Sleight of hand means cardholders see double

Discussion in 'Open Discussion' started by oz_mark, Sep 26, 2006.

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  1. oz_mark

    oz_mark Enthusiast

    Jun 30, 2002
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    Melbourne
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    INteresting article about how banks calculate interest on credit cards. The Choice article is on the Choice website, but I don't have a subscription!

    Interesting who they say are mean with the calculations!

    Sleight of hand means cardholders see double - National - smh.com.au

     

  2. ColinP

    ColinP Member

    May 1, 2006
    459
    15
    Adelaide
    Interesting article but surely none of the financially savvy members of this forum ever pay interest on a credit card.
    Or if they do it is at a balance transfer rate that is lower than the average home-loan rate.
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  3. vt01

    vt01 Member

    Jan 6, 2006
    374
    15
    Sydney
    How true. I begrudge paying a bank any more than I absolutely have to. So they get the annual fee out of me and that's it!

    But I do remember reading the terms and conditions where those nasties such as charging interest back to the day of the original purchase and on the whole amount until it is all paid off were documented. I was a bit surprised when I read it, but rules are rules and they did warn me.
    More fool anyone who does not bother to read the T's & C's. We should all know by now that we can't trust the banks! Always read the fine print....
     
  4. Dave Noble

    Dave Noble Senior Member

    Oct 10, 2005
    6,419
    8
    Well, I don't use debt cards (debt card seems so much more accurate than credit card) so I pay no annual fee nor any monthly interest. sweeet

    Different cards benefit different ppl; people paying off the complete balance may be better off with a higher interest rate and an interest free period whilst those typically holding a debt on their debt card might be better off with a lower rate but no interest free period. Horses for courses , but regardless , it is up to the consumer to ensure that they choose a debt card best suited to their use

    Dave
     
  5. jakeseven7

    jakeseven7 Active Member

    Sep 9, 2005
    566
    24
    I too refuse to pay the banks anything I don't have to.

    I have never paid a cent of interest on any credit cards, no cash advances or currency conversion fees.

    I have never paid an annual fee nor rewards program fee :eek: I have a fee free Amex Gold and a fee free Citibank Gold

    They ain't getting nothing off me!

    I agree with Dave's comments on 'debt cards', but if you can manage them them they are big point earners (and don't cost you a cent like me) then I rekn they are great!
     
  6. vt01

    vt01 Member

    Jan 6, 2006
    374
    15
    Sydney
    Sounds great - but how to you get a fee free card the generates points?
     
  7. TonyB

    TonyB Intern

    Mar 20, 2006
    67
    0
    Perth
    Typically, membership of professional associations. I have a law society Amex that has no annual fee, free rewards program, 1 point:$1 up to $10k then 1.5 points:$1 for annual spend above $10k.

    Not sure what the other professional associations provide but I imagine it would be something similar.
     
  8. jakeseven7

    jakeseven7 Active Member

    Sep 9, 2005
    566
    24
    Yep, I expensed a 1 year membership to my employer to join APESMA (which is really useless - but does offer a completely free AMEX hehe)
     
  9. Altair

    Altair Active Member

    Aug 22, 2006
    803
    82
    Wellington
    It is interesting how you say no currency conversion fee. These fees used to be hidden but I noticed lately they have been putting them on my statements. Even if they do not have the fee the conversion rate will generate income and CC issuers get quite a bit more income out of the transactions than they do with interest. I have used up all the rewards of one of my cards within 9 months of the 12 month period, now onto a second card.
     
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