No More Pennies Tomorrow, Feb. 4, Rounding Up Or Down?

[Markus Alexander Cody]

So we can still pay with pennies then...

[Common sense]

Can I pay for coffee with a cheque?

[Squeak]

So I guess I will just be using my debit card for every single purchase... and then transfer the money, that would've been spent on 'rounding' into a TFSA.

Sounds like a more logical plan to me.

[Common sense]

NDP MP Pat Martin is planning on launching a private member's motion to get rid of the 5-cent coin as well - http://news.national...ghts-on-nickel/

This makes no sense; the 5-cent coin doesn't take more than 5 cents to produce, and thus isn't debilitating to the Canadian Mint. Whereas it took 1.6 cents to produce a penny (thus wasting money), with 5-cent coins, the Mint is actually making money out of this air. Any more and my head would obviously explode from the notion that government can simply make money out of nothing (hello, Monopoly!), but hopefully you get the point.

[nucklehead]

[nucklehead]

dp

[vavoom]

I remember stuffing a giant piggy bank with pennies when I was a kid. Have no idea where it went now, must of been 40-50 lbs of pennies. I remember trying to ride buses with little bags of pennies, back when transit was 70 cents for concession. Bus drivers were not impressed, that was the last time I actually tried to use of my pennies.

Personally, by the time they get rid of nickels, we might have already moved on to a cashless economy.

[Raoul Duke]

Anyone ever remember the Tom Green show when he dumped a big bowl of pennies into his mouth? Sick stuff.

[ronthecivil]

NDP MP Pat Martin is planning on launching a private member's motion to get rid of the 5-cent coin as well - http://news.national...ghts-on-nickel/

This makes no sense; the 5-cent coin doesn't take more than 5 cents to produce, and thus isn't debilitating to the Canadian Mint. Whereas it took 1.6 cents to produce a penny (thus wasting money), with 5-cent coins, the Mint is actually making money out of this air. Any more and my head would obviously explode from the notion that government can simply make money out of nothing (hello, Monopoly!), but hopefully you get the point.

[ronthecivil]

So I guess I will just be using my debit card for every single purchase... and then transfer the money, that would've been spent on 'rounding' into a TFSA.

Sounds like a more logical plan to me.

[ronthecivil]

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.

[Squeak]

Since you will "loose" just as much as you "win" the 2-3 cents per transaction it should actually even out. You would be better off making less transactions (aka spend less) instead of hoping a couple pennies here and there leftover from a transaction might add up to anything.

Oh, and don't be shocked that in the future they start charging you for using that debit card. There's already a strong push to start putting in fees to use a credit card in the retail industry and fees for not using cash have shown up in places like Australia.

[ronthecivil]

Regardless if I win or lose in a transaction - it seems like a better plan to me.

even if I am transferring $0.04 for a transaction, it's better than giving the money away.

[Squeak]

Well if paying by cash you will sometimes save a couple cents per transaction. It will even out. You won't save any money with a debit card at all. It evens out over time. Even at 3 cents per transaction if you average one is ten bucks you would need to make a couple hundred (more like up to 500) transactions to actually equal the amount of one transaction, and that's assuming the rounding is always in the merchants favour (which it is not).

If you pay by credit card don't be shocked if some places start adding five or ten percent on top for the privilege.

And of course if that happens you might have to pay to use your debit card too. Unless you have unlimited transactions by the bank but usually they charge you for that privilege.

[ronthecivil]

I do have unlimited transactions on my debit card --- if I didn't, I wouldn't be using it so much.

[î мцšт вяздк чфµ]

ill miss the penny

[Squeak]

Fair enough but that might change one day.

But you don't save any money from using it compared to cash. Over the long run it works out to be exactly the same. The odds are not in your favour or the house's favour.

[ronthecivil]

That is a valid point - but I think I will feel better about it, by saving some money out of the change, however minor the amount is.

[jovocop55]

i probably have over $100-150 in pennies somewhere... lol

[Blue90]

Well if paying by cash you will sometimes save a couple cents per transaction. It will even out. You won't save any money with a debit card at all. It evens out over time. Even at 3 cents per transaction if you average one is ten bucks you would need to make a couple hundred (more like up to 500) transactions to actually equal the amount of one transaction, and that's assuming the rounding is always in the merchants favour (which it is not).

If you pay by credit card don't be shocked if some places start adding five or ten percent on top for the privilege.

And of course if that happens you might have to pay to use your debit card too. Unless you have unlimited transactions by the bank but usually they charge you for that privilege.