IanW99
27th May 2007, 09:34 PM
It is possible to get ASB to set up a Credit Card Direct Repayment so that on the last day that you should pay your credit card bill they will automatically pay it for you (from your account of course).
This means that you can buy everthing you can on credit and get it interest free for as long as possible without worrying about missing the payment date.
It also means that for the Orbit account you will have more money in your account than you would have otherwise and thus you will be paying less interest on what you owe.
Hope all that makes sense?
I assume that other banks have the same sort of arrangements.
BTW, be careful when first setting up the transfer as I was told that it would not be active until the following month and should pay the bill as usual, and guess what, it got paid twice (they did reverse the transaction at no cost of course).
Ian
This means that you can buy everthing you can on credit and get it interest free for as long as possible without worrying about missing the payment date.
It also means that for the Orbit account you will have more money in your account than you would have otherwise and thus you will be paying less interest on what you owe.
Hope all that makes sense?
I assume that other banks have the same sort of arrangements.
BTW, be careful when first setting up the transfer as I was told that it would not be active until the following month and should pay the bill as usual, and guess what, it got paid twice (they did reverse the transaction at no cost of course).
Ian