On the topic of paying insurance monthly just give up guys, I had this debate with Rroff and Misschief(?) in another thread a few months back, they won't listen to reason and logic, it's best to just let them get on with wasting their money rather than waste your energy trying to persuade them and debunking all their arguments to the contrary.
While I can understand people not wanting to get into debt, I don't understand people who don't use a credit card at all when the cashback cards basically give you free money and you never get charged interest if you have it setup to pay off in full each month. Always nice when you get a couple of hundred quid of free money arrive on your cashback anniversary
It’s not like those of us who use reward cards manually pay the CC bill each month.
All my cards are set to take the statement balance via direct debit at the end of the billing period.
No discipline is required as it all just gets paid automatically, I’d have to go in and change that for something different to happen.
You have to ensure that at the end of every billing period you have enough spare money to pay off whatever you spent on your credit card during that billing period. You also have to ensure that you never lose your existing level of income and you never have any essential payments (due to emergencies) that you can't cover from spare money.
Everything basically for that extra bit of protection but paid off in full every month.
If people are struggling to pay insurances in one lump sum. If they had a credit card, could they pay off the sum on there? As some insurances APR rates are higher than credit cards.
Always pay car and contents (live in flat so buildings is part of service charge) insurance in one payment. It is helped by the no council tax DD in Feb and March. Though people’s insurances start dates are throughout the year.
Just a more secure way of managing it, a physical effort to use it acts as a barrier to say using it on amazon for a small item if you haven't got the cash in the bank. I am interested to know, the banks don't advertise the block for that purpose, but reading between the lines I think it could be sued that way, if you don't want to close the account, and keep it purely for real emergencies.Why bother? Just leave it at home if you don’t want to use it all the time.
All you need for that is self control...Has anyone blocked their credit card so they can keep the account, but not use the card for a while? just wondering how long the bank lets you do that? seems like a good way to keep a CC if you don't want to use it regularly and keep it only for emergencies. I can do it via my online app easily.
I have self control, I am just curious if it is a viable approach the banks will allow, I like belt and braces to every risk.All you need for that is self control...
None. Everything goes on the CC to earn the rewards but its paid off in full each month.
You and @Rroff need your head banging together.
What could you possibly mean by "not enough [saving] to get around to doing it that way.?"
I almost absolutely guarantee you aren't earning enough to voluntarily donate your cash to a financial services institute.
On the topic of paying insurance monthly just give up guys, I had this debate with Rroff and Misschief(?) in another thread a few months back, they won't listen to reason and logic, it's best to just let them get on with wasting their money rather than waste your energy trying to persuade them and debunking all their arguments to the contrary.
Worst cope for wasting money everWell, I make money off paying my car and house insurance by instalments
I have multiple bank current accounts and all the ones that give you rewards, and most of those need 2 D/D's and X amount to be paid in. So I need to use those with others that don't attract interest (like C.Tax, Electric etc) and I can earn more in the bank rewards than I pay in instalment interest.
It was much easier when Tesco did a D/D on their savings account!