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Pursuit Reincarnation Dog
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Discussion Starter #1
I've had a Holden Card for many years now and the rebate comes in handy when buying a car (currently have $3300 rebate). Having said that I can't see myself buying a Holden in the near future.

I also had a Shell Mastercard, but it is a nightmare with GE Capital's service.

And given Ford don't have a credit card in Australia I was looking for the best deal for my needs (frequent flyer points are meaningless though!)

So, what credit cards do you guys have and what are the pros and cons of their reward schemes etc. I'm lost for ideas at the moment......
 
T

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I got 2 amex cards and agc card (waste of time) 2 debit credit cards 1 linked to my cheque acc the other unlimited. all with no benefits. the only other is a westfield card, but it works on bonus points spend a million to get $10. other than that cant really help
 
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I did write a letter to fordcredit asking if they were thinking about a credit card for buyers of ford cars. ie discount for fleet etc. got some reply back from them, if I can only remember where I put it. that may be helpfull to you.
 

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Multi Car Owner
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Watch it, I worked for GE CAPITAL for 5 years :nuts:
Well as for credit cards, WHAT A WASTE, A HORRIBLE FINANCIAL PRODUCT. Why in the world would anyone use a credit card?? Debit cards are fine, it comes out of your checking/Saving.
If you can't pay cash, don't get it. You spend more when you use a credit card, you WONT when you pay cash. Outside of a home I do NOTHING on credit. Not a car, nothing. What a waste to pay a bank to use money. Most of the credit card users do not pay off thier accnts on a monthly basis. How can most any normal person save money and retire with dignity if you charge crap all your life, buy new cars at 300+ bucks a month over 5-6 years, on an item that will be worth 20-30% percent less with in 2-3 years. Buy a used car!!!! Pay cash. Some say "Well I won't have to fix the new car" BS!!! True, but I can buy a nice used car for cash and will pay much less over 5 years in repairs that you will pay in 300 dollar payments in the same 5 years. I will be saving those monthly payments for a nicer car at the end of the 5 years. You will be just finishing up paying the payments and your car will be worthless and you wont have anything saved and will have to buy new again or worst yet LEASE! I used to do the credit crap, from age 18 to 30 years old, which jsut happened to be during the economic BOOM we had here in the states. So instead of investing my money for myself, I was investing it in credit cards and cars that were worthless.
Point in all this? You can't build wealth if your in DEBT!!! In the end most of us are here on this earth to live life well, have fun and be well off.
 

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Australian VU SS Ute A4 Member
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Credit Cards

I can sit here and tell you how I use credit cards but it would be pointless. So, I recommend you read up on ways to use your credit card to your advantage. Here's a good site to start with.

http://www.frequentflyer.com.au/tips1.htm

You will know if you are using your cards correctly because you will access all the benefits and never pay any interest. If you are the type of person that pays a monthly amount off your credit card but it is always in debit, then firstly I thank you, secondly, I suggest you cut it up FAST!
 

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Multi Car Owner
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927 Posts
NOPE, your wrong, there are NO good reason to use a credit card. I went to the link you gave me, and sneaky like a credit card company it pops up a pop up window first thing when I get on the site.
See that is one of the many ways the credit card companies HOOK the users. Spend more on our card and we will PAY YOU BACK in some fashion. SOOOO, every time you go out and buy something you think "lets put it on the card" so I can get that vacation flight for free sometime down the road. You end up spending more in the end then if you just paid cash. Most users can not for what ever reason pay off the cards monthly. I worked in the busn for 5 years, trust me THEY DON"T! The monies you over spent using the credit card would have paid for a flight and vaca easly. Credit cards just enable our I WANT IT NOW cultures. Children want it now, Adults learn to delay pleasure!
Then there is the GM type of credit cars. Money back to buy a GM car. Not only to they get your interest payments, late fee's, and so forth. Then you turn right around and spend the money on thier cars and trucks. You never see the money, THEY DO!
Then there is Discover. They pay you back cash, whoopie, at what astonishing rate? 1 or 2%?? Once again, pay cash, and make a much greater return(invest) on the money you saved not over spending on a credit card.
 

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Pursuit Reincarnation Dog
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Discussion Starter #7
I use my credit cards to pay bills over the phone or net. That way I can pay everything without sending cheques, going to their office etc. At the end of each month I simply pay one bill only. I can't think of anything more convenient and it costs me nothing (okay, the Holden GM Card charges $20 per year, but I get free entry to the Sydney Motor Show so it pays for itself again).

To pay all those bills using 'cash' would cost me more in time, postage, cheque fees (and their taxes). For negotiable items I usually pay cash - "How much for cash right here right now buddy?" For eg, saved $300 off a watch yesterday ($200 more than he was willing to do on credit card).

Bottom line, consumer systems are set up for credit cards (I won't get a discount on my electricity bill if I pay cash!)
 

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Pursuit Reincarnation Dog
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Discussion Starter #8
THE DOCTOR said:
I did write a letter to fordcredit asking if they were thinking about a credit card for buyers of ford cars. ie discount for fleet etc. got some reply back from them, if I can only remember where I put it. that may be helpfull to you.
DOC:
No need. Geoff P told me they have no immediate plans for that type of card.
 
T

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sounds about right too. I found the letter and it say's no immediate plans.
 

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Multi Car Owner
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If your using credit cards to pay bills, why not do it thru a debit card account. Right out of your checking!! One day you will be rolling along with the credit card accnt, thinking you have it licked, not paying any fee's and the such. Then one day you close the accnt, and months and months down the road you get a collection call. Seems they stuck one of the 45 buck protection plan thingies on your card after it was CLOSED!?!?!? So you got a collection iteam on your credit bur that takes months to take care of, hassles, fighting with company that you never wanted the service. When you play with snakes YOU WILL get bit eventually!
 

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Pursuit Reincarnation Dog
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Discussion Starter #11
Most payment methods here in Oz are credit card only. As for the protection thing, I don't think those fees apply here in Australia.

Here's another good reason to use a credit card. Many banks let you link a credit card to your home loan and savings account. You pay all expenses on credit card, however your pay goes straight to the mortgage. The result is you are continually up to 55 days ahead on your mortgage payments - result is one home in less time.

Finally, I'm a member of a credit union. If you are still with a bank, why? I pay no fees, no account taxes - nothing!
 

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Administrator
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Aussie Pete said:
Most payment methods here in Oz are credit card only. As for the protection thing, I don't think those fees apply here in Australia.

Here's another good reason to use a credit card. Many banks let you link a credit card to your home loan and savings account. You pay all expenses on credit card, however your pay goes straight to the mortgage. The result is you are continually up to 55 days ahead on your mortgage payments - result is one home in less time.

Finally, I'm a member of a credit union. If you are still with a bank, why? I pay no fees, no account taxes - nothing!
Pete that is way I use my card.It is linked to a revolving credit mortgage account.I also get air points on every dollar spent on the card and have a direct debit so the card is automatically paid by the due date.The only cost is the card fees.I use the card for everything I can.
 

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Australian VU SS Ute A4 Member
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Credit cards

Marqman, tell me what's wrong with the following scenario:

Decided to buy the VU SS so I apply for the GM card, transfer balances from 3 different credit cards to the GM card and get a $3,000 discount on top of the deal I did with the dealer. (total cost of my $3,000 discount was about $100 and 1 hour of my time)

Pay all bills on the last due day and then get up to another 55 days to pay them off on the card. Pay the cards off in full every month and never pay interest as there is no outstanding balances.

So the total cost of my 5 free overseas trips per year and $3,000 discount off my new car is about $250 per year for card membership fees.

Any your telling me to get rid of my credit cards, I don't think so!
 

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Multi Car Owner
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Big Block Ford said:

Pete that is way I use my card.It is linked to a revolving credit mortgage account.I also get air points on every dollar spent on the card and have a direct debit so the card is automatically paid by the due date.The only cost is the card fees.I use the card for everything I can.

There is its, the last line! I USE THE CARD FOR EVERYTHING I CAN!! You spend more with credit cards.
You spend what you NEED when using cash, spend what what you WANT with credit cards.

"Marqman, tell me what's wrong with the following scenario:"

Well in that scenario, using a credit card makes it easier for you to buy a brand new car, an investment that in 99% of the purchases loses 30-40% of it's value in the first 3-4 years of ownership.
MY scenario-- Buy a nice used used low miles car that is 3-4 years old with cash. Invest the money I saved not buying NEW. NO CAR payemnts, while you are still making them. No payemnts allows me to save save save save and then I can pay for those over see's trips also.

You guys are showing ways to use the cards, how to beat the system so to speak, when the bottom line is that you are spending more, saving less when using credit cards.
You at diner, bill is 70 bucks. Tell me what hurts more, paying cash for the meal, or whipping out the credit card. You will eat out less if your paying cash, where with card you jsut keep going out.

The GM card is such a GOT YA card. You spend a ton of money on THEIR CARD, you get some money (Bonus points?) back, then turn right around give it back to them, plus another huge amount for the car. Who won in those deals, NOT THE CONSUMER.

Sorry guys, I do not buy it! Most folks carry a huge amount of debt around, even those that pay off every month are in debt also. You can not build wealth if your always paying off credit cards, car payments, and so forth.
While everyone is paying on cars and credit cards for years and years I will be saving and saving, driving used cars, buying STUFF w/cash so I can retire with dignity. When I retire I can then BUY everything I want, with cash. Not using credit cards and still making payments on cars till I am 70 years old, then die and all the debt eats up most of the savings/retirement I saved to pass on to my kid so he wouln't have to work all his life!!!!!!

I am not picking on any of you directly, but you throw up a scenario and I will use it ;) I guess I can't really speak for Australia, but here in the states the AVG joe/jane is up to thier arse in debt, and live check to check. For a majority of folks, all these DEALS that cards get them, just gets them in years and years of debt, never allowing to get ahead and make a comfy retirement.

Tim
 

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Pursuit Reincarnation Dog
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Discussion Starter #16
Okay - it's safe to say Marqman hates credit!

Then I can tell you building wealth the most effective way involves borrowing money - like borrowing for property, shares, etc. Whilst risks are there, and you are paying interest the overall good is greatest since you are exposed to greater growth and the margin on a greater portfolio is more assets at the end of the day.

As for cars, here in Oz late model used cars are so close to new in values (once they appear at retail level), it's hardly worth the effort. Our tax system makes buying new cars very effective to high income earners as all capital and running costs can be paid for in pre-tax earnings, with a reduced tax rate then applied to the benefits.

Finally, I'll be too old when I retire to enjoy the good things in life - BALANCE BALANCE BALANCE - life is a balance.....
 

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The SparkleHunter™
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10,144 Posts
Aussie Pete said:
BALANCE BALANCE BALANCE - life is a balance.....
Life is for living.. if you want something, and you can afford it, go and get it. You never know when you'll be hit by a truck... :D
 

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Multi Car Owner
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""""Life is for living.. if you want something, and you can afford it, go and get it. You never know when you'll be hit by a truck... """


You CAN'T afford it if you have to charge it! I do agree, borrowing money for property/homes is wise most of the time, but on cars, and STUFF it is not. It is not a good thing to do, and you all know it. You can't become wealthy investing in items that go DOWN in value.
Well if I get hit with a truck tomorrow I won't be leaving my family with debt that will whip out most of my estate, I will leave them with CASH and dignity not debt! I want my son not to have to struggle as much as I do. With that I will stop bothering you guys, ha ha ha. Just remember me when your 60, 70 years old and still making payments on STUFF. :nuts: I may be dead from the truck tha hit me years ago, but my Kid and grandkids? will be on easy street.
 

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The SparkleHunter™
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Marqman said:
You CAN'T afford it if you have to charge it!
Sorry Tim but you've lost me completely... If you can pay the credit bill at the end of each month what's the problem? If you can't afford something in one hit you don't buy it or you lay-buy it.

Marqman said:
Well if I get hit with a truck tomorrow I won't be leaving my family with debt that will whip out most of my estate
Either will I. Doesn't mean I have to go without anything in life by doing it. The only possesions I will take out a loan for are my house and a good car. The only thing I owe money on at present is my house and that's the way I plan to keep it...
 

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Marqman I use the card for everything i can but these are things I was intending to purchase anyway.I use the 55 days free credit and grab the air points.The retailers pay for this so some do not want you to use cards for purchase.I never pay interest on the card only fee's at approx $50.00 per half year for a Gold card which also has some travel insurance with it but hardly worth mentioning.Most retailers hate cards for large purchases because of the % fee on every purchase that is paid to the card company or bank from which the airpoints or cash back bonus's etc must come from.Used in a disciplined way ,you can actually get something out of them.Used badly and you can crap out in a big way. The only prob i see in the near future is all the free travel that is being taken from the airpoints by people buying things for a business is getting looked at by Inland Revenue and they are thinking of taxing the travel.Arrrrgggg damn.Plan B.It's real popular here in NZ this airpoints caper.
 
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