Hi
Who continually uses their credit card for all personal and property expenses?
To me if you can accrue points for flights etc its ANOTHER advantage of property investing.
Your comments appreciated.
I do. I’m about to kill off my Citibank card though – $10500 as a limit is probably not helping my loan apps.
I’ve been told there is a way to use a Citibank Credit Card to actually pay your interest on your IPs – I don’t think they even have to be Citibank loans – and therefore more and more rewards. Not bad hey?
Pity I didn’t remember how the guy was doing it.[8]
Cheers
MelHey Mel,
Dont throw your card away… give it to me [
].Depends Yack, i use my credit card for everything, actually i hardly carry cash around. The main advantage is, its much easier for me to justify and prove such spendings cause it is listed and dated on your credit card statement.
Other thing too, and this might be a good thing too for you Mel, On my gold card, they give me access to such packages as the wealth package and some nice little interest discounts on my loans. dont want to say too much but a really nice interest discount.
Cheers,
sisS.I.S,
I am with CBA as well ‘Wealth Packages’ Members. All my loans are with them.
A good discount overall as far as I know.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I too am with CBA Wealth Package. At one point I was with NAB (chartered accountants package) but when we lost the $1 for 1km Qantas frequent flyer, I returned to CBA. My points have been handy in organising holidays.
if we use the gold credit card to pay bills through netbank, will the points be accumulate as well?
coz I hear from somepne it is not.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I think they do? If you pay your bills using the credit card account it does. Thats what I do. All expenses go via my credit card account. But I have never checked my monthly credit card balance versus my monthly points balance. Now you got me a little worried.
Banks take a % of your credit limit in there calculation for lending.
If your credit limit is $10,000 which is completely paid off, the bank still considers it as you have $10,000 on the card. This will effect the amount you can borrow.
When applying for a loan, reduced your credit limit as far as possible till loan is approved, then put it back up.
But still get a AMEX or Dinners Club, as they have unlimited credit limit and are not counted in the lending critria.
WHATS HAPPENED TO THE SPELL CHECK????
I NEED IT!!!lol, i love my credit card…[:X]
cheers,
sishmm sounds interesting, i have considered getting a credit card, but i am not exactly sure of all the fees etc. It would be a good source of money, rather then carrying around cash. I am just not so sure of how they all work [?]
Cheers Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
hi all
yes i use my card for all payments also.
hey SIS would you like my wifes card it has a 7000 limit, your welcome to it. Just pay it off and its yours[
]i read a while ago that we should try carring large amounts of cash with us because it changes the way we think about money, normally i don’t carry cash so i tried it for a while carried a grand around, funny it actually made me feel richer.
regards
westanHey Westan,
Long time no see, how are ya and hows the moving all been?
[:o)] I never carry more than $20 bucks in cash, the rest is credit card and i still feel the same. [
]Cheers,
sisI find cash is the best to negotiate around improvements and mointance for property. Trades men know the value of cash and the slab of beer. A credit card just does not cut it! For bills I can see the benefit…Rates…$700 use the card and save interest. It adds up over the year especially with big bills.
We use a NAB Gold Visa to pay everything and then transfer funds before any interest is charged. We accumulate a lot of Flybuys points this way.
As for carrying cash …. recently heard of someone moving from Sydney to the north who withdrew all her cash ($5k) but left her handbag in a taxi. Bye bye cash and wouldn’t that hurt!
I use the ANZ/Qantas with 55 days Interest Free.
Used in conjunction with an offset account it also provides an interest saving on your loans.
I use it for everything and it is a great way to rack up frequent flyer points.
Points can really add up when you have several properties and pay for all rates, repaiors, insurances etc.
Seven is right about limits. Banks usually take 3% of teh card limit and add it to your monthly expenses. They do this whether or not you pay it off in full every month.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hey guys
if you want to know away to earn double points for everything you spend on a credit card. ill let you know what i have been doing.
So far i have had free trips to New zealand, melbourne, adelaide and thailand.
I have two credit cards a CBA Gold card and a Citibank gold card. I work my cba one to the max lets say the amount $10,000. so i get 10,000 points from cba.
then i get citibank to pay off my cba credit card ie they take on the balance and give me 10,000 points aswell. and if i was to close my cba card, citibank would give me 20,000 points. If you leave the cba account open, you can do this transfer 12 times a year.
basically all you are doing is transfering your balance from one card to another but getting extra points for what you transfer.
you obviously still have to pay the money back though.
The only problem with doing this is that when you transfer the balance you are charged intrest from the first day. however if you are about to pay the balance, off this does not matter.i have accumulated approx 250,000 points doing this and have taken mates to new zealand. i think it is a little ripper.
Hi
A few quick questions –
1. Once you transfer to Citibank do you pay the balance off?
2. Are you always creating a new credit card account with Citibank or are you using the same credit card account ie. just transferring the points.I dont see how Citibank gets any benefit from you.
Hi yack
1.) yes i do pay it off, but do it over a couple of days so they do not pick up on what iam doing. I also make it odd amounts so it looks more realistic like i have money coming in.
2.) No, i am using the same credit card. all i am doing is transferring the outstanding balance from one card to another. and by me bringing the balance over from another financial institution to citibank. they are earning intrest off me from day one.
but there offer for you to do this is offering you one frequent flyer point for each dollar brought accross. and if you close the other credit card they will give you 2 points per dollar transfered.i only do the 1 point that way i can keep doing it throughout the year.
click on the below link, then click on learn more on one of the cards, then click on bonus reward points and it will tell you all about it
I have 4 credit cards. If I could, I’d have 14. I am also part of CBA wealth package and credit card limits no longer matter – thank god, a bank that doesnt have a hissy fit coz I have combined limits of $145K (Im the excpetion to the usual rule on this). Try to find the right bank/products that get over the credit card hang up, hopefully anyway…
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