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Credit Card Decision

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  • 05-05-2017 6:42pm
    #1
    Benji20122012
    Registered Users Posts: 27 ✭


    Hi, I want an credit card but unable to make an choice, Current & saving account with BoI.
    Must make the point I will be able to pay it off in full each month & there is no salary restriction. So decision comes down to what card provides best bang for my money in terms of benefits & credit history & cost.

    Thanks
    Tagged:


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    #2
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    So why get a credit card at all than?

    If you pay it off anyhow, than why not use a debit card and save the 30€ stamp duty on credit cards?


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    #3
    [Deleted User]
    Posts: 24,715 ✭ [Deleted User]


    Yggr of Asgard wrote: »
    So why get a credit card at all than?

    If you pay it off anyhow, than why not use a debit card and save the 30? stamp duty on credit cards?

    There are many advantages to a credit card, one of the main ones being you are not risking your current account balance being wiped out by fraud everyone you buy online, a requirement for renting cars, gives you up to 56 days free credit so you can spread the cost of a bigger purchase across two months salary, if you travel for work a lot (which I do) it means you are not spending your own money on work expenses (claim back and clear cc) etc etc.

    I'd be lost without my CC it's very valuable tool in how I manage my finances. I get cash back on it also which more or less covers the stamp duty so in reality it costs me nothing to have it.


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    #4
    Zagato
    Registered Users Posts: 1,775 ✭✭✭Zagato


    I'm quite interested in this too.
    Had a platinum card with Danske before they closed which gave me airport lounge access.
    Interested to know what cards will give me benefits, as the interest rates are of no real use to me - will be paid off each month. Don't really fancy paying for an Amex card as I will not likely get value.


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    #5
    drunkmonkey
    Registered Users Posts: 28,151 ✭✭✭✭drunkmonkey


    AIB Platinum card pays you to spend, Cash Back Awards:
    Spend over €5,000 (and up to €50,000) in any 12 month period from your account opening date, we will give you 0.5% of that amount back (maximum award for each 12 month period is €225)*

    AIB also introduces more cc rewards on top of that the other day. I've had the platinum since it came out, the odd time when I don't clear the balance the cash back usually outweighs the interest charge.

    https://aib.ie/our-products/credit-cards/platinum-visa-card

    https://aib.ie/ways-to-bank/aib-everyday-rewards


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    #6
    ED E
    Registered Users Posts: 36,167 ✭✭✭✭ED E


    Gatlin Scarce Pilot wrote: »
    There are many advantages to a credit card, one of the main ones being you are not risking your current account balance being wiped out by fraud everyone you buy online, a requirement for renting cars, gives you up to 56 days free credit so you can spread the cost of a bigger purchase across two months salary, if you travel for work a lot (which I do) it means you are not spending your own money on work expenses (claim back and clear cc) etc etc.

    I'd be lost without my CC it's very valuable tool in how I manage my finances. I get cash back on it also which more or less covers the stamp duty so in reality it costs me nothing to have it.

    TBH in your case its useful, but for average office workers etc its not.

    1. Current Account with Debit Card
    2. Demand Deposit Account with no card
    3. Savings account(s)

    Keep a working balance (say 5K) in the current account, leave all other fluid funds in the demand account so they arent accessible to card fraud. With the same bank transfers will be instant so if you ever need a topup a couple taps on your phone and the funds become available to the card. Easy.


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    #7
    mickmac76
    Registered Users Posts: 400 ✭✭mickmac76


    ED E wrote: »
    TBH in your case its useful, but for average office workers etc its not.

    1. Current Account with Debit Card
    2. Demand Deposit Account with no card
    3. Savings account(s)

    Keep a working balance (say 5K) in the current account, leave all other fluid funds in the demand account so they arent accessible to card fraud. With the same bank transfers will be instant so if you ever need a topup a couple taps on your phone and the funds become available to the card. Easy.
    For the average person the potential loss of €5000 if you're the subject of fraud isn't acceptable I think. Safer to have a credit card. Plus the interest lost by keeping that amount of money in a current account would come close to paying the tax on the card.


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    #8
    ED E
    Registered Users Posts: 36,167 ✭✭✭✭ED E


    Just an example figure. You can float yourself as much or as little as you like.


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    #9
    [Deleted User]
    Posts: 24,715 ✭ [Deleted User]


    ED E wrote: »
    Just an example figure. You can float yourself as much or as little as you like.

    Why risk any of your money when it's so easy to get a cc and they are so useful in other ways too. To be honest almost never use my debit card except for withdrawing cash. I either use cash or credit card (which is Apple Pay enabled also).


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