Credit card for rates/insurance

[Beano]

Ask your personal banking rather than apply through the credit card ...but you now have to supply income and expenses.....not certain the procedure for high credit limit ...mine is set quite low (only $250k) but the banker can temporary increase it on request (at tax time)

[Wayne]

...mine is set quite low (only $250k) but the banker can temporary increase it on request (at tax time)

LOL - you are such a show off!

[Perry]

...mine is set quite low (only $250k)

And there I was thinking that $30k was a scary limit figure. What a wuss I am.

[Bobsyouruncle]

You're assuming that anything he says is true of course........

[ScottSI]

Dean could have a 250k cc limit - I hear credit is easy to get.

[Beano]

You're assuming that anything he says is true of course........

You are correct the number is not true
Like most NZers we like to understate the real postion
What i am trying to say is the banks that issue my credit cards mostly also hold my mortgages so asking the Bank manager to increase the credit limit is a no brainer .....they (the bank) do live in hope that one day we don't pay off the balance in full ....which will (i hope) never happen !
The credit card limit is a very small fraction of the security the bank hold.

[Nick G]

I'm pretty sure Beano's CC is made of graphite and absorbs natural light. I carry one but only a small limit, 5k I think, mine is blue.

[Wayne]

And there I was thinking that $30k was a scary limit figure. What a wuss I am.

The limit never scares me - you don't HAVE to use it you know.

[Wayne]

I always thought that the bank took the CC limit into account when working out your position.
Years back I twice had my limit reduced to get borrowing then the CC department puts it back up without telling the mortgage department.
Just a game really.

[Don't believe the Hype]

I always thought that the bank took the CC limit into account when working out your position.
Years back I twice had my limit reduced to get borrowing then the CC department puts it back up without telling the mortgage department.
Just a game really.

The banks can and do take credit card limits into account when assessing your debt levels - this is because the CC is debt - even if you owe nothing you may owe the max available limit at the swipe of a card - as a result they assume you have maxed your limit.

This is only a concern if you're nearing the limit of your borrowing potential. If for instance using beano's example he has a low LVR and a very high asset value why not a $250k credit card - isn't it just a RC under a different name??

[Anthonyacat]

American Express offer "Charge Cards" that have no limit. There's a secret formula they use to determine whether a payment should be honoured or not, but I've never had one declined.

I once put a GBP150k invoice on my card for an employer, it went through no worries. Amex did give me a call the next day to confirm it was me, but no concerns over a credit limit. I had concerns though, three weeks later when I still hadn't been reimbursed, but it worked out alright in the end.

[Perry]

I had concerns though, three weeks later when I still hadn't been reimbursed

Would that be your understatement of the day.?

[Wayne]

- isn't it just a RC under a different name??

Different name and interest rate

[Beano]

When you set up your credit cards apply for multiple cards rather than just one card
Have high credit limit set
Then note the cutoff dates on each card
Use only the applicable at the begining of the cycle
That way you get the max 55 days credit
Never use the card near the end of the cycle
You can only do this with multiple cards
Ps my mate achieves better results by doing transfers to interest free cards ...but that is another story

[PTWhatAGreatForum]

If I were to have multiple IP with the insurance/rates on each, would it make sense to set up a credit card that all insurances/rates come out of automatically in order to receive the benefits that that credit card offers ie air point/flybuys etc, then have an automatic payment which transfers money from a flex account (which has no air points/flybuys benefits etc) so i am never caught with the high credit card rates. It seems like an interesting avenue, any advice?

What would be the draw backs if any?

What credit cards have the best rewards program?

1. Check the terms. Council rates can attract premium fees for credit card payments which are greater then the rewards value.

2. I have a BNZ Advantage Visa Business which is the corporate version of their personal Platinum card. The flybuys/cashback rewards are the same for either option but the travel insurance is longer for personal but the business card travel insurance includes business trips. Also, fee yearly fee on the business card is lower at $100 P/A.

If it's rewards you are after get a Platinum card. They cost more per year and incur a higher interest rate (which would appear to be their main source of funding for the rewards) so make sure you pay it off in full by the due date. Note: If you have even $1 outstanding they will charge you full interest for all purchases. That is a 'gotcha' which afaik all banks are in on.

I do pretty well out of it with getting 1.3% cash back. This more then covers the total amount of personal and business fees I pay to the bank for all my business and personal affairs.