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'Use Cash Movement' to Ignite a Monetary Revolt

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You transfer a credit card balance of $1,000 for a lower rate: $60 fee

Plus interest. Plus the days the merchant doesn't get his/her money.

See: PBS documentary Frontline - "The Card Game."

So, at minimum, for every dollar we use cash instead of plastic, Big Banking is deprived of 3.5 cents. Every dollar, ever time. Doesn't sound like much, but it adds up and all we have to do is Use Cash.

If just you and I average $5,000 each in plastic purchases per year and, instead, do those transactions using cash, we just deprived the banks of $350 -- minimum.

If one thousand of us do the same that's $175,000 -- minimum. If just one-million of us switched to cash, less than one percent of U.S. households, $175 Million -- minimum -- Big Banking is out.

Want to do it?

Step one: Carry some cash and use it. Go to the bank first and get the cash for larger purchases

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Step two: Make purchases with cash at merchants that offer a 5% Discount for Cash

Step three: Talk to other people about "Use Cash," and download the "Use Cash" sign art tack it to your car's backseat window

Are you a merchant?

Step one: Continue to accept plastic, but also offer a 5% discount for cash. (Wouldn't you rather have your money now? And wouldn't you rather give your customers 5% in lieu of giving Big Banking 3.5%?)

Step two: Download the "5% Discount for Cash" sign and hang it in your store window

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Step three: Talk to other merchants about "Use Cash" and "5% Discount for Cash"

Transaction by transaction, we can deprive Big Banking of their lifeblood: fees, penalties and interest. Join the movement.

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
 

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Or, people could just pay off their credit card de... by Scott Baker on Monday, Nov 30, 2009 at 2:45:11 AM
This is a small wedge action everyone who is willi... by Chaz Valenza on Monday, Nov 30, 2009 at 10:20:55 AM
You mean, besides approving articles like yours as... by Scott Baker on Tuesday, Dec 1, 2009 at 4:15:45 AM
welcome, but in the interior where I live cash is ... by Stanimal on Monday, Nov 30, 2009 at 7:24:38 PM
I've actually been against credit cards for some t... by wagelaborer on Monday, Nov 30, 2009 at 10:25:47 PM