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6 June, 2011

we all love rewards, particularly when you are poor

I received $500 free money, well, pretty much sort of. At least that $500 did not cost me any money (extra).

David Jones Gift Card

Before I start with the story, I would like to point out that our good friend Don of beautiful Boston somehow hates credit cards. He somehow linked using credit cards to creating debts, and he would try his best to avoid using his credit card. I guess I can relate that to the over-exaggerated US media seeking the rating.

Anyhow, most people I know use credit cards for convenience, as well as for rewarding, rather than putting us into debt. In other words, despite paying by credit cards, we all know how much we can afford, and to pay off the credit card bill (in full) by the due date.

Unfortunately, we all have bills to pay. Here in Australia, things/bills aren't as cheap as the lucky people living in beautiful Boston or the advanced United State of America. Simply choice the payment be made with your credit card, and you can earn award points. In plain words, it costs you no extra to use your credit card and you are making money back.

So that was that I did, I use the credit card to pay as much bills as possible, I also make sure that I pay off all the credit card bills in full by due date. The rewards: I can choose a number of rewards, including good, cash back or gift vouchers.

David Jones Gift Card

Why did I choose David Jones gift vouchers? Easy, it works out the best (or is the highest value per point). For the same good from rewards catalogue, it usually costs a lot more points than getting the David Jones gift voucher and get it from David Jones myself. Also, David Jones have discounts from time to time, as well as price matching competitor's.

Credit cards aren't that bad, all you have to do is to know your reliability and use the card smartly.

Don discourages using credit cards for purchasing, however, strangely enough, Don sort of approves using credit cards for building up credit ratings.

To Don: Antony is poor, he uses credit card to earn money back.

A very useful tip for people with credit card debt from David Koch (Channel 7's Sunrise): If you are unfortunate in the situation of credit card debt (under high interest rate), you can try to apply for a new credit card with low or zero introductory interest rate (usually first 5 or 6 months). During those time, you transfer your card debt to one of those low or zero rate card, and use it as a break for catching up on repayment. Do not use the new low or zero rate card for any other purchases until you pay off all your debt.

related blog entries:
contactless for the first time (10 December, 2010)
dirty tactics of some small retailers (23 January, 2010)

Posted by Antony on 6 June 2011 11:22 PM |

more June 2011 blogs. (or 2011 blogs)
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comments
Spend like crazy now, you are a long time dead, and if you die owing lots on your cards...it doesn't hurt you coz you are gone!!
Posted by Rev.Dr.Wu Yi on 9 June 2011 12:36 AM.
I always hunt for the best deal when possible. And I always pay off in full by the due date.
Posted by Antony on 9 June 2011 1:12 AM.
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