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  1. #11
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    Quote Originally Posted by kriista View Post
    Finances is not my strong point. I'm pretty sure I've just made another mistake by getting a credit card but I didn't have much choice. Glad I found this thread though at least I'm learning!
    Its not necessarily a bad decision. But just make sure you don't spend money you do not have. And yave emergency savings for those times where you have unexpected bills/expenses.

    The reason you should pay it in full every month is that the interest rates are high. And pretty much you pay a lot of interest which is not good for you or your finances in the long run.

  2. #12
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    Quote Originally Posted by twinklify View Post
    Its not necessarily a bad decision. But just make sure you don't spend money you do not have. And yave emergency savings for those times where you have unexpected bills/expenses.

    The reason you should pay it in full every month is that the interest rates are high. And pretty much you pay a lot of interest which is not good for you or your finances in the long run.
    Thanks. I totally got the card because I didn't have the money for interstate flights. I really need to sit down and but this out on paper for myself and stick to it!

  3. #13
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    Quote Originally Posted by lilypily View Post
    I use it for everything to collect points. I pay it off at the end of every month. If you can't pay it off at the end of every month don't get one. I have a 20k limit. It's probably 10k more than what I need.
    This is us too.

  4. #14
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    We've gotten rid of all but one credit card, was able to do so when we sold the house. Now we just have one card with a $500 limit, easily paid off straight away if we use it. We are considering getting rid of it though as we both have Visa Debit cards attached to our savings accounts this we can use for online purchases etc.

  5. #15
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    break it into a million peices. Haha.
    No seriously though. I suck at credit cards, so I don' thave one.

  6. #16
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    We use our cc for big purchases as our normal accounts don't have huge amounts in them. Our savings are kept in the offset account to pay off the mortgage which is not readily accessible.

    We transfer money straight away if the cc gets used so we never incur interest.

    If you can pay the balance every month without incurring interest they can be great. Once you start falling behind though they'll be a nightmare. Only use them if you can pay the balances easily and every month.

  7. #17
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    Credit cards are great tools for people who are thorough with their finances.

    The best way to use it is to put all your monthly purchases through it.
    So you don't dip into your income during the month and you have that income working for you (in an offset against mortgage or a saving account).

    At the end of the month pay the credit card bill fully, rinse and repeat 😁

    Points are a massive bonus and great financial value if you are usually travelling.

    It allows us to fly business! 🙊😎

  8. The Following User Says Thank You to ExcuseMyFrench For This Useful Post:

    babyno1onboard  (28-10-2015)

  9. #18
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    Quote Originally Posted by lilypily View Post
    I use it for everything to collect points. I pay it off at the end of every month. If you can't pay it off at the end of every month don't get one. I have a 20k limit. It's probably 10k more than what I need.
    This sounds like me.

  10. #19
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    Quote Originally Posted by kriista View Post
    Thanks. I totally got the card because I didn't have the money for interstate flights. I really need to sit down and but this out on paper for myself and stick to it!
    That is fine. What you can do if you can't afford to pay it off in 1 month is pay it off over 2-3 months. Pay more than the minimum. Pretty much pay off as much as you can asap.

  11. #20
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    Default Credit cards

    I've got a go MasterCard that I use for rewards and pay off nightly. It has between 50 & 60 days interest free. It been great in terms of buying gift vouchers which I then use for groceries through the year and Christmas presents.

    I've set up direct debit with all of my bills (bar Telstra because they won't let me). A fortnightly payment comes off my CC and then I have an automated transfer from my savings account to pay it straight back off.

    Stupidly I accidentally overpaid purchases and I'm now $347 in credit on my credit card... Haha! Whoops

    It's good if you are disciplined... But if you're tempted to make outlandish purchases you can't pay off its really not ideal.


 

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