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.
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28-10-2015 07:41 #11Senior Member
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- Mar 2015
28-10-2015 07:45 #12
28-10-2015 09:45 #13
28-10-2015 11:54 #14
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.
28-10-2015 12:03 #15
break it into a million peices. Haha.
No seriously though. I suck at credit cards, so I don' thave one.
28-10-2015 12:40 #16
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.
28-10-2015 13:00 #17
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! 🙊😎
The Following User Says Thank You to ExcuseMyFrench For This Useful Post:
28-10-2015 13:33 #18
28-10-2015 16:36 #19Senior Member
- Join Date
- Mar 2015
28-10-2015 21:22 #20
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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