What Cheeses Me Off!!!!

[rogerazz]

Yeah, banks are great corporate citizens. They never do predatory lending.

When Bankcards were invented we sent thousands of credit cards to the customers on our books for free, no need to apply, no credit check, just send out the cards and the millions of dollars in interest and fees we made would easily cover the write off losses.

 

[John U]

When Bankcards were invented we sent thousands of credit cards to the customers on our books for free, no need to apply, no credit check, just send out the cards and the millions of dollars in interest and fees we made would easily cover the write off losses.

How everyone can be encouraged to use credit card based tap and go, in the middle of a pandemic, when rba rates are below 1% and banks are charging over 20% interest, while the govt does nothing, and there isn’t rioting in the streets, is beyond me.

 

[Albynsw]

How everyone can be encouraged to use credit card based tap and go, in the middle of a pandemic, when rba rates are below 1% and banks are charging over 20% interest, while the govt does nothing, and there isn’t rioting in the streets, is beyond me.

To be fair there are plenty of credit cards with much more reasonable rates, I think the CBA is around 12 or 13% from memory and I expect the other majors would be comparable
Keep in mind there are those who don’t pay any interest because they pay their balance in full each month so effectively are getting up to 60 days free credit plus a credit card is an unsecured loan so is risky money

Not trying to stand up for the banks, just putting a bit of perspective to it all

 

[rogerazz]

To be fair there are plenty of credit cards with much more reasonable rates, I think the CBA is around 12 or 13% from memory

For CBA? you mean Cwth ? Try Purchase int of 18.99% ( means 19% to me) and 21.24 % for cash advances.
And a you beaut sweet deal to get newbies in Bloody hell.

Low fee credit card

• $0 annual fee in the first year and subsequent years when you spend $1,000
• 19.74% p.a. purchase interest rate (Does not mention cash advance rate in the ad.)
• Minimum credit limit of $500
  Low fee Gold Credit card
  $0 annual fee in the first year and subsequent years when you spend $10,000
  • 19.74% p.a. purchase interest rate . (Does not mention cash advance rate in the ad )
  • Minimum credit limit of $4,000
  • 
    

 

[discomatt]

Isn't a debit card the same as a credit card with bank protection and ease of use?
You just have to use your own money and not buy consumerism shit you cant afford

 

[boobook]

You don't HAVE to pay interest with a credit card or cut it up, you just need to have self-control, and know how to live within your means.

I've never paid 1 cent in interest in over 20 years and use a credit card to purchase everything I can, everywhere ever time if I can, unless I get the product cheaper for cash or get some other benefit. You just have to pay your expenditure off before the end of 1 month. It's the old saying count the pennies and the pounds will look after themselves.

The interest rates are massive but IMHO cutting up a card or never using it, is the worst thing to do. Your credit rating goes down and limit goes down. When you actually need it, you won't have a good credit rating.

It seems to be a truism that banks are bastards, but it's easy not to play the game of life according to their rules.

 

[CaptainBanana]

You don't HAVE to pay interest with a credit card or cut it up, if you have self-control and know how to live within your means. I've used a credit card to purchase everything I can, everywhere ever time if I can unless I get the product cheaper for cash or get some other benefit. Never paid 1 cent in interest in over 20 years. You just have to pay your expenditure off before the end of 1 month.

Of course the catch is that the absolute majority of customers can't afford to do this and they end up paying credit cards indefinitely with only minimum repayments and recurring interest and fees keeping the card max out

 

[boobook]

Of course the catch is that the absolute majority of customers can't afford to do this and they end up paying credit cards indefinitely with only minimum repayments and recurring interest and fees keeping the card max out

I understand that's often the case Captain, and that's exactly what the banks want people to do. But the reality is that spending on a credit card, then paying it off in a month costs no more than cutting it up and using alternatives.

It's the way people behave in their spending that is the problem. Even for low income earners, credit facilities can be very useful to smooth out the bumps, I also understand that is a lot easier said than done.

 

[CaptainBanana]

I understand that's often the case Captain, and that's exactly what the banks want people to do. But the reality is that spending on a credit card, then paying it off in a month costs no more than cutting it up and using alternatives.

It's the way people behave in their spending that is the problem. Even for low income earners, credit facilities can be very useful to smooth out the bumps, I also understand that is a lot easier said than done.

I don't actually understand why people who have got cash to pay credit cards have credit cards at all. I haven't had a credit card since the mid 2000s and I don't see myself ever having one again. I haven't checked loyalty programs or any of that stuff since I worked for the bank more than a decade ago but if I remember reward-based cards could cost you $200 a year just for the card fee and then you have to spend $100,000 to maybe get a toaster or some other rubbish. I sort of get the impression that's probably still true unless you're able to put through a half a million a million dollars a year on your credit card the rewards part of it is not really a bonus at all.

 

[boobook]

LOL I can't imagine how you could buy things over the phone, pay rego etc or shop online without one. I know it can be done but I like getting instant confirmation and receipts for that kind of stuff.

As to rewards, I link my credit card to Cathay Pacific's Asia Miles programme. It's about 10 times more generous than Qantas, even if you fly in a Qantas flight. I would have had over 20 overseas business class long haul trips at least. UK, HK, US, Japan etc I would otherwise have been flying economy or not going. I definitely get my $250 a year in fees back 10 fold. I was living in HK at the time I joined so that's 25 years ago.

I could go into a What Cheeses me off - Qantas, segway for days after that.

 

[Rusty Panels]

I don't actually understand why people who have got cash to pay credit cards have credit cards at all. I haven't had a credit card since the mid 2000s and I don't see myself ever having one again. I haven't checked loyalty programs or any of that stuff since I worked for the bank more than a decade ago but if I remember reward-based cards could cost you $200 a year just for the card fee and then you have to spend $100,000 to maybe get a toaster or some other rubbish. I sort of get the impression that's probably still true unless you're able to put through a half a million a million dollars a year on your credit card the rewards part of it is not really a bonus at all.

The trouble is that there are many situations where you need a credit card. Every time you go to a hotel you're asked for one, I guess it's in case you take off with the mini bar and towels! There are lot's of transactions like car registration, insurance payments etc that can't be done either on line or by phone without a credit card.
We usually pay by cash or debit card but do use the credit card from time to time and when nothing else is accepted. We just transfer the money to the credit card before the 30 day period so we never owe them anything.
On a side note, the Heritage Bakery at Milton on the South Coast of NSW doesn't accept CASH full stop. I don't know how they get away with it but that's the rule. It's not because of Covid either it's been that way for a couple of years.

 

[Bigfish1]

LOL I can't imagine how you could buy things over the phone, pay rego etc or shop online without one. I know it can be done but I like getting instant confirmation and receipts for that kind of stuff.

As to rewards, I link my credit card to Cathay Pacific's Asia Miles programme. It's about 10 times more generous than Qantas, even if you fly in a Qantas flight. I would have had over 20 overseas business class long haul trips at least. UK, HK, US, Japan etc I would otherwise have been flying economy or not going. I definitely get my $250 a year in fees back 10 fold. I was living in HK at the time I joined so that's 25 years ago.

I could go into a What Cheeses me off - Qantas, segway for days after that.
[/QUOTE]

Havent had a credit card for many years. Pay rego, insurance , rates, buy heaps of gear and all on line...definitely do not need a credit card to live on line. rEceipts are just as quick.

 

[mikehzz]

A debit card solves all the problems about needing a credit card for certain situations.

 

[CaptainBanana]

LOL I can't imagine how you could buy things over the phone, pay rego etc or shop online without one. I know it can be done but I like getting instant confirmation and receipts for that kind of stuff.

As to rewards, I link my credit card to Cathay Pacific's Asia Miles programme. It's about 10 times more generous than Qantas, even if you fly in a Qantas flight. I would have had over 20 overseas business class long haul trips at least. UK, HK, US, Japan etc I would otherwise have been flying economy or not going. I definitely get my $250 a year in fees back 10 fold. I was living in HK at the time I joined so that's 25 years ago.

I could go into a What Cheeses me off - Qantas, segway for days after that.

Where have you been the last 15 years there are these things called Visa debit cards.

 

[boobook]

Credit cards offer financial protection like nothing else.

If you buy goods or services on a credit card, and have an issue you can call the bank, and report the transaction. I had two major occasions where this helped. It is unbelievable how well this works. The money is taken of the vendor that day, until the issue is resolved. It takes you from no negotiation power to totally in control of the refund issue.

1)A tour company double charged me around $6000. I tried to get my money back for months. All I got was unreturned messages. "We'll look into it", fob off, and they wanted to give it as a credit for future use FFS. I called my bank who reversed the transaction. 2 days later I had a call from the tour company apologising and they looked into it and would gladly refund my money if I called the bank and took the hound dogs off.

2)I bought a Lenovo Computer, $2300 ish. That was my first mistake. It was crap and in and out of repair for a year. Lenovo were useless. I called my bank. BANG! next thing I got was an apologetic call and a delivery address to send it back after getting my full purchase amount refunded.

 

[Colly18]

WCMO - Afterpay! More of the same problems and likey to cause more grief to the vulnerable.

 

[CaptainBanana]

Credit cards offer financial protection like nothing else.

If you buy goods or services on a credit card, and have an issue you can call the bank, and report the transaction. I had two major occasions where this helped. It is unbelievable how well this works. The money is taken of the vendor that day, until the issue is resolved. It takes you from no negotiation power to totally in control of the refund issue.

1)A tour company double charged me around $6000. I tried to get my money back for months. All I got was unreturned messages. "We'll look into it", fob off, and they wanted to give it as a credit for future use FFS. I called my bank who reversed the transaction. 2 days later I had a call from the tour company apologising and they looked into it and would gladly refund my money if I called the bank and took the hound dogs off.

2)I bought a Lenovo Computer, $2300 ish. That was my first mistake. It was crap and in and out of repair for a year. Lenovo were useless. I called my bank. BANG! next thing I got was an apologetic call and a delivery address to send it back after getting my full purchase amount refunded.

Unless something changed since I worked there a Visa debit card is back by pretty much in the same chargeback rights as that's what half my job was, I was actually in the pilot team when ANZ released the Visa debit. I've had stuff refunded on my Visa debit card over the years it follows the same time frames and processes unless someone can show me otherwise.

Zero Liability

www.visa.com.au

I think I'm still correct. basically cash transactions are not covered because without a pin number you can't access cash so unless you can prove skimming or some other fraud cash is not covered on I either card. All transactions are covered in the same fashion on both credit and debit cards as long as they carry the visa or MasterCard symbol.

 

[Albynsw]

For CBA? you mean Cwth ? Try Purchase int of 18.99% ( means 19% to me) and 21.24 % for cash advances.
And a you beaut sweet deal to get newbies in Bloody hell.

Low fee credit card

• $0 annual fee in the first year and subsequent years when you spend $1,000
• 19.74% p.a. purchase interest rate (Does not mention cash advance rate in the ad.)
• Minimum credit limit of $500
  Low fee Gold Credit card
  $0 annual fee in the first year and subsequent years when you spend $10,000
  • 19.74% p.a. purchase interest rate . (Does not mention cash advance rate in the ad )
  • Minimum credit limit of $4,000
  • 

Just checked my current statement and interest rate on purchases is 13.24% but cash advance is 21.24%

 

[boobook]

Unless something changed since I worked there a Visa debit card is back by pretty much in the same chargeback rights as that's what half my job was, I was actually in the pilot team when ANZ released the Visa debit. I've had stuff refunded on my Visa debit card over the years it follows the same time frames and processes unless someone can show me otherwise.

Zero Liability

www.visa.com.au

I think I'm still correct. basically cash transactions are not covered because without a pin number you can't access cash so unless you can prove skimming or some other fraud cash is not covered on I either card. All transactions are covered in the same fashion on both credit and debit cards as long as they carry the visa or MasterCard symbol.

Interesting. I wasn't aware of that. It is good to know.

 

[CaptainBanana]

Interesting. I wasn't aware of that. It is good to know.

As far as I'm aware visa and MasterCard write the rules and it's not at Bank level for them to decide so you're just as safe doing it's on a debit variants of those cards.

Also unless it's changed you can for example take out a credit card with a 500 or $1,000 limit and actually run that credit card in credit to any amount you want and never actually use credit and never have to worry about interest.