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Daily Discussion Thread: Fri 01 Dec 2023
(aussie.zone)
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this post was submitted on 30 Nov 2023
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Holy shit its December!?
I only care about the first of each month to celebrate the meagre interest accrued in my savings account... got $300 for November, yay...
I have no idea how much interest I got overall as it's scattered through a bunch of different accounts so I don't see it all together. I am always happy to see the interest in my credit card offset account though - I got a new credit card at the start of the year with 15 months interest free on it, so I leave the card maxed out and have the money in my account earning interest instead. By the time the offer is over I will have made over $500 from it, which is pretty awesome for doing nothing.
Ooh, that is a pretty nifty credit card hack. Doesn't it affect your credit rating though? I guess it's all paid off at the end, but I keep imagining this angry credit card person going YOU CAN'T DO THAT, I'M TELLING which is almost certainly not how it works
The credit card companies like these sorts of offers, because it encourages people to get into the habit of using the credit. It also gives people an excuse to buy things they might otherwise think twice about - the standard "up to 55 days interest free" terms are the same idea. Most people end up spending a bit more than they can pay off straight away ocassionally, and a few get into the habit of only paying minimum payments, and they make plenty of money from those people.
In regards to credit rating, in Australia there is no reporting of how much you actually use your card or what your balance is - the report only lists the credit limit and whether you are on time or behind with the minimum payments. In USA where they do report on your card usage it would help to keep the balance high as long as you keep making payments. The credit rating also matters a lot more in USA, here it doesn't make much difference to anything except your ability to get another credit card or personal loan easily.