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  1. #41
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    Carrying a credit card debt and jumping from balance transfer to balance transfer isn't a savvy shopper. I prefer to live within my means and pay off my debt. I don't feel that cheating the system benefits me in any way. At the end of the day, you are still liable for the debt and eventually you will be denied the option of balance transfer and forced to pay the debt.

  2. #42
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    Quote Originally Posted by bigmummahen View Post
    Carrying a credit card debt and jumping from balance transfer to balance transfer isn't a savvy shopper. I prefer to live within my means and pay off my debt. I don't feel that cheating the system benefits me in any way. At the end of the day, you are still liable for the debt and eventually you will be denied the option of balance transfer and forced to pay the debt.
    Well... that degenerated quickly... ☺ Transferring credit cards is not "cheating the system". They are products available for use, and banks use interest free periods for balance transfers to get new customers. People making use of them is what should and does happen, and encourages competition between banks etc.

    For what its worth, i personally have no credit card debt, and i meant more savvy shopping being about things like chasing things like no annual fee for the first year, money back or free frequent flyer points for new sign ups, etc. I dont bother doing this myself (too much hassle), but think that people shouldn't be penalised with bad credit scores for doing so, and there should be a way of differentiating this sort of thing from financial distress.

  3. The Following 5 Users Say Thank You to JustJaq For This Useful Post:

    Ashram  (28-07-2015),Gentoo  (28-07-2015),HeavenBlue  (28-07-2015),smallpotatoes  (28-07-2015),Wise Enough  (28-07-2015)

  4. #43
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    I've swapped a few times. If there's a card on the market that better suits my needs I would be stupid not to. I like low or no annual fee and maximum frequent flier points per dollar. I don't care about the interest rate as I always pay it off in full.

    Thankfully I don't need to apply for a loan anytime soon so my credit rating doesn't matter.

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    ExcuseMyFrench  (28-07-2015),Gentoo  (28-07-2015),JustJaq  (28-07-2015)

  6. #44
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    Default Found out why my credit rating is so bad

    Quote Originally Posted by bigmummahen View Post
    Carrying a credit card debt and jumping from balance transfer to balance transfer isn't a savvy shopper. I prefer to live within my means and pay off my debt. I don't feel that cheating the system benefits me in any way. At the end of the day, you are still liable for the debt and eventually you will be denied the option of balance transfer and forced to pay the debt.
    @bigmummahen I fly back to Europe for FREE each year thanks to the bonuses offered by the banks for new customers.

    Now that may not register as being a savvy shopper in your books but it sure does in mine 😁

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  8. #45
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    I had an unpaid 3 bill years and years ago only found out about it when we bought our home. Paid it and was fine.

    Our mortgage broker did a Veda check.

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    I can't be bothered changing credit cards too often as you have to then update all your direct debits, iTunes etc. I just find it painful!!

    I don't have my own credit card account, am an additional cardholder on dh's and we get an Amex and a visa each (but it's all the one line of credit).

  10. #47
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    Quote Originally Posted by JustJaq View Post
    Well... that degenerated quickly... ☺ Transferring credit cards is not "cheating the system". They are products available for use, and banks use interest free periods for balance transfers to get new customers. People making use of them is what should and does happen, and encourages competition between banks etc.

    For what its worth, i personally have no credit card debt, and i meant more savvy shopping being about things like chasing things like no annual fee for the first year, money back or free frequent flyer points for new sign ups, etc. I dont bother doing this myself (too much hassle), but think that people shouldn't be penalised with bad credit scores for doing so, and there should be a way of differentiating this sort of thing from financial distress.
    Sorry but how is someone who carries for example a $10,000 credit card debt from bank to bank a good credit risk? They aren't paying their debt off. They are simply taking it from bank to bank. I would rather pay my debts off personally. I have seen many people get themselves into severe financial hardship by thinking they are being 'savvy', but they are realistically getting further and further into debt that they have absolutely no intention of paying off.

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  12. #48
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    Default Found out why my credit rating is so bad

    Quote Originally Posted by ExcuseMyFrench View Post
    @bigmummahen I fly back to Europe for FREE each year thanks to the bonuses offered by the banks for new customers.

    Now that may not register as being a savvy shopper in your books but it sure does in mine 😁
    Assuming that you pay the balance each month, getting reward points for $ spent is completely different to carrying a balance from bank to bank. You don't earn reward points on balance transfers. So, not really relevant to the point I was making.

  13. #49
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    Quote Originally Posted by bigmummahen View Post
    Sorry but how is someone who carries for example a $10,000 credit card debt from bank to bank a good credit risk? They aren't paying their debt off. They are simply taking it from bank to bank. I would rather pay my debts off personally. I have seen many people get themselves into severe financial hardship by thinking they are being 'savvy', but they are realistically getting further and further into debt that they have absolutely no intention of paying off.
    So because I change credit cards every few years to better suit me needs I'm a bad credit risk even though I pay it off in full each month??

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    Default Found out why my credit rating is so bad

    Quote Originally Posted by bigmummahen View Post
    Sorry but how is someone who carries for example a $10,000 credit card debt from bank to bank a good credit risk? They aren't paying their debt off. They are simply taking it from bank to bank. I would rather pay my debts off personally. I have seen many people get themselves into severe financial hardship by thinking they are being 'savvy', but they are realistically getting further and further into debt that they have absolutely no intention of paying off.
    I don't think PPs were implying that. Having a credit card can be good if you're using it correctly. Obviously if you have $10,000 in outstanding debt that's not a good thing. I believe PPs were referring to paying down the card each month, not transferring an OUTSTANDING balance.


 

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