podcastsinenglish Level 2.168 Hard cash
May 6, 2021
Dive into the intriguing world of personal finance with an engaging discussion on credit cards, bank accounts, and spending habits. Discover why signatures are becoming obsolete with chip-and-PIN technology. Explore the contrasting mindsets of savers versus spenders, and learn about smart strategies for handling big purchases. The hosts share their insights on the advantages of using cards over cash and the concept of joint accounts for household finances. It's a conversation that balances practicality with a touch of humor!
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Signatures Are Becoming Obsolete
- Modern cards use chip-and-PIN and contactless, so signatures are rarely needed anymore.
- Contactless payments complete small transactions without a PIN, changing payment verification.
Young Richard Used Checks
- Richard recalls opening a bank account as a teenager and using checks frequently back then.
- He explains check guarantee cards used to protect sellers for amounts up to about £50.
Payment Methods Evolved Over Time
- Check guarantee cards predated debit and credit cards and assured payment for modest amounts.
- Debit and credit cards arrived much later and changed everyday payment habits.