Non-Cash Payment Options

"Paying with plastic" has become so common today that finding a merchant who doesn't accept credit cards can be a rarity. In fact, some stores have stopped accepting cash altogether, becoming what are known as "cashless businesses."

Because paying without cash is so common, many people don't think twice about how they pay. However, the costs, rights, and responsibilities can vary significantly depending on whether you're using a true credit card, a prepaid card, or a debit card. Some cards include rights mandated by law, while others offer benefits that can vary from company to company.

Like it or not, it's hard to avoid cash alternatives altogether – just try renting a car or buying an airline ticket with cash. Non-cash payment is so prevalent that it's more important than ever to make informed choices about which option is right for you.

This week, we're examining the differences between common non-cash payment methods, including smartphone payment technology like Apple Pay and Samsung Pay. Each method offers benefits and potential risks, and some of the best options require more than simply choosing one over another - they require a solid credit score. So, we'll also explore non-cash payment options for those with no credit or bad credit.

Security is a crucial consideration when it comes to non-cash payment methods. We'll explore the various security measures and protections offered by different payment options, helping you understand how best to protect your financial information in an increasingly digital world.

Since the actual cost of one payment method over another may not be clear, we'll also explore the fees associated with each method. For credit cards, we'll explore how to make informed choices when comparing cards and companies, including the Schumer Box – a standardized way card companies are required to describe their credit card products. For non-credit payment options, we'll explore potential fees and other risks.

It's important to note that regardless of the payment method you choose, it's crucial to read and understand the terms and conditions associated with it. While often lengthy, these documents contain vital information about your rights, responsibilities, and potential costs.

No matter your financial situation, choosing the right payment product can play an essential role in helping you reach your financial goals – from improving access to credit to minimizing interest charges to maximizing card rewards. Let's get started!