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After all the holiday largess with family and friends, a funny thing happened to me the other day that might be worth sharing. I was picking up a prescription at a CVS pharmacy and as I walked in, I couldn't help but notice a 'Cash Only' sign, written in horribly poor penmanship. That might help explain why the parking lot was so empty. If you happened to miss the sign at the enterance, there were more of them posted all over the store to remind customers that credit and debit cards would no longer be accepted. What was this all about? Just for the record, the timeline for this article is the twenty first century. Had this pharmacy finally gotten fed up with the high fees that credit card companies charge merchants?
As it turned out - it was nothing that exotic. The pharmacist was happy to enlighten me and apologize for the transgression - the computer systems were down and the store couldn't process credit card payments. So the only people in the store were customers with greenbacks in their pockets after the holiday season. For a Saturday afternoon, the store looked desolate - a virtual ghost town. Lucky for me, I always keep a certain amount of cash in my pocket and prefer to pay for anything under $50 with Andrew Jacksons - I'm partial to $20 bills. They're accepted without a fuss and they they don't take as much space in my wallet as lower denominations.
Who Needs Math with a Credit Card?
The first "victim" of the credit-less pharmacy was a young woman in her early twenties who couldn't stop complaining about having to use cash. She muttered a few things and, even though I'm a cash aficionado, I felt charitable enough to give her a little sympathy. "Yeah, not a lot of fun having to pay with cash."
Her response wasn't what I expected: "I can pay with cash, but the problem is figuring out how much everything costs!"
I didn't quite understand and asked her to clarify.
"Well, it's hard to add up all of these items, you know - do the math. With my credit card, I don't have to think about any of that."
Precisely the problem I thought, but not in the way this young woman was thinking. You see, credit cards are making Americans more math challenged. If you carry cash, you have to do a little mental arithmetic with everything you buy. It keeps the mind sharp. With credit cards, you can just throw the stuff in your cart, let the cash register add it up for you, slide, and pay. This woman was complaining because she actually had to think about her purchases, look at the actual prices and cope with the ordeal of adding it all up in her head. Heaven forbid! Thankfully for her, cash-only was a one day event at the store.
You Might Have to Put Something Back!
I saw another gentlemen who seemed to be spending a lot of time figuring out which of two items to buy: in his case, some kind of hair gel or a razor. I don't know why but I found myself checking the razors just to have a chat with him.
"$5 for a disposable razor in this crappy economy!" I griped, hoping he'd notice.
"You know it," he said, "I'm trying to figure out which one of these to get."
I looked puzzled, "why not get both?"
"Well, I don't have a lot of cash on me and I can't get both of these plus pay for my other stuff," he complained, "I need both but I'm trying to decide which one to pick".
I wasn't so sure what his problem was - most people should be able to survive a few days without hair gel. If he was so pressed for cash, a cheap $0.99 cent razor and some soap would do the trick. So I suggested a solution that would spare him the agony of living without hair gel - "why not just get a cheaper razor?"
"Can't do it partner, this one does my face right!" he explained. But after a little consideration, he had a change of heart and decided to go for the cheap razor. That saved him something like 80% of the cost of the premium brand
As I left him to pick up my prescription, I thought about his "plight". Because he lacked credit, he had to think twice about what he was buying and ultimately downgraded his purchase. Finding himself in the dire situation of having to part with cash - he instantly changed his purchasing habits and went for a lower cost brand. With credit, it wouldn't have even crossed his mind.
Really No Credit, Means No Credit
After picking up my prescription, I decided to get a few other things and got an unhealthy exposure to the diminishing intelligence of my fellow Americans. While standing in line, two women were debating the meaning of "No cash". One woman said that this wasn't a problem because she was using her credit card. "I don't need any cash back!" she asserted. The other woman surmised the situation and correctly translated the "No Cash" sign.
"No you don't get it, this means they're only going to take cash". The first woman looked exasperated, searched through in her purse, put her stuff down, and immediately left the store.
If there is anything that my drugstore experience taught me it's the following:
- 1) Credit cards have made people even more math challenged than they normally would be
- 2) Without credit cards, consumers tend to be more price conscious of what they buy and they buy less of everything
- 3) Apparently our reading comprehension is just as bad as our math skills.
So next time you are in a store, try buying it with cash and you'll find yourself more price conscious and more realistic about what you really need. As an added bonus, your brain might get a little work out in the process.
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