#1: COVID can live on cash
COVID-19 can live for weeks on cash. Surfaces and items like cash still aren’t the main way the virus spreads, but touching infected cash and then touching one’s eyes, for example, COULD transmit the virus.
#2: Contactless payments are convenient
“Contactless” payment cards and apps work without needing to be swiped, which is safer during a pandemic. Some businesses ONLY accept contactless!
Digital payments are also more convenient for budgeting – you have a clear record of all your spending!
#3: Cash is easier to steal
With a debit/credit or contactless card, you’re MUCH less vulnerable to theft. If your card gets stolen, you can cancel it and often get your money back. If someone robs you of your cash, you’re basically out of luck!
#4: Your money can earn money
If your money is sitting around, it’s LOSING value because of inflation. In a savings account, it at least earns a little interest! If you invest it, it can earn even more than that.
#5: Using a credit card builds credit
If you’re smart about it, using a credit card for everyday purchases and paying off your debt immediately can be the fastest way to build credit – and thus build wealth! You don’t build credit with cash.