ossigeno

Decent credit cards are available from Virgin and the Bank West Lite.

I wouldn't bother with Amex as their cards seem to attract a 3% extra cost on purchases. They also expect you to pay to join their points scheme in addition to their annual fee for the card.

thribble

I may be leaving my own topic here, but what's a line of credit loan? I've never heard of one of them.

And in answer to the question about why a UK migrant would want an Aussie credit card - I'm getting paid in Australian dollars, to an Australian bank account. I can't be dealing with the hassle of a UK card - I need one in this country. I'm keeping my UK cards aswell.

My rule of thumb for credit card limits, is always have enough on it to be able to buy a flight home, when you want it, from wherever you are in the world.

Thanks for the advice, guys. I guess I'll start with Virgin and move on from there. There's no way I'd get a card with my bank (C/wealth), their banking's bad enough - I just can't face moving yet!

CreditCardKing

Woolworths Ezy Mastercard is the best by far, $39 annual fee. Not many credit cards are better than this one. The American Express Platinum Credit Card is also good, don't let the $395 annual fee scare you, you receive a domestic flight in Australia for free, this more than covers the fee if you were going to take a flight anyway.

ABCDiamond

ANZ Rewards Visa. An annual fee of $48, but rewards points of 1 point for every $1.50 spent on the card.

Spend $18,750 a year and get at least 12,500 points.

12,500 points can be cashed in for a $100 CASH credit on the statement.
Net result is THEY PAY YOU $52 that year.

Spend only half that, and at least the credit card becomes free of any fee.

Ceri

You may find that you can't (or shouldn't) hold the credit cards when you are no longer permanently residing in that country ( you say you hold a Thai one). I don't know about the UK issued credit cards current policies, but when I first came to Aus I held a Singapore issued HK Mastercard. As soon as they knew I was no longer permanently residing in Singapore ( I informed them of my address in Aus so they could send the statements to me) - they wrote to me telling me I could no longer hold it as I was no longer a resident in Sing, and it was cancelled .

I had no problem getting an Australian Mastercard without any credit rating here in Aus at all . I got one within a couple of weeks of landing here- But I did have a very sizable sum of money in the bank, so perhaps they thought I wasn't a risk. Or perhaps Mastercard checked my credit with them worldwide.

I was only on a temp visa at the time too (some people here say they have problems getting one on a temp visa with no Aus credit rating , but I certainly didn't have any of this trouble at all)

cheers

bru

Yes, you are correct. I can not hold this credit card once I move to Australia. I cheked the agreement. In my case, once move to Australia, I do not have to change the address of my card to Australia. So I am thinking not to inform them for few months until I get a card in Australia.
I am not sure whether any bank will issue a credit card without having at least 6 months of bank statements. So I will try to do a small cover up for 6 months till I get settled.

bru

I think the main point is the interest fee.

Amex has a charge card (debit card) as well as a credit card.
In both cards they give rewards points. I can even convert the points to airline mileage allowance. The good thing about the debit card is, no interest fees and also it will not put you in to debt. Also no interest and no credit line.

Anyone here using the Amex Debit card issued by Amex Australia or any other good debit cards?

bru

Off topic.
Is it possible for a person to pay the down payment for a home mortgage loan by using a credit card? Will the banks/lending institutions accept it.
(Not to withdraw cash from the card and pay cash. I mean to use the card direct)

Has anyone done this?

thanks

ABCDiamond

Does anyone pay interest on credit cards ? I thought most people paid them off at the end of each month

Everyone has been talking about Annual Fees, not interest rates, and using credit cards as a way to get around the debit card limitations.

The Amex Charge card being interest free, is only so if you pay the balance in full at the required time, which is the same as most credit cards, hence the reason why we never pay interest, using a credit card.

Now if you want details on Low Interest rate Credit cards, that's another story I think 8.99% is about the lowest at the moment. (other than the start low, hit you later ones)

ozzieeagle

A line of credit loan, is taken out by home owners that have a large percentage of equity in their home, that have also taken out other loans, Such as car loans or other personal loans. At the start of the loan one normally finalises the mortgage, and consolodates all other loans. (in my personal circumstance, a onsite caravan, a spa, and a small car loan, which was leaving me annoyingly short of cash each month) The loan is open ended, IE: no finalization date. Usually one has access to quite a substantial amount of money at mortgage rates. This negates the need to take out any future personal loan, and the resulting application expenses, for any need, from buying a car, through to a trip to europe.

When you use this type of loan, you basically live on your credit card, Accruing the type of points that ABCD talks about above, paying the due amount, interest free, each month.

It is normally set up so that all income goes into it, the only payment required each month is the interest due, you can pay as much of the principle as you like at any time, and you can withdraw any amount at any time. The running fee is 80 dollars per annum. With the NAB (homeside division)

The only drawback on this type of loan that I can see, is the possibility that one could have a weak moment and buy something major that one gets an urge for. I'm personally tempted by investment property and could go to an auction and find myself in the position of bidding and owning a 2nd property, which would firmly place us on a open ended treadmill.

After two years of living with this loan, it's given me a freedom that I really enjoy, IE: I really can take off to the UK tomorrow (knowing that I will increase my interest and capitol payments) relatively trouble free, and have any unforseen circumstance covered.

This loan is basically sold here, as mortgage and other loan consolodatian, in the early days, cost 3000 dollars to apply for by finance advisors. However nowdays you can get the loan for free, bank charges excepting. It is quite a common type of loan here, I know of 4 other people in my immediate work area that have this kind of loan, albeit with 70 pct plus equity in their homes.

I'm sure this kind of loan exists in the UK ??

MrsDagboy

Dont think that applies to UK credit cards, our UK bank knows we live in Australia they send us our statement every month & we applied for a UK credit card whilst living here & got it without any problems.

bru

Can this be done..?

thanks

Beermonster

Amex cards are not widely accepted in Australia, because of the higher merchant fees they charge.

Big stores (Woolies, Coles etc) will take them, and most garages will, but smaller shops or even government departments/councils etc will not touch them with a bargepole.

For those who want the benefit of a credit card, but not the hassle, why not open an account with say ST George? The ATM card has a Visa facility, so you can use it as a credit card, but only if you have the dosh in your account

Suni&Jay

Yes I think they are like Virgin one or all in one accounts
The loan is taken out against your house so it is a mortgage. You have a limit that is set from the start. Interest is also calculated on a daily basis.
It is the best thing that we ever did, paying off a 25year in 9 years.
But you have to be able to control your money or you can get carried away.

touchingcloth

Does anyone know whether it is possible to get 0% introductory rates on credit cards in Oz?

Also are balance transfers available to bank accounts?

keyword: Stooze Stoozing

TC