How many credit cards do you have?

Discussion in 'Money Management & Banking' started by MTR, 1st Mar, 2018.

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  1. GoldCoastBound

    GoldCoastBound Active Member

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  2. Athikalaka

    Athikalaka Well-Known Member

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    I guess there aren't many other packages out the with both good mortgage package and credit card rewards? Seeing Westpac and NAB also recently dropped I've always looked at the Altitude Black.
     
  3. MTR

    MTR Material Girl Premium Member

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    Anyone have no credit cards??? How do you do this???
     
  4. qak

    qak Well-Known Member

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    We do this, saves having to get cash all the time. Two cards that get paid in full each month, limits are $25K & 8K, we would occasionally get up there with travel bookings.

    The larger card is on a professional package loan, and the smaller one is an affiliate AMEX. We usually get a few hundred in vouchers each year which probably covers the bank fee; and use the travel insurance (although I do research the policy every time) ... I'm not sure I would rely on it for US medical cover!
     
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  5. Athikalaka

    Athikalaka Well-Known Member

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    Even though my previous credit cards had travel insurance cover I still seem to go back to Travel Insurance Direct for peace of mind and slightly better cover. I've had to claim only once out of the 3-5 times I've used them but the turnaround for refund was within a week which made me always go back to them.

    So those who have travel insurance included with their card are happy with the cover?
     
  6. Blacky

    Blacky Well-Known Member

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    We have one which gets auto-paid every month with $8k limit.
    I pretty well only use it for flight bookings, and the occasional hotel. Also when some direct debits are random and large. As this way I’m sure to have funds available in case I forget about it.

    After having to survive a few years ago on credit cards which ended up tipping over about $50k at one point, I was happy to see them all go.
    I’m tempted to get rid of this one but I like the fall back position. Even though if I got rid of it I’m sure I would get used to not having it, and be that bit more organized. Old habits I guess...

    Blacky
     
  7. geoffw

    geoffw Moderator Staff Member

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    I've seen a restaurant which sets a $30 minimum charge. That's ridiculous!

    Probably a tax dodge, to collect the maximum cash sales and hide turnover.
     
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  8. TMNT

    TMNT Well-Known Member

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    Thoguht I'd update

    Have recently applied for ANZ black and westpac altitude. And got them.

    Am now considering a St George product... But not too sure how badly my credit file and score are affected recently
     
  9. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Check it on here: Get your FREE credit score now they only do a soft touch on your credit score so there will be no negative impact from checking. Once logged in click "Credit report" and it will break down where each part comes from for you.
     
  10. PandS

    PandS Well-Known Member

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    Yeah depend what card you have, my Citibank signature card insurance is very good better or equivalent to paid insurance

    Family Travel every where and oversea never had to pay for insurance

    I got on a deal about 10 years ago where if you sign up with certain income it free fee for life normally cost $400 in annual fee

    I get $500-$600 a year in points and no fee bargain

    They keep sending me email to up my limit
    I kept replying give me the prestige card free fee ($700 fee) for life then I upgrade the limit

    Haven’t won that battle but that always my standard answer of saying no with the options if they desperate want me then they have to fund my fee
    No first year free fee deal, I want life time fee free deal no free life time no deal -:)
     
    Last edited: 6th Aug, 2018
  11. hammer

    hammer Well-Known Member

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    We had a small win with our card recently. We get a CBA card fee free with our packaged home loan. We only went with the gold card because it had reasonable travel insurance and we only wanted a 4k limit.

    They sent us a note the other day saying that they are discontinuing the gold card, here's a platinum card with no change in limit or fees.

    The travel insurance is now much better and we get more points...nice.
     
  12. TMNT

    TMNT Well-Known Member

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    yes im already on that site,

    but if im not mistaken , there are about3 types of credit files dun, experion and another one which the banks use different ones to look at...
     
  13. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I wasn't aware of that but surely they would all be similar as they track the same stuff? If one rating is great, I can't see that another would be bad.
     
  14. TMNT

    TMNT Well-Known Member

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    Yes I would assume similar.
    But this was about 1 to 2 yrs ago. I believe new credit reporting system has come into place so things may have chnaged significantly
     
  15. Danny370z

    Danny370z Well-Known Member

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    I have 2 cards and are in the middle of getting a third from westpac.
    1st CBA Platinum. From a wealth package, i moved banks and told them i was going to close so they waved the $400 fee. Only reason i keep it is its the only one with AMEX but amex card will be gone in a few months.
    2nd Nab platinum got it for the 350k bonus point offer.
    I use one to a point and then flick over to the other no fees no interest just Qantas points as i fly twice a year it helps.
     
  16. Illusivedreams

    Illusivedreams Well-Known Member

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    The fees are larger than you think.
    EFTPOS is 25 cents per transaction.

    If you have an older terminal than add 25 cents for call as it dials in. Not all terminals.

    So a $2 gum may have 50cents profits.

    That's all absorbed through merchant fees. Also 1 minute of shopkeeper s time.

    The gum is now sold at a loss.

    So I sympathize with shops that sell fast moving cinsucon products pay frenschize costs and make sweet f a .

    I believe all terminals should be like at ALDI where there fee is automatically charged to customer. Only EFTPOS is free.
     
  17. TMNT

    TMNT Well-Known Member

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    I thought eftpos was 5c or 10c per trans?

    Since it's A set fee I can understand why some shops have minimums for eftpos

    But I still don't get the minimum for credit cards since it's a percentage. Unless it's a labour thing
    But it's more Chinese restauanrt that do this


    Edit: I love my credit cards. Just applied for number 7.

    3rd one this month:)
     
  18. Illusivedreams

    Illusivedreams Well-Known Member

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    It depends on your siize Wollies will be done to 10 cents per transaction.

    Mum and dad take way turning $2000 per week will be on a lot more.

    All about size

    also if you are part of an associations.They negotiate as group.

    So the MTA which cover allot of motor dealers have very good rates.

    But if you are out on your own a transaction fee could be 2.2% of sale which in our case is 10% of profit.

    Its hard I can see its convenient for clients but 10% of profit just to accept payment. I hope this industry is disturbed by technology. a Merchant fee should be no more than 20cents.

    But how do you think you get the points? :)

    You can understand why some many shops hate cards. We don't but I can see .

    Best of luck.
     
  19. Brady

    Brady Well-Known Member

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    2 credit cards, 1 for any personal expenses, 1 for any tax deductible expenses.
     
  20. TMNT

    TMNT Well-Known Member

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    I hear Yya. When I had my busienss I absolutely refused amex. Thought they were ludicrous Double or triple fees for nothing. I understood the rewards points for amex were higher but why does the merchant have to pay for for it. Especially when everyone has a visa.

    Now I believe amex have become more merchant friendly. And I use it where I can but I. Never get angry when amex is not accepted. Like some people do