Over the years, we have moved closer and closer to a cashless society, with credit and debit cards becoming easier to use with facilities such as Visa payWave and MasterCard PayPass.


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But is cashless the way forward?

Below are some pros and cons of both methods:



  • Protected from security breaches – no personal information is made available when paying cash.
  • Evade overspending – you are limited to how much you can spend. Studies have shown that it is psychologically harder to part with cash than a card.
  • Avoid extra charges where establishments have a minimum charge to use eftpos.
  • You are still able to pay in the event of technology problems, when eftpos communications are down.
  • Handy for split bills in restaurants.


  • Unable to utilise the convenience of apps, such as Boomeringo, that automatically track your spending and budgeting.
  • If your cash is lost or stolen, it’s gone for good.
  • Limited in making online purchases.
  • Shopping for big-ticket items, results in carrying around large amounts of cash, which can be a safety issue.
  • It can be a chore to replenish your cash budget each week.



  • Convenience – it has become so easy to pay by card with Visa payWave and MasterCard PayPass, creating fast and efficient checkouts.
  • Access to apps that can track spending, such as Boomeringo, to ensure you stay on budget.
  • You are able to secure services, such as hotel bookings or car rentals that require credit card for security.
  • Covered for fraudulent use on your card – the bank will usually refund any money lost as long as procedures have been followed.
  • Having a credit card, and making payments on time, provides you with a positive credit rating.
  • You can earn rewards with some credit cards.
  • Access to extended warranties on purchases made on credit cards.


  • Some businesses, especially smaller ones, charge a fee of around $2 for eftpos transactions under a certain dollar amount (generally around $10-$15).
  • Some establishments don’t accept card payments.
  • Charged many fees, from annual fees, to overdue payment fees, and interest is charged on purchases and cash advances.
  • Susceptible to fraudulent use. If your card is stolen, there is an inconvenience of having to wait for new cards and refunds to be issued.

Some people prefer the ease of cards, others like to budget with cash. As you can see there are advantages and disadvantages to both methods.

Let us know your experiences, and what works for your budgeting. Share your tips with us and leave a comment below!

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  • I always use debit


  • We currently have an offset account for our mortgage so using a credit card for our monthly purchases makes more sense for now to get the most out of our savings against our mortgage. We are very careful as we know how easy it can be to overspend, having a strict budget helps.


  • I have a Debit/Mastercard. I have used it as a Mastercard twice and I have had it for about 25 years.
    I pay most of my accounts by direct debit. I can only spend funds that are already in my bank account and I have never overdrawn it. I use my card when I do my food shopping and sometimes withdraw cash with the same transaction to pay gap on Dr.’s bills, medication and sundry small purchases. I use a pin code, not a pay wave that anybody can swipe.


  • I find i’m better with cash but i still like to leave some in my account


  • I find it easier to stick to a budget if I use cash.

    • yeah for sure! can’t spend it if you don’t have it! i no debt for your own money


  • I put everything on credit card and then pay it off at the end of the month. That way I can rack up as many award points as possible. At the end of the year I then trade in the award points for prepaid gift cards and use them for Christmas purchases. This helps to ease the festive season financial burden.

    • This is what we do also. Our card has a small limit and paid off every fortnight. The rewards we redeem far outweigh the annual card fee.


  • yeah i remember over a decade ago that everyone was freaking out about a cashless society but it is not a big deal. it is just society moving with the times,


  • I have a debit card and have a fear of credit cards after seeing my brother go into debt with them . Hub has one for business and emergencies , but it is still uneasy seeing the bank charge interest that can easily accumulate if not monitored. Good to have both for convenience as long as you maintain control of your finances and not the other way around .


  • Credit card can be easy to get carried away with but we mainly use ours for bills, food and the odd treat.


  • Lie gs


  • I use cards and cash and it is a matter of not over spending with both and stay with in your budget!


  • I would definitely prefer to pay by cash those things have several times what is my credit card I’m not impressed paper cash if you have it we all need to be extremely careful about getting a card details to anyone we don’t know because this could happen to anybody


  • Like oi


  • I don’t have a credit card, but I use a debit card regularly. I find it very convenient. I use cash just for small purchases.


  • Interesting list of pros and cons. Studies have shown people spend more when paying on credit vs cash. We really do have to be careful with our choices.

    • It really does go back to have a budget and stick to it!


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