I used to be able to use my CitiBank Credit Card for purchasing shares (specifically eToro) which was great for accumulating Qantas points for every dollar spent. Unfortunately they've stopped all transactions to eToro as you're not meant to be able to buy shares with a Credit Card.
Is there an alternative Credit Card, or platform where I can benefit in points (or other savings) whilst buying shares?
When I was able to pay via credit card on eToro, there were no surcharges.
WHAT THE F@rK??!?!?!?
Why would you honestly bother?!?
You don't use your CC like cash and pay for everything anyways? I'd be keeping those two situations apart with a bit divide.
Spend enough on your CC and you should have plenty of points. I see the possible appeal but sounds like such a bad idea to me.
Cash for cash investment sake, and cash to credit card for spending sake!
Anyways, each to their own here…
if you already have the cash to cover the CC, using it means you get the rewards of the CC (points etc) for free.
"Spend enough on your CC and you should have plenty of points. I see the possible appeal but sounds like such a bad idea to me."
Pretty sure I referenced that…
Maybe not…š¤·āāļø
I have a set budget and adhere to it, credit card is paid off every month thus interest free. If you canāt pay off the credit card, donāt get yourself into one.
The benefit, I havenāt paid for a single flight for the past 5 years and usually travel 2-3 times a year.
As I said… As you wish.
(Agree, no money, no credit card - however, I'd have expected you have yourself plenty of points regardless… Oh well)…
I should rephrase, you can use a credit card for all of your daily expenditures regardless of income, as long as you don't spend more than you have in your savings account or home loan.
Another benefit is to push your whole pay onto your home loan on the day it's paid. Then withdraw 'some' of the funds later when the credit card is due. As your home loan interest is calculated daily, your interest will be slightly lower when charged to the loan each month.
Using the above strategy, you can reduce your home loan by 2-3 years as you're getting 30-45 days to use your income to reduce the interest calculated daily whilst you're using the bank's money on the credit card.
Before jumping in, make sure you check fees on your credit card, check fees on the loan for extra deposits and withdraws, and of course, do not spend more than you make. It helps to set a low credit limit when you are first starting.
@djc: Thanks, but I think I have my financial situation covered and a few advisers already sorting out my needs. :)
While many may appreciate the feedback, and I'm sure you are just trying to help. I'd recommend you make a note in future regarding your license to or not to provide financial advice to others. Not to mention, providing advice of any sort without knowing details of others circumstances. Just be very careful with this sort of them! š
@mickyb80: I know some people may take the advice without considering their personal situations. Those people will always do this or they will learn a lesson.
Iāve done it, it was a harsh lesson (over $100,000) but I learnt a lot. Which I think has been more valuable in the end.
So I canāt disagree any more with your comment, getting ahead or a slight win with your finance shouldnāt be hard. We (humans) like to keep things secret like it should be your own personal benefit and not others.
We should share all our personal financial tips here on OzBargain. Especially when it can save an absolute ship load.
ā¦ all this goes without saying (for all the other readers @mickyb80), please please review your personal circumstances and get financial advice.
I think you did well to get away with it for so long
Absolutely, wish Iād known about this myself.
Consider yourself a beneficiary of relaxed banking rules at Citibank and move on.
Banks use a category known as ācash equivalentsā which at they can place merchants under, in most cases to classify the transaction as a cash advance.
Haha, I didnāt really consider it at the time until my payments were declined. Called them up and they explained ā¦ I responded āah yeah, trueā š
Do they allow the use of credit card without any surcharges?