+ Reply to Thread
Page 2 of 2 FirstFirst 12
Results 11 to 19 of 19
  1. #11
    Join Date
    Mar 2008
    Posts
    6,311
    Thanks
    2,387
    Thanked
    4,599
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Little Boys Blue View Post
    Ok it all makes a bit more sense now.

    We were going to put all of our money on our home loan, wait for the interest to be taken out then withdraw the money to pay off the credit card.

    So as long as it all works smoothly, I would have thought we'd end up saving a fair bit of money...?





    Sent from my HTC One X using The Bub Hub mobile app
    You will. The only catch is getting carried away and spending more than you can pay off at the end of the month. But provided you don't do that then it will definitely save you money.

    Using the card for everything will also mean you accumulate quite a lot of points too (if your card has a loyalty points program) and they can usually be converted into gift cards or cash - always a nice bonus.

  2. #12
    Join Date
    Dec 2009
    Location
    Neverland
    Posts
    793
    Thanks
    267
    Thanked
    106
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    With the rewards system attached to the card, I calculated we should get the equivalent of $400 a year (after annual fee on card) plus save interest on the home loan (even if only a small amount). I guess it all adds up in the end.

    We are very good at budgeting so I don't see that we would ever have an issue with not paying it back on time.

    I guess we can always try it and if we find its not working or not worth it, we can just cancel it.

    Sent from my HTC One X using The Bub Hub mobile app

  3. #13
    Join Date
    Jan 2013
    Posts
    965
    Thanks
    7
    Thanked
    234
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Which cards have the best rewards programs?

  4. #14
    Join Date
    Dec 2009
    Location
    Neverland
    Posts
    793
    Thanks
    267
    Thanked
    106
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    I'm thinking of getting the Cole's rewards MasterCard because I'm a pretty avid collector of flybuys. I haven't fully looked into the other ones yet so hopefully someone else can shed some light.

    Sent from my HTC One X using The Bub Hub mobile app

  5. #15
    Join Date
    Jun 2009
    Location
    Sydney
    Posts
    3,231
    Thanks
    650
    Thanked
    886
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Little Boys Blue View Post
    Ok it all makes a bit more sense now.

    We were going to put all of our money on our home loan, wait for the interest to be taken out then withdraw the money to pay off the credit card.

    So as long as it all works smoothly, I would have thought we'd end up saving a fair bit of money...?





    Sent from my HTC One X using The Bub Hub mobile app
    You just have to be very disciplined.

    Don't spend your c/card balance & also your available cash.

    We managed well for about 3 years and then there were one of two items we had to dip into our savings for on top of using the c/card.

    After that we slowly started to fall behind with saving money, and so we got rid of the c/card all together.

  6. #16
    Join Date
    Jun 2009
    Posts
    4,109
    Thanks
    1,604
    Thanked
    2,085
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    The most important thing is to pay the full statement balance when the statement is due. The statement just says minimum payment X due by date Y, making it seem like that's all you need to do. But that only avoids late fees, not interest.

    Say you get a statement with a balance outstanding of $635 with a minimum repayment of $35 due on 14/11. If you pay the full $635 by the 14th then that's no interest paid on all those things you bought that month. If you only make the minimum repayment then the remaining $600 starts being charged interest from that day forward. At 20% rate it would start at a charge of around $3.30 a day in interest! (anyone correct me if I got my maths wrong!)

    As PPs have said they are great if you know how to work them, but miss a couple of payments and all savings are lost pretty quickly!

    Sent from my GT-S5830 using The Bub Hub mobile app

  7. #17
    Join Date
    Jul 2011
    Location
    Melbourne
    Posts
    5,005
    Thanks
    1,052
    Thanked
    3,524
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by Hulahoop View Post
    They are handy for other things - online shopping, travel etc, but they do not ever 'save' you money.
    Rather a bold statement considering its incorrect.

    Mine saves me hundreds if not thousands each year and I've never paid a cent in interest and also have no fee.

    Maybe you're not using yours properly?

  8. The Following 2 Users Say Thank You to kw123 For This Useful Post:

    M2OR  (13-11-2013),NancyBlackett  (13-11-2013)

  9. #18
    Join Date
    Sep 2008
    Posts
    4,418
    Thanks
    510
    Thanked
    1,065
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Little Boys Blue View Post
    Ok it all makes a bit more sense now.

    We were going to put all of our money on our home loan, wait for the interest to be taken out then withdraw the money to pay off the credit card.

    So as long as it all works smoothly, I would have thought we'd end up saving a fair bit of money...?





    Sent from my HTC One X using The Bub Hub mobile app
    Yes we do it and it works very well for us. We've never paid a cent of interest on it for the 5 years we've had our loan structured this way. We don't pay any bank fees either. It's a win win for us.

    We have also used free flights within Australia with the points we've accumulated over the years.

  10. #19
    Join Date
    Dec 2009
    Location
    Neverland
    Posts
    793
    Thanks
    267
    Thanked
    106
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Thanks for sharing all your experiences. We are definitely interested but I think I will have to look into all of the fine print etc in more depth first.

    At least now I have a better idea on how it actually works :-)

    Sent from my HTC One X using The Bub Hub mobile app


 

Similar Threads

  1. Approval of credit card/loan with no jo?
    By ~Marigold~ in forum General Chat
    Replies: 6
    Last Post: 17-08-2013, 17:28
  2. Credit card limit and applying for home loan
    By 2BlueBirds in forum Family Finances
    Replies: 12
    Last Post: 04-02-2013, 15:24

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Tambo Teddies
Visit our online store and select your individually handmade natural sheepskin teddy bear. Our soft and loveable bears come in a range of styles and colours. Created in Outback Queensland each bear is unique individual. 100% Australian made!
sales & new stuffsee all
Bub Hub Sales Listing
HAVING A SALE? Let parents know about it with a Bub Hub Sales listing. Listings are featured on our well trafficked Sales Page + selected randomly to appear on EVERY page
featured supporter
Heinz Baby Basics
Our BPA Free range offers you a choice for every stage of your baby’s feeding development. You’ll love our brilliant colours, inspired designs and innovative features. Heinz Baby Basics caters for your baby’s needs!
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!