Wednesday, October 05, 2011
How you can save when you pay
How do you pay at the checkout?
Cash? Credit? Debit?
When it comes to purchasing, it turns out not all payment methods are equal.
In its September issue, Consumer Reports offered eight ways to save when paying. Here are four of the magazine's suggestions:
- Never pay a fee to pay by debit. While the fees aren't common, some merchants impose them. Report the merchant to your debit-card issuer.
- Avoid ATM fees. Use your financial institution's no-fee ATMs or use the fee-free cash-back feature offered by many retailers when you pay with a debit card.
- Pay bills electronically. Save time, postage and check-printing fees by using the electronic bill-pay feature, which is part of online banking at most financial institutions. It helps ensure payments reach credit-card issuers before the monthly due dates to avoid late-payment fees.
- Ask for a discount when paying with cash. The merchant won't owe transaction fees on your cash purchase, so you might be able to save some green.