What’s your spending preference, cash or debit card? There are positives to using both:

With a debit card, there is the convenience of having transaction records that are tied to your checking account. Your bank can provide these to you through electronic statements (estatements) paper statements, or online banking. (Find information on our services here: online banking). You can always make mental notes who and where you pay with cash or maintain your own transaction records, but your bank will only have record of your initial cash withdrawal. For those who like to have electronic history of their purchases without the hassle of balancing a checkbook, debit cards can be the way to go. It’s also worth noting that debit cards are essential for online purchases, such as booking a flight or hotel reservation. Furthermore, debit cards give spenders the purchasing ability without carrying around cash or change, which can be bulky in a wallet. Some spenders prefer to never visit the ATM and use their debit card for nearly all purchases.

On the other hand, cash helps people budget when they need to make purchases. When tangibly holding money, spenders can feel less inclined to use it as often, which is helpful. Cash can also be the preferred spending method when traveling. Some spenders don’t want to deal with the hassle of putting a travel alert on their account or having to use their debit card away from home. Additionally cash can be preferred if spenders don’t want to reveal personal information when making a purchase at a store with a debit card, but it’s worth noting that there are other electronic payment options. (Phone applications Apple Pay®* and Google Wallet® aim to provide more security when paying with a debit card; card information is securely stored on your phone – Rhinebeck Bank Debit Card ).

Both methods of payment have the benefit of preventing spenders from accumulating debt. Unlike credit cards, both debit cards and cash only allow you to spend what’s in your bank account at that moment. Though spenders often prefer to have a credit card for emergencies, debit cards and cash can help spenders budget while being mindful of everyday purchases and what they really have to spend right now without paying back later.

What’s your spending preference, cash or card? Stay tuned to our Facebook page for a rewarding chance to let us know!

(Member FDIC)

*Apple, the Apple logo, iPhone and Apple Watch are trademarks of Apple Inc., registered in the U.S. and other countries.

Rhinebeck Bank does not solely endorse one spending preference over another listed above. 

Amanda Diamond

Retail/Marketing Coordinator