Credit Cards May Overtake Cash for Small Purchases

While cash is still king for most of the small purchases we make, millennials in particular are increasing their use of credit cards when they spend less than $5. About two in three credit card holders use cash for purchases of less than $5, but a clear generational divide in how Americans pay for small purchases means that might not be the case much longer, according to a new report out Wednesday from CreditCards.com. The trend toward using credit and debit cards for small transactions will snowball, experts predict. “I believe plastic will increase for small purchases, both for debit and credit cards,” said Martin Lynch, director of education of the Cambridge Credit Counselling Corp. of Massachusetts.



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