x404.co.uk
http://www.x404.co.uk/forum/

The two credit card changes you need to know about
http://www.x404.co.uk/forum/viewtopic.php?f=3&t=9445		 Page 1 of 1
Author:  pcernie [ Tue Jul 13, 2010 3:53 pm ]
Post subject:  The two credit card changes you need to know about
Quote:
There are big changes underway in the credit card world. That might be all you need to hear to stop reading right now. But you shouldn't: they could and probably should change the way you need to use your card.


http://www.moneyweek.com/personal-finan ... 02808.aspx

I knew most of that already, and it doesn't affect me, but FYI...
Author:  l3v1ck [ Tue Jul 13, 2010 5:58 pm ]
Post subject:  Re: The two credit card changes you need to know about
Thankfully I always pay my card off in full every month. :lol:

If you think those intrest rate are high, have you seen the small print on the Quick Quid advert? Something like 2400% (and no, I didn't forget to add a decimal place.) :o
Author:  AlunD [ Tue Jul 13, 2010 6:01 pm ]
Post subject:  Re: The two credit card changes you need to know about
l3v1ck wrote:
Thankfully I always pay my card off in full every month. :lol:

+1 :D
Author:  okenobi [ Tue Jul 13, 2010 7:52 pm ]
Post subject:  Re: The two credit card changes you need to know about
the article wrote:
If you do pay off your balance in full each month go for a card that rewards your good spending habits


That's right. Go to work, pay taxes, use your credit card in a "good" way and keep the economy moving.

There's a good citizen.
Author:  finlay666 [ Tue Jul 13, 2010 9:34 pm ]
Post subject:  Re: The two credit card changes you need to know about
Quote:
If you pay your balance off in full, on time each month, you shouldn't accrue any interest on your credit card, so it doesn't matter what the rate is.


Wrong.

Many cards charge interest from the day of transaction for any cash advances, these also include (but not limited to) casinos, online betting agencies and some transactions in foreign currencies.

Got a shock when I used one of my old cards for an online bookies and was hit with a £3 charge for the cash advance + interest + foreign exchange rates as it was based in Gibraltar
Never again :lol:
Author:  Amnesia10 [ Tue Jul 13, 2010 9:56 pm ]
Post subject:  Re: The two credit card changes you need to know about
finlay666 wrote:
Quote:
If you pay your balance off in full, on time each month, you shouldn't accrue any interest on your credit card, so it doesn't matter what the rate is.


Wrong.

Many cards charge interest from the day of transaction for any cash advances, these also include (but not limited to) casinos, online betting agencies and some transactions in foreign currencies.

Got a shock when I used one of my old cards for an online bookies and was hit with a £3 charge for the cash advance + interest + foreign exchange rates as it was based in Gibraltar
Never again :lol:

But if you use your debit card you get hit for a foreign currency transaction fixed fee, that can be a killer for a low value transaction.
Author:  finlay666 [ Tue Jul 13, 2010 10:03 pm ]
Post subject:  Re: The two credit card changes you need to know about
Amnesia10 wrote:
But if you use your debit card you get hit for a foreign currency transaction fixed fee, that can be a killer for a low value transaction.


The emphasis was on cash advances, depends on the bank for overseas transactions :)
Author:  l3v1ck [ Tue Jul 13, 2010 10:12 pm ]
Post subject:  Re: The two credit card changes you need to know about
More useful with my credit card, is that I don't get charged a fee for using my card abroad.
Author:  Amnesia10 [ Tue Jul 13, 2010 11:16 pm ]
Post subject:  Re: The two credit card changes you need to know about
finlay666 wrote:
Amnesia10 wrote:
But if you use your debit card you get hit for a foreign currency transaction fixed fee, that can be a killer for a low value transaction.


The emphasis was on cash advances, depends on the bank for overseas transactions :)

I have never had a cash advance on my card. Though if they treat online bets as cash advances then I could have, but my Betfair top ups have not been shown as cash advances. Lloyds TSB charge £1.50 per foreign transaction on the debit card.
Author:  l3v1ck [ Tue Jul 13, 2010 11:22 pm ]
Post subject:  Re: The two credit card changes you need to know about
I used to have a charity credit card (0.5% of all purchases went to the charity), but my bank stopped doing it. So now I have their standard card.
Author:  JJW009 [ Tue Jul 13, 2010 11:43 pm ]
Post subject:  Re: The two credit card changes you need to know about
finlay666 wrote:
Many cards charge interest from the day of transaction for any cash advances, these also include (but not limited to) casinos, online betting agencies and some transactions in foreign currencies.

Got a shock when I used one of my old cards for an online bookies and was hit with a £3 charge for the cash advance + interest + foreign exchange rates as it was based in Gibraltar
Never again :lol:

Wow, that's a pretty important fact to check out. I would not have thought twice about using a credit card, especially since casinos sounds potentially dodgy and I'd want the protection.

I don't gamble now out of principle, but I've been considering breeding a poker bot as an interesting project in statistical analysis. The credit card charges could easily have wiped out any winnings since I'd have only been betting the minimum amount and hoping to just break even :shock:
Author:  Amnesia10 [ Wed Jul 14, 2010 12:25 am ]
Post subject:  Re: The two credit card changes you need to know about
I am a member of three casinos but rarely bet. I have come out ahead on the roulette once, about £40. Though the vast majority of time I go for the restaurant.
Author:  big_D [ Wed Jul 14, 2010 6:10 am ]
Post subject:  Re: The two credit card changes you need to know about
l3v1ck wrote:
Thankfully I always pay my card off in full every month. :lol:

I don't have a choice, you pay your credit card off 100% every month, that is the law... You can only get a credit card from a bank where you have a current account and it is linked to your current account. The balance is automatically transferred from your current account each month. If you spend too much, your overdraught on the current account has to cover the balance... If your overdraught is exceeded in paying off your credit card, the card and the bank account are frozen, until you clear off the excess.
Page 1 of 1 All times are UTC
Powered by phpBB® Forum Software © phpBB Group
https://www.phpbb.com/