Offset accounts and credit cards

Discussion in 'Loans & Mortgage Brokers' started by sullivan, 31st Dec, 2016.

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  1. Lucky Lad

    Lucky Lad Active Member

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    There are 0% CC Balance Transfer offers available if you don’t want to part with your offset cash after all that wanton blissful Christmas shopping. You only need to repay minimum amount due every month. Beware of big annual fees and BT fees, so shop around.

    If you like you can roll over the unpaid amount to a new balance transfer offer every year. Just make sure it doesn’t snowball into an unmanageable position when you repeat that spending habit every year.

    Also remember your CC limits can definitely affect your borrowing capacity if you want to borrow more money for investment. So best to repay and cancel these new BT cards immediately before getting a loan.
     
    Lucky Lad, 21st Jan, 2018
    #21
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Id suggest actually seeking specific advice before cancelling anything................

    For many applications killing off various forms of credit on an ad hoc basis can actually harm one's chances of getting approved.

    I know that makes no sense, in reality its simple, just not obvious

    ta
    rolf
     
    Rolf Latham, 21st Jan, 2018
    #22
  3. Lucky Lad

    Lucky Lad Active Member

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    Please do elaborate. Thanks!
     
    Lucky Lad, 22nd Jan, 2018
    #23
  4. euro73

    euro73 Well-Known Member Business Member

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    So here's an interesting fact I discovered last week at an AMP PD day... AMP allows 10 offsets per sub account, for each of the 10 sub accounts under their Pro pack ... so 100 offsets if you chose to ask for them :) Each with a VISA debit card if you choose.... and they provide free ATM access at any ATM ( via cashback/redemption) if you deposit 2K per month into the account....

    You'd need to buy a dedicated wallet/card case just for the debit cards!
     
    euro73, 22nd Jan, 2018
    #24
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Wow, 100 offset accounts!

    I can think of a client who would probably use that feature tot he full extent.
     
    Terry_w, 22nd Jan, 2018
    #25
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    the envelope brigade :)

    ta
    rolf
     
    Rolf Latham, 22nd Jan, 2018
    #26
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