Best Credit Card to have? - Page 2

Hybrid34 · 05-03-2008, 11:27 AM

Quote:

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

I agree

Does everything a credit card can do,..if you can't afford it, don't buy it

T3ts50 · 05-03-2008, 12:02 PM

Quote:

Originally Posted by Hybrid34

I agree

Does everything a credit card can do,..if you can't afford it, don't buy it

Its not about if you can afford it though. I have a credit card with only a small limit, and it makes life so much easier. I pay all my bills which is debited automatically so I never miss a payment, registration Insurance etc on credit card. I have never been late for a payment, and I have never paid interest on my credit card as I pay it off within a few days.

blueoval · 05-03-2008, 12:19 PM

A debit card in my eyes is for those who CANT handle their finances responsibly, so to control their spending habits that is an alternative for them so that they dont 'impulse' spend.

gozza · 05-03-2008, 12:22 PM

Quote:

Originally Posted by ea_monty

None i have never needed one and never will

What the hell is with posts like these - You idiot

StealthAu · 05-03-2008, 12:32 PM

There all pretty good, best option is to get one that has 55days interest free on all purchases and pay it off monthly, works for me. But to answer the title, the best credit card to have is someone elses.

||| · 05-03-2008, 12:33 PM

bankcard was awesome pity they closed that one down

TP351 · 05-03-2008, 12:46 PM

Stay as far away as you can from Citi Bank, they offer what look like really good packages and balance transfers, but they are impossible to deal with. I have had nothing but trouble with them from day dot. And their Indian call centre is something else...........
They have no offices locally, (Sydney only) so you can't even go in to speak to them.

From a few people I've spoken to, Virgin have some good deals and have good customer service.

Deadman · 05-03-2008, 12:59 PM

Quote:

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

My credit card pays me about $500 every year (after taking out the annual fee and I never pay any interest). Plus I can use it online easily. Just because you have a credit card doesn't mean it will cost you money, mine does the opposite

Plus the Mrs has won three subscriptions to magazines over the years through the competitions offered by Mastercard

There's a whole bunch of other things that can be of a benefit to having a credit card (free insurance or warranty extensions, frequent flyer points, allows you to use your $ each month to better use before paying off the CC, and stacks more, but I won't go in to it).

I agree though, if someone can't trust themselves with spending or managing their own money, then it is wise not to have a credit card.

MITCHAY · 05-03-2008, 12:59 PM

I've never been one for the idea of a credit card either but someone said it's the easiest way to get a credit rating. A good credit rating is an advantage to you.

gozza · 05-03-2008, 01:05 PM

I don't think there is such thing as a "good" credit rating.

Only a bad one - ie not paying monthly due amounts

blueoval · 05-03-2008, 01:06 PM

Quote:

Originally Posted by TP351

Stay as far away as you can from Citi Bank, they offer what look like really good packages and balance transfers, but they are impossible to deal with. I have had nothing but trouble with them from day dot. And their Indian call centre is something else...........
They have no offices locally, (Sydney only) so you can't even go in to speak to them.

From a few people I've spoken to, Virgin have some good deals and have good customer service.

plus citibank were heavily involved with that sub prime mortgage crisis in the USA and are under investigation.

opto · 05-03-2008, 01:06 PM

When did ford forums become a bank?, use the internet, sheesh !

blueoval · 05-03-2008, 01:09 PM

Quote:

Originally Posted by gozza

I don't think there is such thing as a "good" credit rating.

Only a bad one - ie not paying monthly due amounts

Thats true. My mrs worked for the CBA for quite a few years. She said you will never get praised for good credit rating, just tarnished for a bad one which any money institution will have access to.

jcxr · 05-03-2008, 01:15 PM

Best credit card is----------------Someone elses

Bucket · 05-03-2008, 01:23 PM

Bankwest do an Awesome one....0% Interest on Balance Transfers for 9 months at the moment and 9.95% Ongoing after 55 Days.
Would be especially good if your trying to pay off some debt...dont get into that situation though, but this makes for a fair better option if you plan to pay it off in the interest free time

teabags2 · 05-03-2008, 01:27 PM

I recently set up a Bopo prepaid credit card for ebay so that no one can ripe me off for more than the balance on the card at the time.
Just charge it up and make the purchase. Fees are reasonably low. It is worth the fees for the security in my books.

Bob

Pursuit_chick · 05-03-2008, 05:53 PM

Quote:

Originally Posted by Craiginmackay

I have a virgin credit card which I reckon is good value.

Annual fee $0!!

Current interest rate 12.99% which is not an issue as I pay the balance at the end of the month anyway.

55 days interest free

They also have a 0% interest rate on any debt transferred from another card at the moment.

Providing you pay the whole balance at the end of each month this card costs nothing.

Agree, we also have a virgin CC. Have had it for 18months, was the best credit card for us then and i still think it is. None of this annual fee stuff and high interest!

boss-290 · 05-03-2008, 07:01 PM

The best credit card?

NO CREDIT CARD!

You can't afford it now?

Save your hard earned coin and buy it when you can afford it.

I've seen what credit cards do.

The Mighty Red · 11-05-2008, 06:37 PM

I bought a new Leather lounge from Super Amart on 24 months interest free, the lounge was $3200 and is still a very nice piece of furniture, fine no problem i thought.......I got the interest free finance but to get it I had to take the $7500 credit limit GE Card that came with it..........the minimun monthly repayment no where near repayed the interest free total and alas along with a few extra goodies I bought (that weren't interest free i was stuck with a $6500 credit card bill getting charged 27.9% interest........I was paying $200 per month on the card and only $40 was coming of the balance...............Now I know you are all going to say well you shouldnt have taken the GE card in the first place blah blah etc etc , but I honestly had no idea that there rates were 28% , that the repayment i was making that was on there statement was way short of actually being interest free......

After pulling my head in and making a concerted effort over a couple of years I have got this GE Card by the balls and soon to be out of my life......They keep sending me letters tellling me I am pre approved for a $50,000 loan etc etc.....

My point is please whatever you do stay away from GE finance they are loan sharks of the highest order........If you buy something thats interest free cut up the card that comes with it and just pay off the interest free loan asap.......

**TUF_302** · 11-05-2008, 06:39 PM

Id agree with the theroy, No credit card is best!!, the things are just to dangerous if you ask me!!

Rodp · 11-05-2008, 11:13 PM

Quote:

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

I owe a bank for my home loan.

Stick my pay straight into my home loan, use a credit card as much as possible and pay it off before any interest is incurred. The offset in interest on the home loan cuts down the time to repay by years, simply by using a credit card and paying it off before the end of the interest free period.

LeadFoot81 · 12-05-2008, 12:07 PM

Quote:

Originally Posted by The Mighty Red

I bought a new Leather lounge from Super Amart on 24 months interest free, the lounge was $3200 and is still a very nice piece of furniture, fine no problem i thought.......I got the interest free finance but to get it I had to take the $7500 credit limit GE Card that came with it..........the minimun monthly repayment no where near repayed the interest free total and alas along with a few extra goodies I bought (that weren't interest free i was stuck with a $6500 credit card bill getting charged 27.9% interest........I was paying $200 per month on the card and only $40 was coming of the balance...............Now I know you are all going to say well you shouldnt have taken the GE card in the first place blah blah etc etc , but I honestly had no idea that there rates were 28% , that the repayment i was making that was on there statement was way short of actually being interest free......

After pulling my head in and making a concerted effort over a couple of years I have got this GE Card by the balls and soon to be out of my life......They keep sending me letters tellling me I am pre approved for a $50,000 loan etc etc.....

My point is please whatever you do stay away from GE finance they are loan sharks of the highest order........If you buy something thats interest free cut up the card that comes with it and just pay off the interest free loan asap.......

Yeah you gotta be careful with interest free deals like that, GE especially. The minimum monthly payment on the statement doesnt include stuff thats interest free.

The best way around it is to divide the purchase amount by 24 months and make sure you pay that amount every month, regardless of the recommended monthly minimum. By doing that you work the card, as opposed to the card working you.

Weve bought a couple of things this way (and ended up with a GE and HSBC credit card) and have had no dramas, (you pay an initial set up fee and a small monthly fee for the luxury of paying something off interest free over 2 years) but Im definitely cancelling the cards once were done.

LeadFoot81 · 12-05-2008, 12:11 PM

Dont know if I told everyone how I solved the orginal problem of switching cards, I did a balance transfer off the ANZ card onto a Bankwest card (interst free on transfers for 9 months) now Ill pay it off without worrying about interest, we're keeping the ANZ card, but with a limit of 1k (for booking stuff online, and extreme emergencies)

SB076 · 13-05-2008, 04:31 PM

Quote:

Originally Posted by Rodp

I owe a bank for my home loan.

Stick my pay straight into my home loan, use a credit card as much as possible and pay it off before any interest is incurred. The offset in interest on the home loan cuts down the time to repay by years, simply by using a credit card and paying it off before the end of the interest free period.

Thats good advice you can actually make money on credit cards if handled correctly. I try to do the same, you can buy stuff today (groceries, fuel etc) put all of your salary into your bank account (which is offset - so reduces your interest) then pay off your credit card in 30 days or whenever the interest free period ends.

gozza · 13-05-2008, 04:35 PM

Quote:

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

Wow moron alert

KenLee · 13-05-2008, 04:36 PM

Amex Centurion card.

davocol · 13-05-2008, 06:36 PM

Nice work, you made the right decision. Just make sure your strict and pay it off, if you can stick to it a credit card is great to have.

Quote:

Originally Posted by The_Fantastic_Ford

Dont know if I told everyone how I solved the orginal problem of switching cards, I did a balance transfer off the ANZ card onto a Bankwest card (interst free on transfers for 9 months) now Ill pay it off without worrying about interest, we're keeping the ANZ card, but with a limit of 1k (for booking stuff online, and extreme emergencies)

LeadFoot81 · 13-05-2008, 06:42 PM

Yeah weve set up a direct debit for paying off the card so theres no dramas there.