short and end up paying extra fees for using a UK credit or debit card. It’s just part of travelling and working abroad….or is it?High bank fees can be a thing of the past. With the right planning, and the right card, you can spend fee-free. Make foreign transaction fees the least of your worries.We’ve got all the info you need: https://lnkd.in/eXhrD-t#Centtrip #Entertainment #AlwaysOnTheMoney

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Let’s start with the fact that the government has NOT put in place a law to protect the British publics convenient access to cash. The one mile urban and three mile rural distance parameters for cash access availability set out in the HM Treasury statement have been chosen to fit existing provision of Post Offices around the UK.So even though in July 2023 cash dispensed by UK ATMs was standing at 70% of 2019 levels, in towns with a Post Office - even if that location has no Post Office ATM and over 80% do NOT - banks remain free to close all their bank branches and ATMs without the intervention of either HM Treasury and the Financial Conduct Authority.TalkTV highlighted this trend yesterday, when interviewing me, picking the great example of Windsor. This historic town, busy with local residents and attracting millions of tourists a year, has only ONE 24/7 ATM left - and not provided by a bank. The cash service depends on a Mutual - Nationwide Building Society.That one ATM would satisfy HM Treasury and Financial Conduct Authority, even though Windsor town centre may have lost 20 cash access points in the last few years - and, as noted, demand for cash remains at 70% + of pre pandemic levels.NOT good enough, Rishi Sunak -not even close.As for Rishi Sunak claiming it is “inappropriate” to compel businesses to accept cash, 40 million British voters have told the Payment Choice Alliance they disagree with the current Prime Minister.Many other countries already have laws guaranteeing cash is accepted by businesses.The British public are wondering why they deserve LESS?Fortunately, many Tory MPs disagree with their current leader and have told the Payment Choice Alliance so.Time to listen, Rishi Sunak - while you still have that choice.TalkTV GB News Sky News BBC News ITN Daily Mail Daily Express The Daily Telegraph The Sunday Times The Times Lucy Alderson Natalie Crookham Jeff Prestridge Louise O'Hara Martin Quinn Andy Beverley Martin Campbell Patrick Hutchinson

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Best Cash Back Credit Cards in CanadaCash is king, and there is nothing like putting extra money back in your wallet. Take a look at what we believe are the best cash back credit cards in Canada.#CreditCards #CashBack #FrugalFlyer #TD #CIBC #AmericanExpress #Scotiabank #Rewards

Best Cash Back Credit Cards in CanadaCash is king, and there is nothing like putting extra money back in your wallet. Take a look at what we believe are the best cash back credit cards in Canada.#CreditCards #CashBack #FrugalFlyer #TD #CIBC #AmericanExpress #Scotiabank #Rewards

In life, when we need to choose something, it's important to think about the good and bad sides, the things we get from each option. This idea applies when you're picking the right rewards credit card for your money journey. There are lots of choices out there, and each one has its own good points. But if you're stuck between two great options – the cash back credit card and the travel rewards credit card – the decision really depends on your own situation, how you spend your money, and what kind of rewards you like. Follow me if you want to learn more about how these two credit cards are different. #creditcard #cashbackvstravelrewards #creditcardperks #cashback #travelrewards #creditcardtips #rewardsprogram

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