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
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
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.