Wol

Attagirl - you tell him!

Still enjoying the "Mrs" bit?

bondipom

Polly sorry if you felt I was targetting you but wouldn't you advise avoiding the situation you are in where possible.

I understand what you are saying but carrying on using UK CCs over here is just chucking money away to the banks. People use CCs as a borrowing facility when they are designed as a payment system.

Alas I have never owned property either.I have borrowed in the past and got into trouble so I am speaking from bitter experience. People planning to emmigrate should also look at their debt situation in relation to paying it off from over here.

After 12 monthly repayments to the UK you will have paid $180 in transfer fees, plus interest on what you have borrowed and loss on the exchange rate margin.

Paying off the highest interest debt first is the best way to make money. That is standard financial advice. Check out www.fool.co.uk and www.moneymanager.com.au .

ohippy

I must admit I don't particularly want to keep using my uk one. If I'm going to be a PR I don't see the point of the extra hassle.

However, I won't be working in Oz so couldn't apply for a card when we get over. My husband could but has really bad credit rating over here which would, presumably, carry over so he wouldn't be accepted for one.

Can I apply for one when I'm here ? Or do I have to have an Australian address ?

NickyC

If you're unemployed (or have no visible income - heaps of investment income is fine!) you will not get a card. Your husband has more chance if he has a job - banks here do not check credit ratings in other countries.

Credit decisions are based on a multitude of factors - age, time at employment, occupation, savings, income etc. You do have to have an Australian address, so you can't apply from overseas - but anyone can apply for any card and you don't have to be a customer of the bank already. You can apply online for most cards - but you will have to wait till you get here to do it.

For new bank customers, you have to either front up to a branch to prove who you are when you collect the card or you have to provide identifying documents by mail before the card can be activated. All documents need your name and an Australian address on them.

Amazulu

I don't know about Oz, but in the UK if you are sensible, credit cards can be the best way to borrow money. Most of them off 0% interest for 6 months (Halifax have one with 9 months) or so. You can keep transfering the balance every 6 months, thus paying no interest. You need to be sensible though.

nickyjohnt

Dont get me wrong i dont intend to do this , but would the credit card companies in England find you if you just emigrated without paying them what you owe ?

davidw

Hi all

Thanks for an interesting thread. I travel on work a lot and use my personal credit card abroad, paying it off asap. I had understood credit cards give you a better rate than bureau de changes or cambios and charge no commission. Am I wrong, if so, I'm subsidizing my company - which is less than optimal.

Advice gratefully received.

Thanks

David

Zebra4

[QUOTE]Originally posted by HiddenPaw
for all the slating that Comm Bank get I can say that with their migrant banking service they offered me a credit card on my first day in Oz. I transferred all my funds to a Commbank a/c from the Uk and went into branch in Adelaide to pick up EFTPOS card on arrival. We were offered CommBank credit cards there and then - we had no Oz work or financial history. We didn't even need to fill in an application form!! Very easy!

Also got a credit card from Commonwealth on day one. They made it super easy. Found out too late that you can keep your UK ones too.

Best thing about cards here is you can accrue frequent flyer points by using them. By spending overseas you usually get double points. All well and good for those free flights if you need them.

ohippy

Thanks for that - you've sorted it all out in my head and now I know what I have to do.

Thanks again - this forum is fab !!

debio

it's so good to hear other people who have concerns about c c's.Let's face it how else do some of us survive otherwise.Yip it's not ideal , but ,hey here today gone tomorrow.
I spent 4 yrs in uni-worked hard got excellent degree and earn less than a mate of mine with no qualifications,who has worked since leaving school.
That's life -just live it -if you owe a little or a lot that's your business.
BUT
It doesn't make us dumb just cos we have debt!!

OK-I'm off my soapbox now-shoot me down in flames if you will!!

And yeah-i too would love to leave the country and the debt behind------mmmm! i wonder!

bondipom

Nothing dumb about debt but people are notoriously inactive about minimising their repayments and the banks love you for it. As Amazulu mentions there are introductory 6% offers but you have to keep on transferring your money to the new best introductory offer every 6 months. Those susceptible to CC debt are unlikely to be that disciplined. The other benefit of paying off in time is you avoid the interest on the interest free period.

It is not about right or wrong but leaving ourselves with the most cash. $180 a year in charges is 4 1/2 cases of James Boags beer. Surely that is some incentive.

If you have savings you are better off paying off the CC and reducing your savings. That is not something I have made up but something any financial adviser will tell you.

It is a lecture but personally I prefer my money is spent on me and not given to the banks.

Pollyana

I wholeheartedly agree with you Bondi, if you can live without debt and credit it is preferable, as that way the money is yours, and doesn't go to the banks or whoever.
However, life sometimes means that we have to swallow our principles and go down paths - like borrowing - which we don't really want to take, as I'm sure you realise. Also, although I am working, I can't afford to stop using the cards, unless I stop paying them - which i don't want to do. One day, in a perfect world.......

My biggest problem at present is not whether to pay the debts, its a question of getting the bank to accept the money - I have a loan from a previous relationship, which was dumped onto me to pay, and they accidentally cancelled the standing order - to try and get it re-instated is proving hell on earth and they are insisting I go into the branch!!! (Er - branch in Brighton, UK,me in Brisbane!). Why is it so difficult to PAY someone? They almost encourage you to run off without paying. :scared:

Tally&Craig

The only problem we had was that we are temporary not permanent residents. You should not have a problem. We now have one from ANZ who we also bank with. We are really happy with them as the account was very easy to open and they do not have charges for individual transactions and cash withdrawals, many other banks sting you for this so watch out! The Virgin credit card is popular and cheap and you can apply on-line.

ABCDiamond

You are talking about the ANZ Access Advantage Account I assume.

$5 per month gives unlimited "ANZ" ATM transactions. But note, no interest is payable on balances. Otherwise a good transaction account.

Tally&Craig

Yes, ours is the Access Advantage Account and the ANZ First credit card. The interest is not a problem as we manage to spend most our money each month! However we do have an ING savings account which is really handy and very easy to move money around as it is linked to our ANZ account.