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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Cash is king. It’s also the preferred method of payment for a wide range of businesses that offer a discount to their customers who . Discounts can range from just a few percentage points to nearly half off, depending on the merchant and product. Though most people don’t always know they’re available, sometimes all you need to do is ask for it. Gas stations
Restaurants
“It was a no-brainer,” says Beauchamp, who now routinely asks for a cash . “I’ve been pleasantly surprised by the number of restaurants that offer cash discounts.” According to Beauchamp, by asking around and keeping cash on hand, he can shave a few dollars off of his weekly takeout bill. Saving as much as $3 per week adds up to $150 or more per year. An informal survey of restaurants around the country found 10 percent is the norm for cash discounts, but a few eateries took as much as 15 percent off the bill. However, of the more than 20 upscale restaurants that participated in the survey, none said they were offering a cash discount. So, customers should look for discounts at restaurants that do a large takeout or delivery business. Doctors
In some cases, consumers can cut their bills in half. “If you don’t have insurance and you go to the hospital, it’s important to know that you’ll typically get a 20 percent discount,” McLean says. “But you can always ask about cash terms, too. A lot of hospitals will take another 20 percent off for customers who pay cash within 30 days and 10 percent off for those who pay cash within 60 days.” But those with also should look for opportunities to pay cash, especially if they’re planning to have a procedure that won’t be covered, McLean says. “The thing to do is talk to your doctor’s office manager beforehand,” she says. “Often, the first price reflects an agreement between the insurance company and the health care provider, so it’s not what your doctor actually gets. And that means there’s a lot more room to negotiate than people think.” Computer repairs
“There’s a much lower risk of headaches with cash transactions,” says Adam Jamal Craig, owner of HyperNerd Inc., a computer repair business in Burbank, Calif. Craig says he only offers the discount on services, not on hardware or software sales because those items tend to give him less room to negotiate. But even 5 percent can add up on a service bill. For instance, Craig says he typically charges $200 to recover lost data from a damaged hard drive. While the primary concern for his customers is getting their data back, Craig says a lot of them are happy to pay cash if it means they get $10 off. Jewelry purchases
Discounts vary, but Vascenkova says that some items may be discounted by as much as 20 percent if the customer is willing to pay cash. With jewelry prices ranging from several hundred dollars into the thousands, the savings can be substantial. However, if the item is mostly gold, the discount will likely be less — 5 percent or 10 percent, she warns. Either way, getting a cash discount comes down to two things. “Customers must be willing to pay cash, and they have to ask,” Vascenkova says. Related Links: Video: Celebrity Q&A with Vicki Gunvalson Secret celebrity hideaways Related Articles: Group buying saves money SHARE: Michael Estrin Related Articles