Credit card repayments - when best time ?

[King Herald]

Jockman said:

johnwilliams77 said:

Jockman said:

Indeed. Essentially there should have been a cashback INFLOW of circa £150.

why?

For optimum efficiency why not spend £15k using a cashback card?

I have no idea what any of that is. I thought cashback was when you took cash off the teller when you bought stuff in a supermarket, for instance?

[Jockman]

King Herald said:

Jockman said:

johnwilliams77 said:

Jockman said:

Indeed. Essentially there should have been a cashback INFLOW of circa £150.

why?

For optimum efficiency why not spend £15k using a cashback card?

I have no idea what any of that is. I thought cashback was when you took cash off the teller when you bought stuff in a supermarket, for instance?

No problemo

[johnwilliams77]

King Herald said:

I have no idea what any of that is. I thought cashback was when you took cash off the teller when you bought stuff in a supermarket, for instance?

It's the credit card company giving you money for making purchases on their card

[Adrian W]

If 30 days really make that much difference, you cant afford it

[johnwilliams77]

Adrian W said:

If 30 days really make that much difference, you cant afford it

You are missing the point. He is interested on when he has 56 days credit free and how that number is calculated. Some months my spending is much more than my salary in which cases I move money from savings. It allows me 50 odd days to pay for the items. I don't buy things I can't afford either, it is just a useful function of credit cards.

[oyster]

Adrian W said:

If 30 days really make that much difference, you cant afford it

If you're offset mortgage rate is 3.5% and delaying a payment on credit card by just one day gives you 1 month extra offset, then the reward may be worth it.

An £8k holiday, for example, would mean a saving of £23.

[johnwilliams77]

oyster said:

If you're offset mortgage rate is 3.5% and delaying a payment on credit card by just one day gives you 1 month extra offset, then the reward may be worth it.

An £8k holiday, for example, would mean a saving of £23.

Your ^

[NickCQ]

oyster said:

If you're offset mortgage rate is 3.5% and delaying a payment on credit card by just one day gives you 1 month extra offset, then the reward may be worth it.

An £8k holiday, for example, would mean a saving of £23.

that's a good saving you've identified there!

[King Herald]

johnwilliams77 said:

King Herald said:

I have no idea what any of that is. I thought cashback was when you took cash off the teller when you bought stuff in a supermarket, for instance?

It's the credit card company giving you money for making purchases on their card

We are moving back to England soon, so I will need to invest some time in working all this new technology out to get the best deals.

I currently only use the cards for buying airline tickets, or online stuff, never going to use them on an 'over the counter' basis while living in the third world.

[RicksAlfas]

King Herald said:

We are moving back to England soon, so I will need to invest some time in working all this new technology out to get the best deals.

I currently only use the cards for buying airline tickets, or online stuff, never going to use them on an 'over the counter' basis while living in the third world.

It's worth looking into. Put all your spending on to a cashback card, pay it off every month, and once a year you get a tidy credit back to your account.

[Ozzie Osmond]

iphonedyou said:

Perfect use for a credit card - smoothing peaks and troughs.

Unfortunately for many people that's the way it starts but the troughs keep getting deeper and deeper. Then the "minimum payment" starts to look tempting.

Smoothing is fine, so long as it's not hiding deeper issues.

[King Herald]

Ozzie Osmond said:

iphonedyou said:

Perfect use for a credit card - smoothing peaks and troughs.

Unfortunately for many people that's the way it starts but the troughs keep getting deeper and deeper. Then the "minimum payment" starts to look tempting.

Smoothing is fine, so long as it's not hiding deeper issues.

When I was in England briefly in October I saw credit/store card adverts on TV with some horrendous interest rates.

Pretty sure one mentioned something akin to 98% per annum, in tiny little letters at the bottom of the screen. Is that possible???

[supersport]

King Herald said:

Ozzie Osmond said:

iphonedyou said:

Perfect use for a credit card - smoothing peaks and troughs.

Unfortunately for many people that's the way it starts but the troughs keep getting deeper and deeper. Then the "minimum payment" starts to look tempting.

Smoothing is fine, so long as it's not hiding deeper issues.

When I was in England briefly in October I saw credit/store card adverts on TV with some horrendous interest rates.

Pretty sure one mentioned something akin to 98% per annum, in tiny little letters at the bottom of the screen. Is that possible???

There are a new breed of rip f merchants praying on the poor and stupid. 98% percent s actually reasonable for one of these. I think wonga et al were advertising 600%

[Sir_Dave]

RicksAlfas said:

It's worth looking into. Put all your spending on to a cashback card, pay it off every month, and once a year you get a tidy credit back to your account.

I do this with an AMEX, they currently owe me £150 in cashback.

Ive spent no more than i would normally, but have simply used Amex credit instead of barclays debit.

Just make sure you clear it off when needed to avoid any interest.

Easy money

[djc206]

Sir_Dave said:

I do this with an AMEX, they currently owe me £150 in cashback.

Ive spent no more than i would normally, but have simply used Amex credit instead of barclays debit.

Just make sure you clear it off when needed to avoid any interest.

Easy money

I have a BA Amex which I use for everything. £10k in a year gets a companion voucher. Every year since I got the card we've had a long haul flight in club or first for taxes and fees. Just booked to go the States next year, BA charging £3400 each for club, cost £550 each. I wouldn't pay £3400 but even playing the ex UK game it would have been ~£2k each, pretty good saving.

[oyster]

NickCQ said:

oyster said:

If you're offset mortgage rate is 3.5% and delaying a payment on credit card by just one day gives you 1 month extra offset, then the reward may be worth it.

An £8k holiday, for example, would mean a saving of £23.

that's a good saving you've identified there!

Sorry, numbers not your forte?

Since the effort to save that £23 is negligible then it's worth it.

Of course if it was hours of extra effort, then it's not worth it.

[NickCQ]

oyster said:

NickCQ said:

oyster said:

If you're offset mortgage rate is 3.5% and delaying a payment on credit card by just one day gives you 1 month extra offset, then the reward may be worth it.

An £8k holiday, for example, would mean a saving of £23.

that's a good saving you've identified there!

Sorry, numbers not your forte?

Since the effort to save that £23 is negligible then it's worth it.

Of course if it was hours of extra effort, then it's not worth it.

I'm not sure the numbers are right anyway if your mortgage interest is calculated on a daily basis (I know mine is).