Consumer Watch: Fewer Americans carrying cash

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by Andy Treinen

WHAS11.com

Posted on May 19, 2014 at 5:17 PM

LOUISVILLE, Ky. (WHAS11) –  How do you pay for your morning coffee? How about your groceries or a tank of gas? For many of us, the answer is very different than just a few years ago.

A new survey of consumers by Bankrate finds Americans with increasingly lighter wallets and that's by choice.

With more options to pay by credit card, debit card or smartphone app, Bankrate found 78% of consumers carry less than $50 in cash with them on a daily basis.

Forty percent carry less than $20 and nine percent said they don't carry any cash at all.

Despite the holiday season security breaches that took place at some major national retailers, consumers don't appear deterred from the convenience of swiping a card at checkout as opposed to first retrieving cash from an ATM.

To keep certain transactions secure, Bankrate recommends using credit cards versus a debit card.

Credit cards offer consumers greater protection in the event of fraud.

When making a debit transaction, opt to use a signature instead of a pin number and switch out passwords frequently and vary them.

Using the same one for online accounts and payment apps can leave you vulnerable if a hacker gets access to even one account.

If you have a consumer issue you’d like us to look into send an e-mail to consumerwatch@whas11.com.

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