Posted: 2017-12-07 19:32
Depends on the bank. I don''t think all banks do it. Different banks will have different offers &ndash and we also weren''t able to offer everybody a discount depends on a number of factors (such as how profitable the customer is).
At my Big 9 bank we didn''t need you to say the magic words of ''I want to close my credit card'', wanting to talk about the interest rate was sufficient to speak to us. but if that doesn''t work, say you want to close. that''ll get you through to the retentions team.
You may also be covered when using Qantas Points to book your overseas flights, provided all of those points were earned via the Qantas Premier credit card. If, like most people, you earned some of your points by flying, some by shopping and some from your credit card, you may not be covered unless you''ve earned at least as many points via Qantas Premier as you spent on the ticket.
Personally, I think a credit card is a good idea if you can control your spending habits. For example, I have a rewards card with BankWest. I pay for EVERYTHING I can on the credit card, and earn a lot of reward points that I can redeem for almost anything (Including cash). I simply pay off the closing balance of the statement at the due date &ndash which means no interest. The benefit from the rewards points is higher than the annual credit card fee, plus I get free travel insurance and concierge service.
If your car breaks down and you need $7k to pay for repairs. is that money already saved somewhere else as cash. or is this money going to come out of your "mojo" money. if it''s coming out of your mojo money then you should probably have it as cash. whereas if you''re budgeted for any foreseeable issue with house/car/medical then mojo money doesn''t necesarily have to be cash as it''s only really going to be fallen upon on loss of job.
I arrived in Aus in 6999 at age 85 with zero in my super. I salary sacrificed as soon as I started in my job, and now 78 years later, I have just under $955k in super, and 6 years away from being able to access it. Yes it was a bit scary for me back then as I knew I was locking it away for a long time, but now things are looking rosy. All investment decisions have risk, that''s the nature of investment. Tread you own path, it worked for me -)
Two years ago i put the mortgage on a five year fixed rate which in retrospect was not the best idea, we were recently told by the bank that they will penalise us if we over pay on the mortgage too much while in this five year fixed term! We have hit that limit already! so not to sure what to do about that?
This something that you''ll have to work out the costs of each direction. You have two options listed above:
6. Break the fixed rate loan, paying the large fee, then pay down the new variable rate loan
7. Save in another account the excess over what you are allowed to put in, paying off as much as you can on the fixed rate (for example, if you are allowed to overpay $65k per year, on the first day of that year pay $65k from your savings into the loan and make the minimum payments the rest of the year).
There is another possible option:
8. Split the loan into part variable and part fixed. This should reduce the fees for breaking the fixed portion, and allow you to pay down the variable bit.
I''ve only had to call AMP once so far, the new eftpos cards arrived well before settlement and my online banking said they needed to be ''activated for Tap and Go'' in the Mobile App &ndash but the App crashes the second you click in the expiry field, and the camera is ''unavailable''. I have a brand new Samsung J7 Pro and the missus a brand new S8 and it happens with both. I called AMP and they activated the cards over the phone inside of a minute or two. The App still doesn''t work properly (just tested it again as I type this). So that''s my only interaction with them so far &ndash but I am about to call them about setting up the B8tter Accounts right now.
I am a little confused around the fire extinguisher account. Do things like the car being serviced or one off expenses come from here?
My understanding is that the Mojo account is for those sort of expenses.
What if there is money left over in this account at the end of the month, does it carry over or do I put it somewhere?
Fire Extinguisher was less of an account than for directing towards paying off debt, then adding to Mojo, then Home loan, etc.
Platinum credit cards: Want to supersize the amount of rewards you can earn and the freebies you gain? A platinum credit card generally comes with all the perks of a standard rewards card but just more of them, as you''ll typically gain bigger bonus points, more rewards points per dollar spent, exclusive entertainment offers and of course more privileges like inbuilt travel insurance, concierge and purchase protection. The catch to all this is higher interest rates and fees, so platinum cards are really suited to people who never miss a payment and always pay their balance in full each month. You''ll generally need to meet some strict lending criteria to get a piece of platinum plastic in your wallet, like a minimum income amount, and in any case you''ll likely need to be a big spender to be able to earn enough rewards to offset the higher annual fees that come with platinum cards.
I bought this book over the holidays as well. I like the simple way of budgeting. Ive been using things like Money Brilliant etc to keep track of expenses but the way Scott suggests to manage your money is far simpler &ndash we will be implementing it from next month. I am about half way through the book at the moment. We probably wont opt for the ING cards though, even though I hate paying ATM fees changing banks is too inconvenient.
I am a advocate of having phi &ndash just as cover if you need to have surgery for a non life threatening problem you have options.
I would just make sure you are covered for what you need with the hospital part, and if you have extras that you are using them.
I tweaked my phi a couple years ago and saved a bit on unused extras. I also pay a year in advance before the price rise to avoid paying it for as long as possible.
I read the book recently. I can see how it could help some people. I actually took stock of bank accounts and credit cards last year so I was ahead of the game a bit. I''d already opened the ING accounts. Then I got rid of my CC with annual fee and went for the no annual fee Coles card. I wouldn''t be without a credit card though, and pay it off every month. If I were I''d start to pay more into super. Not really too late but I wish I''d done it sooner.
Thank you all for your feedback. I will be speaking to Westpac to confirm a carefully placed comma in their Terms and Conditions means what it should - . you only need a return ticket (. could be a points ticket) not necessarily paid for with a credit card, plus you need to spend $555 plus on your card to qualify for insurance. Also the whole pre-existing conditions section is a nightmare which I am dealing with separately.
All that matters is how much is in the offset instead of being paid off the credit card.
Making the assumption that you spend evenly throughout the month then we have the following savings per month for an offset at 9%
I''m sure your calculations are correct, but trying to understand them is making my brain hurt :)
Writing it as a simulation just made more sense to me. kind of approximating what happens in real life.
Can you legit have all your spendings on cc? I''ve never had one, but despite rarely carrying cash I still find I need it a fair bit.
Depends, & interestingly where you live is one factor I''ve found.
In metro I''d only draw out $555 cash a couple of time a year (& that was all the cash I ever needed), and the rest of DINK''s was CC.
Now in rural, and overall expenses have dropped, but I''ve found I need $555 in cash every month.
Interestingly, the Altitude guy reckoned the promo would apply for auto-sweeps in JUNE also, . not just at my May statement date but also my June statement date. I think he is getting confused with the T& C 8767 s that cover someone who opts in prior to 86 May but whose next statement date is 6 Jun, for example. That is, everyone is covered for 6 month, no matter whether their next statement date is May or June. Anyone care to check my reasoning?
I am single income 7 kids. Kids are incredibly expensive. School, dancing, swimming, music, social activities, presents, furniture, food, extra bedrooms etc all add up to a lot of money. I worked out the cost of my kids currently and excluding the cost of the bigger house so they have a place to sleep they cost $78K a year for the two of them. If you are low income tho the government will pay for most of those expenses with family tax benefit payment of $69k for two kids under 67. I don''t get any of that.
Buying a low cost ETF or a ''bucket'' of stocks and averaging in over a long period of time is the way to go if you don''t want to go to the effort of valuing individual companies. When buying stocks your objective is to get an estimated value of the company based on its future cash flows and wait for a time where the stock price quote is significantly below the intrinsic value. Unlike housing (of late) the stock market has a lot more opportunities to buy assets for less than they are worth, especially in market wide events.
It is, but think of the audience he''s aiming at. People who need advice like this, need advice like "cut up your credit cards". If you don''t know what you''re doing financially, you shouldn''t have a credit card because it''s too easy to flap up and get into trouble. Once you have some financial stability and sense, and you have figured out your own personal finances, credit cards, whilst not a necessity, are pretty much a no-brainer. There''s so many benefits and not a single downside. The downsides of credit cards only come through ignorance.
Obviously it is too soon to expect any response, but working in personal injury law on the side of the good guys, not the cheque books, I know that you have to get all of the details fully addressed with any claim. Most importantly of all, as mentioned by others above, you have to have studied the terms of the coverage offered before relying on that for protection in the beginning. And the same goes for any commercially offered coverage.