I NEED A NEW CREDIT CARD - HELP ME

[aasz1978]

Re: It's okay to be argumentative

D)I will check back at my Financial Table for the OS Transaction fees. So expect my other post. Point 6 and 7 of your post are common knowledge.

Checked my financial table. It says 1.9%. Must have changed to 2.0% already so there you go...

 

[Nutcase]

Bpay Cash advances

With regard to cash advances and Bpay transactions.

If you choose to use BPay to pay a bill and fund the charge from your credit account AND the merchant does not have a credit card merchant facility organised through BPay, then Yes, this is a cash advance and will be treated accordingly.

If you go directly to the biller and their website or credit card phone number and pay the bill, this will be treated as a normal transaction like any other credit card purchase. It will not be processed through BPay.

HSBC is not, repeat Not the only bank that does this. I am a HSBC customer and this has not been my experience becasue I deal with the Billers directly through their webiste. Try: telstra, Vodoaphone, Energy Australia , etc etc.

Bpay is really designed to take money from your transaction account and pay the billers, not utilise credit cards. Best off to use Bpay to PAY your credit card bills and use your credit cards for everything else. This is prudent financial management

 

[Nutcase]

Best Card for your

Having thought about things for a while, I agree with Aassz1978 and that the best reccomendation is the following

1) Get a fee free Bankcard with a $300 limit. Credit cards are evil anyway and we shouldnt have them, they are the work of the DEVIL
2) Use Cash ALL the time
3) Cheques are a very efficient way of paying for things and posting things at the post office is fun.
4) Get a "Christmas club" account at one of the smaller Credit unions for excess funds . These offer excellent rates (sometimes as much as 0.5%pa)
5) Stuff all your excess cash in your mattress
6) Never use the internet to pay bills. Ray Martin said that you shouldnt trust it
7) Do all of your transactions over the counter at your local Bank.The staff are really friendly and the pens always work. Paying high fees keeps them in work
8) Dont get an Amex. You cant use it anywhere
9) Dont try an rack up FF points. You cant use them to go away at peak times. QANTAS should make all of their fights free. How dare they make money!

Thanks, I hope that this has been helpful.

NC

 

[straitman]

Re: Best Card for your

Having thought about things for a while, I agree with Aassz1978 and that the best reccomendation is the following

1) Get a fee free Bankcard with a $300 limit. Credit cards are evil anyway and we shouldnt have them, they are the work of the DEVIL
2) Use Cash ALL the time
3) Cheques are a very efficient way of paying for things and posting things at the post office is fun.
4) Get a "Christmas club" account at one of the smaller Credit unions for excess funds . These offer excellent rates (sometimes as much as 0.5%pa)
5) Stuff all your excess cash in your mattress
6) Never use the internet to pay bills. Ray Martin said that you shouldnt trust it
7) Do all of your transactions over the counter at your local Bank.The staff are really friendly and the pens always work. Paying high fees keeps them in work
8) Dont get an Amex. You cant use it anywhere
9) Dont try an rack up FF points. You cant use them to go away at peak times. QANTAS should make all of their fights free. How dare they make money!

Thanks, I hope that this has been helpful.

NC

Oh yeah :!:

 

[aasz1978]

Re: Best Card for your

Having thought about things for a while, I agree with Aassz1978 and that the best reccomendation is the following

1) Get a fee free Bankcard with a $300 limit. Credit cards are evil anyway and we shouldnt have them, they are the work of the DEVIL
2) Use Cash ALL the time
3) Cheques are a very efficient way of paying for things and posting things at the post office is fun.
4) Get a "Christmas club" account at one of the smaller Credit unions for excess funds . These offer excellent rates (sometimes as much as 0.5%pa)
5) Stuff all your excess cash in your mattress
6) Never use the internet to pay bills. Ray Martin said that you shouldnt trust it
7) Do all of your transactions over the counter at your local Bank.The staff are really friendly and the pens always work. Paying high fees keeps them in work
8) Dont get an Amex. You cant use it anywhere
9) Dont try an rack up FF points. You cant use them to go away at peak times. QANTAS should make all of their fights free. How dare they make money!

NC

Hahahahahahahahahaha!!!!!!!!!!!!!!!!!!!!!!

Very funny dude. And I thought this is a Frequent Flyer forum. Good posting. Really... :twisted:

Seriously, why don't you ask HSBC themselves and ask them about the flyer (I've posted a link above) and make them guarantee that paying your telstra bill (or any other service-related bills) using your HSBC Credit Card wouldn't attract full interest rate.

Since you're a HSBC customer, you should've received their updated terms and conditions around last November. I've taken the liberty to attach the link to that flyer above. Oooohhh... I am tempted to post that flyer to ACA website.

Cheers

aasz1978

 

[NM]

Re: Bpay Cash advances

With regard to cash advances and Bpay transactions.

If you choose to use BPay to pay a bill and fund the charge from your credit account AND the merchant does not have a credit card merchant facility organised through BPay, then Yes, this is a cash advance and will be treated accordingly.

If you go directly to the biller and their website or credit card phone number and pay the bill, this will be treated as a normal transaction like any other credit card purchase. It will not be processed through BPay.

HSBC is not, repeat Not the only bank that does this. I am a HSBC customer and this has not been my experience becasue I deal with the Billers directly through their webiste. Try: telstra, Vodoaphone, Energy Australia , etc etc.

Bpay is really designed to take money from your transaction account and pay the billers, not utilise credit cards. Best off to use Bpay to PAY your credit card bills and use your credit cards for everything else. This is prudent financial management

I beg to differ on some of your points. In the examples I posted previously regarding my BPay usage, all are directly from CBA's Netbank web site, not payments made using the merchant's web site or telphone banking - those are not BPay transactions.

The only time CBA processes a BPay transaction, that sources my funds from my CBA Gold Visa card, as a cash advance is if the merchant is not set up to accept Visa card transactions through the BPay system - and each time that would occur I am presented with a specific warning by CBA Netbank. If I get that warning, I change the source of the funds to my CBA savings account and incur no additional fees.

I regularly use CBA Netbank to source funds from my CBA Gold Visa card to BPay a merchant for services (eg Brisbane City Council rates, Energex Electricy Bill, Origin Energy gas bill) and incur no cash advance fees. This IS a BPay transaction performed through CBA Netbank Bill Payment and is NOT paid by telephone or internet directly to the merchant.

Not all BPay payments sourcing funds from Credit Cards are treated as Cash Advances. IF HSBC always treats CC sourced BPay as cash advance, then that is different to CBA and in my opinion is a good reason to not use HSBC.[/b]

 

[aasz1978]

Re: Bpay Cash advances

I regularly use CBA Netbank to source funds from my CBA Gold Visa card to BPay a merchant for services (eg Brisbane City Council rates, Energex Electricy Bill, Origin Energy gas bill) and incur no cash advance fees. This IS a BPay transaction performed through CBA Netbank Bill Payment and is NOT paid by telephone or internet directly to the merchant.

[/b]

Now that is very interesting. What would you call a payment of services (not goods) directly through their websites?

I rang HSBC in November asking them to explain this madness using the example of Telstra's own E-Commerce website (the billpay.telstra.com website), they said unless you buy goods (which they called "purchases), anything else is cash advance.

 

[NM]

Re: Bpay Cash advances

Now that is very interesting. What would you call a payment of services (not goods) directly through their websites?

Call it what you like, but it is not BPay. If you use your credit card for payment diectly with the merchant (via their web site) then it is purely a credit card transaction. BPay does not get involved. If you want to know about BPay, go look at their web site here http://www.bpay.com.au/ . You use BPay to pay a bill by going to your bank's internet banking facility and using their options to pay bills.

I rang HSBC in November asking them to explain this madness using the example of Telstra's own E-Commerce website (the billpay.telstra.com website), they said unless you buy goods (which they called "purchases), anything else is cash advance.

billpay.telstra.com has nothing to do with BPay. It is Telstra's facility to allow you to pay you Telstra bills on-line using your credit card.

BPay Pty Ltd is a company that was established (back about 1997 I think) that allows the transger of funds between Financial Institutions and Billers (Merchants). You can only initiate a BPay payment from you financial institution (internet banking, telephone banking) and not from the Biller (Merchant).

Some financial institutions, such as CBA, permit a bill to be scheduled for payment at a later date or even on a regular basis through BPay. Before scheduling a bill for payment, the CBA Netbank system tests that the biller will accept a credit card payment before scheduling the payment. If they will not accept a credit card payment, and I have selected my credit card as the source of the funds, I am presented with the warning that the transaction will be treated as a cash advance. If the biller does accept credit cards for payment (such as Brisbane City Council) then the bill is scheduled for payment on the date selected.

From reading some responses to this thread it would appear there is some confusion about the term BPay.

 

[oz_mark]

The only time CBA processes a BPay transaction, that sources my funds from my CBA Gold Visa card, as a cash advance is if the merchant is not set up to accept Visa card transactions through the BPay system - and each time that would occur I am presented with a specific warning by CBA Netbank. If I get that warning, I change the source of the funds to my CBA savings account and incur no additional fees.

I decided to find out what happens at Westpac. In the t's and c's I found this

19.7 When you use a credit card to pay a bill through the BPAY Scheme, we treat that payment as a credit card purchase transaction.

So I tried to make a payment to a biller not set up for CC's and it got rejected. I guess each bank has its own take on how to treat the situation

 

[Nutcase]

Bpay cash advances

O dear, is that the time?

I really must be going.
For the amount of energy it takes to pay the 3 or 4 bills per month that the average household gets, is this really worth it?

Regrettably, you are all correct with the Bpay question. Your bank will "route" the transaction the way it wants.

A lot of this confusion comes about because:

Some Bpay billers accept Cards and others do not
Some Bpay billers accept cards thru Bpay and others do not (the cash advance problem)
Some banks warn you of the impending cash advance (and others do not)

So its a complete quagmire actually.

The easiset way is what the earlier posting suggested. Pay your credit card using the Bpay function on your internet/phone banking system. Use your AMEX (or other card) to pay for the bill BUT, deal direct with the biller through the phone number or internet address on their bill.

This way, you will NEVER get hit for cash advance fees and you maximise the amount of points you get too.

AMEN

 

[Big_spender]

HIGH CREDIT LIMITS

Are the Platinum versions of cards also the best for obtaining high credit limits?

I need a credit limit of $100,000 and have found that most credit cards I have obtained in the past always start with a maximum credit limit of about $15,000. I earn about $350,000 a year gross, so have no problem with serviceability. The problem is getting the limits increased to a satisfactory level.

I have found that the Amex Rewards Maximiser which I am currently using has a maximum credit limit of $25,000 as a part of the product features. As I am already at this limit, Amex cannot offer me anything more.

If I apply for a Platinum card (e.g. Citibank, HSBC, Commonwealth), do these cards automatically come with much higher credit limits?

Any recommendations on other cards offering at least $100,000 credit limits?

 

[bambbbam2]

Hey Big

check out the Credit Card area of

http://www.cannex.com.au/

and it has the limits available of Aussie Credit Cards. :wink:

 

[Big_spender]

Thanks bambbbam2!

Looking at Cannex, it seems the best one for high credit limits seems to be Citibank Platinum VISA.

It offers the highest minimum credit limit available of $20,000 and the product has a maximum credit limit of $100,000.

So it seems anyone who is successful in getting this card will start with at least $20,000 credit limit. Not bad!

 

[straitman]

Thanks bambbbam2!

Looking at Cannex, it seems the best one for high credit limits seems to be Citibank Platinum VISA.

It offers the highest minimum credit limit available of $20,000 and the product has a maximum credit limit of $100,000.

So it seems anyone who is successful in getting this card will start with at least $20,000 credit limit. Not bad!

BS. :idea:

Suggest that you read some of the comments on the forums as to what people really think of Citibank. Not all that positive :!:

 

[netaddict]

Suggest that you read some of the comments on the forums as to what people really think of Citibank. Not all that positive :!:

Far from positive (re citibank), don't ever have something to complain about, you'll get no answer, that's 3 months later and a few secure messages and phone calls.