AUSTIN, Texas—When it comes to small purchases, more Americans prefer paying with cash, a new study shows.
According to CreditCards.com, for purchases under $10, about 45% choose cash compared with 30% who opt for debit cards and 23% who go with credit cards.
“It is not until purchases get larger—at about $25—that a so-called tipping point is reached where consumers are more willing to pay with plastic,” stated CNBC in its analysis.
Most respondents cited the inconvenience of using credit cards as the reason they did not use them more for smaller purchases. Other payment methods were perceived as easier and quicker to use.