Save onto credit card?

E

eiregal

Registered User
Messages
210
Just a quick question, quite simple really. I'm going to Australia in a couple of months time for a month and plan on putting all my saved spending money onto my credit card, I figure this will be the best option. I'm currently saving into a demand deposit account and have a small-ish balance on my credit card. My question is whether I should put my savings each month onto my credit card rather than into my bank account so as to save on interest that I am paying each month. Are there any drawbacks/hidden charges to having your credit card in credit like that? The interest I am getting on my savings in my demand deposit account is not worth talking about so I wouldn't be bothered about not receiving that. Any ideas?
 
I may be wrong on this, but I thought that if your credit card was stolen while you had a positive balance, that you were liable for all these funds, whereas if you have no funds on it, the credit card company covers any monies spent on it. If this is the case, surely you'd be better putting all your spending on your card in Oz and then paying it off when you get back.
 
Sherman said:
I may be wrong on this, but I thought that if your credit card was stolen while you had a positive balance, that you were liable for all these funds, whereas if you have no funds on it, the credit card company covers any monies spent on it. If this is the case, surely you'd be better putting all your spending on your card in Oz and then paying it off when you get back.
Click to expand...


your not wrong... they will only cover you back up to 0....


best bet would be to use online banking to put money on the card when you need it.... it know aib online banking transfers the money the next morning...
 
eiregal said:
My question is whether I should put my savings each month onto my credit card rather than into my bank account so as to save on interest that I am paying each month.
Click to expand...

Whatever about putting your credit card a/c into credit, you should definitely clear the balance owed - however smallish - before putting savings on deposit. The interest you're being charged on the credit card debt is probably several multiples of whatever you're earning on the deposit a/c..!
 
alligator said:
If you keep money on your credit card you do not have to pay cash advance charges.
Click to expand...

Not all cards are the same - I travelled for 7 months. Using my Credit Card account as my deposit account - I got charged nothing for each cash withdrawal as I was in credit. But my friend - on an English MBNA card - got charged a lot for each withdrawal. Check the T&Cs of the card
 
Yes I've always found MBNA to be extremely expensive for foreign withdrawals etc.
 
You must log in or register to reply here.
Back
Top