interest on credit card

[murdock]

dave i agree i got the same thrashing from nedbank 12 years ago but they were even more ruthless because they had more than they needed in policies...in fact they had no mercy they cashed in all my sureties and shut me down within 7 days...i got a letter indicating that i had seven days to return all credit cards and cheques books and 7 days later they called in all my sureties and closed my accounts.

i have been chatting to numerous people about overdrafts and credit card credit limits...do i keep it even at a manageable amount or do i scrap the limits completely...i have also been trying to find ways to benefit from them...like using my credit card to pay accounts to get voyager miles...put the money into credit cards then pay my accounts without going into the red...problem is money transfer fees again so they make money out of me....having to travel around paying accounts...maybe just go back to paying cash for everything and get paid in cash from customers...then i am out the system...they cant track every transaction i make...start saving in the biggest joke of the banking system "deposit fees" got to pay to put my money into the bank

lets hear from everyone how they cut back on cost or money saving tips...there have got to be some smart people out there who have figued out ways to save money even be it small amounts.

bottom line is complaining screaming and shouting is not gona change anything...i need to find ways of getting what i want and not what banks dictate to me...there is no such thing as a free ride someone in the end always pays even if it is not the person taking the free ride.

[Dave A]

i have been chatting to numerous people about overdrafts and credit card credit limits...do i keep it even at a manageable amount or do i scrap the limits completely

Credit cards are useful (try hire a car without one). I think the big thing with credit cards is self control.

It would be interesting to hear what people here reckon are good savings strategies nowadays.

[twinscythe12332]

This relates more to my personal life, but hey.
Cut down on any recurring costs. I was paying for my BSc course, and I really felt that. recurring costs may seem convenient when everything is bright and your balance looks good, but there's nothing that will get you in debt faster than a few recurring debit orders.
Make sure you're using what you pay for. I went through 200 SMSes a month easily when my GF was out of town. now that she is around constantly, I use a lot less. Some phone contracts like these business call ones have you paying 500 bucks per month, just for cheaper rates. do you really spend that much time on the phone to justify it versus a pre-paid or top up account?

This has helped me quite a bit. Sorry if I'm a bit off topic =P

[murdock]

i agree with the cellphone contract...i cancealed both and are on pay as you go...months i dont use it i dont pay...i keep my chatting to min. and save big time...when i had a contract i spoke more with the logic...per min saving...but not saving because until i put limits on contracts they would run into hundreds of rands.

keeping the credit card but cancealed limit...to use only when required to save on debit card till fees...will put money into the cerdit card then use it.

paying ridiculous fees for using my bussiness debit card...added up totals into the hundreds of rands...also checked cash withdrawls fees have gone thru the roof...so the credit card will be the way to go.

also reduced clothing accounts to R500 max...handy to keep these for people checking your credit rating...i have always managed to keep these at resonable levels...ie less than R2000.

got more money coming in soon...already planning how to invest or save...considering putting into my bond...my goal is to pay the bond off in the next 5 years and then be total debit free...the next step will be retirement...if everything is paid off and i only have rates... electricity... water and food to pay for i just need some money in the bank so i can retire and i wont even be 50 yet.

[Dave A]

Cut down on any recurring costs. I was paying for my BSc course, and I really felt that.

Considering that course is a major contributor to the cause of your income, at least you know you're getting a positive return on your investment

Great point, though. There are lots of "recurring costs" scenarios where the return is not nearly as enduring or obviously worthwhile.