NYC Cabs: Cash or Credit?
Gone are the days of running out of cash in a NYC cab and having to ask the driver to swing by an ATM machine -- or beg the hotel concierge to spot you a $20. Visa, MasterCard and other major plastic companies (including debit cards) now go wherever you want to go.
Due to a mandate from the city's Taxi and Limousine Commission, NYC cabs must install the technology allowing passengers to pay by credit and debit cards. (The mechanism is set into the back of the front seat, facing the passenger.) So far, 10,620 cabs are teched-out; only 2,530 to go. All taxis should accept cards by the end of summer.
On a recent trip, I remained a traditionalist, paying in cash. (I didn't know!) But for the much foreseeable future when I don't have enough green to cover the fare, here is what I can look forward to:
There are no minimums to use a credit card, and you only have to sign for fares of $25 and over. The gadget can't produce receipts (you have to ask the cabbie for the slip of paper), but you will never again have to perform quick mental math for the tip: The mechanism features a percentage button (15 percent, 20, 25, etc.), so you can automatically tack the tip onto your total. Oh joy, no more over- or undertipping again!
Cab drivers must always accept payment by credit card; if they refuse, go ahead and tattle on them (note the medallion number and call 311). The system, the commission claims, is absolutely secure. Though, to be honest, I would be more apt to use my credit card than my debit. Call me paranoid. But don't call the cops.
Now I know I'll never again have to worry about having to get out of the cab 15 blocks before my destination. I am covered for the whole ride.
By Andrea Sachs |
April 17, 2008; 10:00 AM ET
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Posted by: Tired traveler | April 17, 2008 11:05 AM
The technology must be getting install faster in the last couple of months because when I was up there in January it was about 50/50 whether it would have the credit card thing. I still bring cash for cabs because I never never know whether it will be installed or not. And I always got a receipt for my credit card payment, regardless of the charge.
Posted by: Jenn in NJ | April 17, 2008 11:54 AM
Of course the drivers prefer cash. With cash, they don't have to pay transaction fees and they can under-report their tips.
And why does anyone ever use a debit card instead of a credit card? You have so many more protections with credit cards.
Posted by: | April 17, 2008 1:59 PM
Well that is good to know if I ever use a Taxi in NY again ( I usually stick to the subway and my feet) As far as why some people would choose to use a Debit Card instead of a Credit Card, that is easy, their Credit might be maxed out, or they might not have a Credit Card at all. Also for some transactions ( like a restaurant) I just prefer it to be paid in full with the first transaction.
Posted by: rja112 | April 17, 2008 7:48 PM
What extra protections do we have with credit vs debit cards? Is this true?
Posted by: NS | April 18, 2008 2:14 PM
If you use your credit card, prepare yourself for an onslaught of abuse. The cabbies do NOT like this and can be really nasty about it, which can get scary when they're driving.
Posted by: Judy | April 20, 2008 11:14 AM
If you win CashCab, like this brainy crew, you won't need cash OR credit to get to your destination in NYC:
http://intelligenttravel.typepad.com/it/2008/04/new-yorks-most.html
Posted by: Marilyn Terrell | April 20, 2008 3:21 PM
To:NS
Short answer, with a credit card your losses are generally limited to $50. With a debit, the only limit is what is in your checking or savings account - if they get your card they can clean out the entire balance.
For more, from www.fool.com
http://www.fool.com/personal-finance/general/2006/09/02/quotdebit-or-creditquot.aspx?terms=credit+cards+debit+cards&vstest=search_042607_linkdefault
Posted by: Oy! | April 21, 2008 10:18 AM
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Having discovered this feature this past winter, I can attest that the cab drivers prefer you pay in cash. I had more than one tell me that the machine did not work - one even did so after I swiped my card and it had processed. The attitude improves if you tip them in cash instead of credit.