Selecting a Transaction Account and Credit Card + Do I Require A Credit Card?

• 

  Baysew on 06/12/2017 - 09:29

  +3

  Have a credit card but only really use it for online purchases domestic and overseas but mainly overseas
  Current credit card is with Bank of Queensland but costs me $50.00 a year in fees

  For a start you need a better credit card (or Citibank Plus Debit Card) for your overseas purchases. See Cards with No Overseas Transaction Fees

• 

  boomramada on 06/12/2017 - 09:54

  If you good with your finance, get a credit card. Most benefits during your international travel, beware every lender has their own good and bads;
  - Free international insurance
  - Fee free international or ATM transactions
  - Points
  - Deals (Amex)
  - Increase your borrowing power (apparently)
  And remember to always pay your balance in full.

• 

  loke on 06/12/2017 - 10:02

  +1

  AMP for 3% interest? RAMS for 2.8% interest? Ubank for 2.87 interest?

  ING have 2.8% interest but introducing 5 purch a month on card - they have a $100 referal bonus for referrer and referred : https://www.ozbargain.com.au/deals/ing.com.au and ozbargain direct link https://www.ozbargain.com.au/api/referral/62 or ask a friend

  Should favour using the CC, interest free period up to 55 days (of course up to depends if you purchase at start of month or later) more cash at bank = more interest calculated on your savings account balance, CC for rewards, perks etc. e.g. Coles Mastercard has price protection for 2 years, AMEX free smartphone screen insurance, statement credits

  • 

    StrongerTogether on 06/12/2017 - 11:22

    Hi mate,

    Wow ING and RAMS have some good deals there in regards to interest 2.80% if I deposit 1k a month. For example if I have a commonwealth bank account with 5k in it each month I do automatic billing to the ING saver then transfer that 1k back will I continue to get the 2.80% interest? making it better then a term deposit account?

    Regards,

    StrongerTogether

    • 

      loke on 06/12/2017 - 11:59

      +1

      Yup correct, just shuffle money between banks to meet the deposit requirements and you're all set

      • 

        StrongerTogether on 08/12/2017 - 15:32

        Thoughts on ME Bank? offers 2.80% for a term deposit?

      • 

        loke on 08/12/2017 - 16:36

        @StrongerTogether:

        not too sure on ME bank, need to do a weekly purchase/tap? to receive the bonus interest on savings account

        as for a term deposit, interest rates been low (depends on RBA cash rate which has been at its lowest for a long time now) so you're looking at some peek into the future crystal ball stuff - it'll most likely rise

• 

  Findo on 06/12/2017 - 14:03

  How high is high income? Maybe you need an Amex platinum charge card instead of a lowly credit card.

  • 

    StrongerTogether on 08/12/2017 - 15:30

    fluctuates between 150k - 250k.

    • 

      Findo on 08/12/2017 - 15:33

      Look at what your fellow analysts and associates are using. If you could somehow convert the majority of your spending to card, you could come out ahead.

      • 

        StrongerTogether on 08/12/2017 - 15:34

        I'm not an analyst. I work as a consultant in construction.

      • 

        Findo on 08/12/2017 - 15:40

        @StrongerTogether: I take it that work is not regular/guaranteed or that you’re saving for a house deposit, hence the $60k of savings in accounts? If I was in your shoes I’d be mindful of the tax rate and try reduce it where possible. Are QFF points important to you? If yes, perhaps consider the Bankwest Qantas FF account where you get 12 points per $100 in your account paired with an Amex issued Amex card. You get 5 points every time you use your Bankwest card so you could use it for lower spends under $5 and throwing everything you can on Amex.