Sorry I should just clarify - we haven't done the thing where you live off your credit card, I try to keep my credit card for emergencies only.
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19-03-2014 16:04 #11
19-03-2014 20:51 #12
We just went with what they offered- think we had a 5k limit, if it got close to going over our credit limit we would chuck some money on it early. We always always paid it off in full every month, so the credit limit was more of a hassle then anything else. It's one of the catches- you have to pay it off each month, or you start to lose out. If you're happy to "play by the rules" it can save you a bit of money on interest over the years.
19-03-2014 21:37 #13Senior Member
- Join Date
- Mar 2014
We have an offset account that holds all our savings and hubby's pay, and live day to day off credit cards which are paid out of the offset before we get charged interest.
Around 4 years after we got our current loan I was going over some stuff with my bank manager and he realised the offset hadn't been set up correctly and we weren't getting any benefit, so it was audited and we got a refund of about $750, which is what we would have saved if the offset was working properly, so for us it saves about $200/year. Although we have more savings now so we are probably saving a bit more
19-03-2014 21:46 #14
We have both our pay go into our offset and use our credit card where possible (except for the bills that attract a credit card surcharge). Then we pay the card in full each month so we never pay interest. It works for us because we're quite disciplined (I didn't use to be but since getting a mortgage I am because I'm motivated to pay it off ASAP!).
Our bank gave us the option of a rewards credit card or platinum one so we chose platinum for the free travel insurance it gives us (better value than the occasional $50 Myer voucher).
My hubby made a spreadsheet with a graph to show how much quicker we should pay our home off and it seems to be good!
19-03-2014 21:47 #15
Oh also I like using credit card because we can see all our expenses on one statement each month - it helps me see where I can improve my spending!
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