We could increase our limit to 10k with a phone call.
To decrease our limit we had to go into the branch and fill out a paper form.
1 Like
If you do have a home loan talk to your bank about removing that debt and adding it to your home loan. Also the bank should offer you a fee free credit card of some sort while you have a loan with them.
A bit of financial budgeting even if it is only for 3 months would be beneficial in your case. Seeing where money goes always makes it easier to see why money goes easily.
Hating money is not the answer. Money is an important tool in your life, and once you get your head around it and get rid of your credit card debt life will become a whole lot easier.
Throw $20 at the Barefoot Investor’s book. He makes a fair bit of sence in this space, and writes in basic English.
3 Likes
Good.
As long as you’re not Kochie.
1 Like
That’s sound massively conniving. I may try it when I feel more savvy.
I’ve got that ability but they do monthly interest - the virgin flyer one someone recommended nicely on here has zero for 14 months which means the aim is to transfer debt from the dodgy GO CC and pay off a couple of bills and pay off and cancel before the time period expires. That’s the ambition anyway.
Yeah we’ve got that somewhere. I should probably find it.
It is a very good read. Should be taught in school.
2 Likes
I’ll get on it but not today. I’ve got a money headache
Couldn’t agree more with what you say about cars.
Never had a credit card, never had debt. Currently trying to build up some money for a home deposit, which (fingers crossed), will be the only thing I ever borrow money for in my life.
2 Likes
Careful with that one. I found a broker who got us a loan for a daft amount of money. And I’m still on probation for a new job. I think either my brokers very good or banks are happy to lent Ken Bruce crazy levels of cash.
Suffice to say I am trying in vain to pull dollar signs out of someone else’s eyes.
Not conniving at all. All legal within their T&C’s.
Most will offer you a set number of points bet it 50,000 for example as long as you spend x amount over a specified time span. We just put our normal spend through the CC, pay it off weekly and then as soon as the target is reached I’ll cancel the card and look for a new one on promo and start all over again. It’s a real bonus if you find a promo that credits you for ATO or government payments. My wife has nearly 600,000 Qantas points and I’ve got over 1 million Virgin points now mostly from churning cards. That will get about 8 Around the world flights in Business class
1 Like
Best financial advice I ever got was that cars are an investment in rust.
Nearly 30 years ago now.
And the car market has changed so much.
Back then entry level was 16-20k.
It’s still that now.
And I honestly can’t see any excuse for a millennial spending more than 6k for a very friggin’ decent car.
1 Like
Yeah last one I bought a couple of years ago I said I’d just keep it until I ran it into the ground.
I’ve done that. But annoyed really.
Credit cards are not bad as long as you’re fiscally responsible.
I’ve had at least one for about forty years…I always pay it off by the monthly due date and so never accrue any interest debt.
I just use it a a different form of cash…if I don’t have the money in the bank, I don’t spend it.
The only loans I’ve ever had have been housing loans which were paid out as soon as possible (except for a loan on an investment property which we paid interest only for the first few years).
2 Likes
I agree and usually I don’t like getting loans for cars (and trust me I know cars being bad investments) but my point is it wasn’t an investment, it was a means to actually get to work out of necessity because without it I was stuffed. I have to travel 20-30 odd minutes to work on the highway. It’s OK tho because we still pay off the car weekly very comfortable and still save well (well for us, anyway), we could have paid for the car is cash but wanted to keep our savings for our deposit.
My Mrs’ car literally blew a head gasket and was completely and utterly stuffed, leaving one car between us. Every other car until that point had been between the 3 grand (my first one) ranging to 11 grand before this one, that I took a personal loan for in both my and my Mrs’ name. All of the previous cars had been c*cked within 2 years and I needed a good, reliable car. One that will be needed to go a fair few km’s.
I’m in the same boat of saving for a home, together with my Mrs’ we’ll have around 40k saved and by the end of next year (and that was with a wedding paid off in our cash in 2016, 2 holidays to GC, paying out a few cars etc) around 60k (give or take) and adding the first home owners it’ll take it up to around 80k which is more or less the deposit of what we need for where we live (so property value around 400k). I don’t have a huge salary but we both excellent savers and both pride ourselves on not being those people that “can’t save”. My Mrs had $0 to her name when I met her and I was a uni bum working part time hours in hospitality earning some extra cash. This may be bad compared to other people or great in comparison… but I think in two years to go from nothing to what we are now is a good job.
2 Likes
I guess it depends on what you car a good car, and I agree, but good luck getting a good car for under 6k… most the cars I’ve looked at, of which I needed one that can do long km’s (as I drive a bit) and doesn’t have over 200k’s on the odometer were priced well above that, and most of those in the low teens had nearly 150/200k’s on the odometer.
Point is I needed a reliable car and I’d done the cheap cars and they’d only cost me more money or failed me within 2 years. My first car was my own fault as I crashed into a tree but even that was getting dodge by the end. I’m not saying it’s always the case I’m just saying in my specific case we made the conscious decision to pay a little extra.
1 Like
Anyone here done a CC balance transfer switcheroo on a larger loan like a Car or similar?
This is how it has been explained to me…
First you need to be buying and have the money for the item in full first… so this only works if you are going to buy out right or… have good income coming in.
You go buy a car for say 35K or what ever it is… get finance from the company… dosnt matter really what it is.
before you do this you get a high CC limit (35k) at your bank, then go to another bank and have them do a balance transfer to a new account on to a Direct Debit master or Visa.
Then… go and pay your car finance loan for the 35K in full from the new DD balance tranfer account… but dont use that card for anything else.
Why? you get a 0% loan for 12months (sometimes longer depending on the institute offers on balance transfers) you can hold on to your principal sum and put it in a interest bearing account (insead of paying insterst you earn it) and you earn a better credit rating at the end of it.
But… you do have to have it all payed in the time the loan is up, otherwise you will expose your self to interest rates higher than even Car finance… 21% on 35k is not nice.
I have not done this… considering it… but i hear it is done, i heard this from someone who works in credit for banks, and they done it, and they where telling me someone was paying off a house using balance transfers in this way… but you need to have the money to pay it in hand or coming in. but some of the peopel paying of homes have CC with 200k limits etc…
If you can find a non thrashed falcon or commodore chances are you can commute until the sun blows up.
But you’re driving a falcadore… So theres that
That is an excellent job and at least you are building a deposit for a house you can afford. So many people build a deposit so they can live in a $800k but haven’t thought about how they will services the loan.
1 Like