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Cash is King

…but not at Commerce, an upscale New York City restaurant that recently went “plastic only.” 
 
According to the Wall Street Journal, the restaurant’s co-owner, Tony Zazula said, “If you don’t have a credit card, you can use a debit card.  If you don’t have a debit card, you probably don’t have a checking account.  And if you don’t have a checking account, you probably shouldn’t be eating at Commerce to begin with.”  While his sentiment may actually be true, I think this is one case where media training might have helped.
 
While most diners at the New York’s most exclusive restaurants already use credit cards to pay for their meals, it strikes me that consumers using credit cards overzealously is partly to blame for the current economic predicament.  Can accepting cash really be that bad?
 
Spaghetti with tomato sauce and ricotta cheese at Commerce — $24
 
Taxi to get from your midtown hotel to Commerce for dinner (including tip) — $12
 
Ability to use cash to pay for your meal – PRICELESS
 
Check out Commerce next time you’re in NY for business and let us know how it is.

 

Laurie Berman, lberman@pondel.com