Monday, September 19, 2016

The Pros & Cons of Cash Vs. Card

Although more and more people are leaning toward plastic in the cash vs. card debate, there are still a number of benefits to using cash. There are positive and negative factors of both payment options. Whether you prefer cash or card, First Bank of the Lake can assist you with your finances and managing your money. Provided below are some pros and cons of both cash and card, to help you decide what is best for your personal money use.

Pros of Cash:

One of the biggest advantages of paying with cash is that there is a limit to the amount you can spend. When you run out of cash, you are done spending. Unlike with a credit card, there are no fees associated with carrying cash in your wallet. No monthly payments are associated when paying with cash either, which helps you minimize costs.

Cons of Cash:

The downside to paying with cash is that you have to keep money near at all times, whether it is in your purse, wallet, or vehicle. This puts you at a greater risk if you were to be robbed or lose your wallet. If your cash money is stolen, it is gone for good.

Pros of Card:

Paying with plastic is convenient. You do not have to worry about making change or having enough money on you. If you choose to use a credit card responsibly, you can actually help establish and build credit. There are also reward programs associated with some credit card companies. If you experience a stolen card or have your credit card compromised, you will likely be able to recoup the charges you did not make.

Cons of Card:

People who pay with a card tend to overspend and have regret about their purchases later. In addition to overspending, a credit card comes with fees and interest that has to be paid, adding to the bills at the end of the month. It can be easy to get overwhelmed with credit card debt if it is not handled properly.

First Bank Has Options For You:

First Free Checking

Only $50 is required to open a free checking account with us. No minimum balance is needed and no interest is paid for our free checking account. Only electronic statements are available through this type of account.

First Basic Checking

$50 is required to open the basic checking account as well. A minimum balance is required and no interest is paid on this type of account. We offer a debit card, free direct deposit, and check safekeeping for our customers who choose the basic checking.

First Preferred Checking

The amount required to open the preferred checking account with us is $100. Interest can be earned anytime the account balance is $750 or above. Provided with this type of account is a debit card and free direct deposit. Statements are issued monthly and include an image of your cancelled checks for your records. A minimum balance does need to be kept in the account to avoid fees.

Now that you know a little more about the upside and downside of using plastic vs paper, you can choose what option is best for your spending needs. To open one of our checking accounts, stop in to our bank in Osage Beach. We would be pleased to help you find the right account type for your wants and needs in a checking account at the Lake of the Ozarks.

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

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