The off topic thread 4.0

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Zidane98

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Good news
Bad news for arbitrage betting. I use my credit card all the time on betfair to offset betting promotions on other betting sites. If that happened in Australia I would have to fund lay bets on betfair from my bank account which sometimes run into the thousands. Good doing it on CC because I am guaranteed a win.
 

Bojan KantKick

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Bad news for arbitrage betting. I use my credit card all the time on betfair to offset betting promotions on other betting sites. If that happened in Australia I would have to fund lay bets on betfair from my bank account which sometimes run into the thousands. Good doing it on CC because I am guaranteed a win.
You might have to cop it for the greater good I'm afraid mate.
 

Bojan KantKick

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That's a dumb move, I use my credit card all the time to manage cash flow. Would make more sense to introduce a percentage limit of funds that can be tied up on gambling.
Sadly, I think you are one of the few that do so.
 

SM

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In the minority here but I don't have a credit card.

I am of the view if you can't afford it, don't buy it - cars and property aside.

Our only debt is our home loan.
That's not the sole point of a credit card.

If you're not repaying your full balance each month you're doing it wrong.
 

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glenferry23

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In the minority here but I don't have a credit card.

I am of the view if you can't afford it, don't buy it - cars and property aside.

Our only debt is our home loan.
Good approach to have. Credit cards can be used for convenience during a month and then paid off at the end to avoid interest etc (like SM suggested).

Where one can start to get into trouble is just paying off the 'minimum amount' and from there, the debt and costs can compound. On a similar note, I'm also not really a huge fan of afterpay or similar methods. Really taps into the consumerism culture and makes it very attractive/appealing for people (who probably don't need it/can't afford it anyway) to keep buying the latest shiny and glitzy things.
 

Cruyff14

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Afterpay is ridiculous.

Preys on people who don't earn enough and just love to buy shit and can't afford to repay it IE uni students.
 

Fwoy

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Good approach to have. Credit cards can be used for convenience during a month and then paid off at the end to avoid interest etc (like SM suggested).

Where one can start to get into trouble is just paying off the 'minimum amount' and from there, the debt and costs can compound. On a similar note, I'm also not really a huge fan of afterpay or similar methods. Really taps into the consumerism culture and makes it very attractive/appealing for people (who probably don't need it/can't afford it anyway) to keep buying the latest shiny and glitzy things.
I’ll use a HSBC interest free period to my advantage, but also steer clear of afterpay and the like for now (I realise they are similar). HSBC would normally give me 24 months interest free on a big ticket item (ie. new TV/iPad etc). I currently am two months into a new TV purchase, with minimum repayments of $73p.m... but I’m already $600 paid off, and wil most likely be paid off in 12 months instead of 24.

Similarly my credit cards are normally paid off by the end of the month or within the 55 day interest free period. I hate haggling for a deal only to pay interest! Credit score has been above 800 for as long as I’ve had one...
 

Fwoy

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I know, but I still don't feel the need for one.
‘they’re also good with your home loan if you have an offset account as you can minimise interest charges by paying your maximum amount available in against your home loan, and only worry about paying off the card at the end of the month
 

SM

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‘they’re also good with your home loan if you have an offset account as you can minimise interest charges by paying your maximum amount available in against your home loan, and only worry about paying off the card at the end of the month
This as well. Managing cash flow is hugely undervalued it seems.
 

Loonerty

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Afterpay is ridiculous.

Preys on people who don't earn enough and just love to buy shit and can't afford to repay it IE uni students.
I've used Afterpay twice as a broke uni student. Once for shoes and once for a Switch. But in each case I knew that I would be able to afford it over the 8 weeks and wouldn't do more than one at a time.

I don't think it's uni students that are being targeted. I think it's lower income earners who won't put proper limits in place.
 

glenferry23

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‘they’re also good with your home loan if you have an offset account as you can minimise interest charges by paying your maximum amount available in against your home loan, and only worry about paying off the card at the end of the month
Yes that's another option, or if you're fortunate enough to have funds in at call account (not that the interest rate is that high currently), parking the money there until the end of the month makes a difference. I used to call the petrol fund, the interest we used to earn on that account would usually cover that month's fuel.

Over time as interest rates tumbled, that then became the lunch fund (covered lunch once for that month). Then the coffee fund. Currently, its the chuppa chup fund :D
 

Cruyff14

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I've used Afterpay twice as a broke uni student. Once for shoes and once for a Switch. But in each case I knew that I would be able to afford it over the 8 weeks and wouldn't do more than one at a time.

I don't think it's uni students that are being targeted. I think it's lower income earners who won't put proper limits in place.
Yeah, but many will be irresponsible and reckless and have no idea how to manage their debt. You're obviously an exception to the rule which is good.

I reckon it's a culmination

You don't think having a smooth cash flow instead of a lumpy one is beneficial?

Do you hang out for pay day because it means you can to buy a new shirt or book or whatever?
I don't know, I haven't really thought about it.

We don't struggle though.

Wife and I get paid on alternating weeks.

Some goes to home loan
Some goes to an annual expenses account (IE for insurances etc)
Bulk goes to long term savings
Remainder stays in every day account
 

SM

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Yeah, but many will be irresponsible and reckless and have no idea how to manage their debt. You're obviously an exception to the rule which is good.

I reckon it's a culmination


I don't know, I haven't really thought about it.

We don't struggle though.

Wife and I get paid on alternating weeks.

Some goes to home loan
Some goes to an annual expenses account (IE for insurances etc)
Bulk goes to long term savings
Remainder stays in every day account
And if your every day account is getting low but you know you'll be able to afford something when your next pay comes in? I just don't really understand the concept of someone delaying buying something purely because the company they work for has deemed that they'll get paid fortnightly/monthly when you can - free of charge - choose to buy things when you want from the same amount of money.

Plus you can get points - I paid for about $300 of my flights to Melbourne from points earned on my Credit Card (though this does incur an annual card charge so not exactly free) - you get a credit rating, as Fwoy says you get the benefit of your cash sitting in your offst, etc. etc.

There's no downside if you have a shred of self control.

And what triggered this conversation was gambling mechanisms on credit cards. I'm of the opinion that we don't need to be treated like children. If people want to ruin their lives with debt then sucks to be them but those of us who can actually manage our finances shouldn't be punished. I mean we already have Super as a mandatory savings program, how much more do we need the government holding our hand with our finances?
 

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