really wish chards would take credit cards

[goldlips]

5 minutes ago, Darr3nG said:

Only £26 in mine  but I will just pickup 1oz silver and turn that frown upside-down!  

dont know who you bank with, but halifax have a savings account that pays a little over 4% interest per year, your only alowed 3 withdrawls per year.

4 minutes ago, CazLikesCoins said:

All silliness aside, if it works for you that's all that matters. Who is to say what's right and wrong. We're all controlled by the financial institutions anyway and if they want to pull the plug on these systems they will and we'll all be stuffed. 

im feeling generous xx

[Darr3nG]

1 minute ago, goldlips said:

halifax have a savings account that pays a little over 4% interest per year

Yup, I signed up for that account and put in the maximum-allowable every month!

[Paul]

Another understated/known fact is using your billing dates correctly on multiple credit cards really helps.  When you have several  at your disposal

Example 
Its May 3rd here - you read here RM is launching the Coronation "strike of the day" is launching May 6th and you want to go for it, but cant afford it until pay day June 1st 

Say you have 3-6 different credit card in your arsenal at your disposal, know the billing date when each is generated      

• Santander 2nd
• MBNA 9th
• Santander 13th 
• Tesco 18th
• Virgin
• RBS 29th 

You would use the RBS as you know its not generated/billed until the 29th, you then have the two and a bit weeks window to make your payment for that month, which gets you into mid-June
By which time you've been paid on the 1st June
You can settle the bill in full, without interest

Had you used the MBNA one which bills on the 9th, three days after RM launch it would have ended up generating him a interest payment as he wouldn't have settled it before pay day June 1st   

Using this billing date method, using it right days you can get up to 56 days of "interest free" window to use

[Paul]

 

5 minutes ago, goldlips said:

dont know who you bank with, but halifax have a savings account that pays a little over 4% interest per year, your only alowed 3 withdrawls per year.

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

First Direct offering 7% for regular savings

Also look at Chip app instant access saving 4.51% unlimited withdrawals and interest monthly 

Edited July 25, 2023 by Paul

[goldlips]

2 minutes ago, Paul said:

Another understated/known fact is using your billing dates correctly on multiple credit cards really helps.  When you have several  at your disposal

Example 
Its May 3rd here - you read here RM is launching the Coronation "strike of the day" is launching May 6th and you want to go for it, but cant afford it until pay day June 1st 

Say you have 3-6 different credit card in your arsenal at your disposal, know the billing date when each is generated      

• Santander 2nd
• MBNA 9th
• Santander 13th 
• Tesco 18th
• Virgin
• RBS 29th 

You would use the RBS as you know its not generated/billed until the 29th, you then have the two and a bit weeks window to make your payment for that month, which gets you into mid-June
By which time you've been paid on the 1st June
You can settle the bill in full, without interest

Had you used the MBNA one which bills on the 9th, three days after RM launch it would have ended up generating him a interest payment as he wouldn't have settled it before pay day June 1st   

Using this billing date method, using it right days you can get up to 56 days of "interest free" window to use

yes the interest free windows come in very handy

Just now, Paul said:

Fir

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

First Direct offering 7% for regular savings

Also look at Chip app instant access saving 4.51% unlimited withdrawals and interest monthly 

i do have a first direct account funny enough, think they locked the account as i wasnt using it.

[CaptCaveMan]

15 minutes ago, Paul said:

 

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

First Direct offering 7% for regular savings 

Yep, utilising this after getting £175 for their current account bank transfer as well…

[CazLikesCoins]

3 hours ago, goldlips said:

i do have a first direct account funny enough, think they locked the account as i wasnt using it.

N/A

Edited July 25, 2023 by CazLikesCoins
off topic

[Bigmarc]

1 hour ago, goldlips said:

its not a bad thing, i think some people think we use credit cards and have a rolling balance that incurs interest, which of course would be madness to incur interest on gold.

Mate of mine runs a business and uses credit card to accumulate air miles. We have 10 people going away next year and he has covered all the flights. 

Like you say it's just smart money. 

[ChrisSilver]

Off topic posts hidden. Please do help by keeping TSF topics tidy and on topic. 

[ChrisSilver]

2 hours ago, Paul said:

Credit is not suitable for everyone, and if misused, it can lead to financial difficulties.

I wanted to share my thoughts on using a credit card to buy gold. When done wisely, it can lead to success and profit.

As I've mentioned before, having a Royal Mint account manager has been highly beneficial for me, primarily due to the credit account they offer. With a credit limit of £10,000, the key advantage is that it is interest-free. To keep the credit facility, I need to meet my monthly commitment, paying off at least 15% of the debt or £150 per £1000 of credit used. Moreover, the credit limit is flexible, allowing me to make purchases without having to pay off a previous item first.

Thanks to this method, I have been able to acquire my most valuable gold pieces. Without spreading the cost through interest-free credit, I would have missed out on these opportunities. While I may not be able to afford a 2oz gold coin with a lump-sum payment, I can manage the monthly 15% payment for a £5,000 purchase.

To fund the monthly 15% payment for my Royal Mint balance, I use an IHG Rewards Mastercard. This card earns me 1 point for every £1 spent, which I can later redeem for stays at reputable hotels like Regent, Holiday Inn, Hotel Indigo, and Crown Plaza. As of now, I have accumulated nearly 50,000 points, and these points alone can cover a three-night stay in Newcastle, valued at approximately £100 per night. This represents a significant saving or, in other words, a free three-night getaway.

However, it's crucial to mention that if I were to fall into the trap of paying usurious interest on the balance, my finances would be in trouble. With an APR of over 30%, any benefits I gained from the points would quickly be wiped out by interest payments.

Others might use a card with airmiles or cashback rewards in a similar manner to what I have done. However, it requires considerable willpower and discipline.

In conclusion, utilizing credit in this way may not be suitable for everyone, as it demands financial discipline that not everyone possesses.

A very informative and useful post, would have SuperLOVE'd ♥️ but hit my daily limit! Thanks for sharing.  

[Paul]

7 minutes ago, ChrisSilver said:

A very informative and useful post, would have SuperLOVE'd ♥️ but hit my daily limit! Thanks for sharing.  

Raise the limit you're the boss ! 💪😉

[goldlips]

i rember i put a car on a credit car, for 20k, then balance transfered it to another card, it was much cheaper then taking out a car loan, as the card apr deal was so much cheaper, but i agree no one should be using a credit card to buy gold if they cant clear that balance in full at statement time.

[Roy]

Now that you've had your 15 mins of fame, what positive input can you add to the forum?

[Darr3nG]

1 minute ago, Roy said:

Now that you've had your 15 mins of fame, what positive input can you add to the forum?

Bit harsh, poor ChrisSilver does so much around here!  

[AndrewSL76]

6 hours ago, Roy said:

Now that you've had your 15 mins of fame, what positive input can you add to the forum?

Whilst this is not directed at me I would like to think it could be. Sadly, I’ve never had fame. Not even during the halcyon days of you know when. 

However, I can hit my head and rub my belly at the same time. And to avoid Chris deleting this post I can also recommend using a credit card when buying gold, if the seller accepts them, though I wouldn’t advise it unless it made financial sense. If a company doesn’t accept a credit card that’s fine. They have their reasons and there are other companies that will. Pat Pat, Rub Rub…….

[Coverte]

On 25/07/2023 at 11:02, Paul said:

 

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

First Direct offering 7% for regular savings

Also look at Chip app instant access saving 4.51% unlimited withdrawals and interest monthly 

 

Just to add as a general FYI:

I  had a First Direct a/c but also closed it - they kept urging me to do so - long time ago, over 10 years I guess.

So - if you have one, DO NOT close it, as they play hardball (being part of greedy baskets HSBC) and will not give you anything if and when you try and open an a/c with them again.

[apachebleu]

 I used a credit card recently to get a big avios bonus. Got a card that I had to spend 3 grand in 3 months for 50k avios, I bought a few soverigns from bbp to make up the total and get the avios. There can be other reasons than poverty

On 25/07/2023 at 04:34, goldlips said:

why do people assume, using a credit card puts you in debt?

[DTL1982]

Just out of curiosity, in the UK is there a charge for a bank wire?  Many banks in the US charge a pretty sizable fee for a true wire transfer that would negate any savings from not paying with a credit card unless one were spending several thousands of dollars…certainly not worth it for smaller purchases like most silver. Of course we have the option of paying by electronic check (EFT) without a charge and I know some people use that interchangeably with “wire transfer” but technically (at least in the US) they are different as an E-check has to clear whereas a wire is instantaneous. 

[Coverte]

6 minutes ago, DTL1982 said:

Just out of curiosity, in the UK is there a charge for a bank wire?  Many banks in the US charge a pretty sizable fee for a true wire transfer that would negate any savings from not paying with a credit card unless one were spending several thousands of dollars…certainly not worth it for smaller purchases like most silver. Of course we have the option of paying by electronic check (EFT) without a charge and I know some people use that interchangeably with “wire transfer” but technically (at least in the US) they are different as an E-check has to clear whereas a wire is instantaneous. 

No charge/s, if done online, but some banks will charge if you do it in branch, (Lloyds used to charge in branch instigated transfers)

- if another (non GBP) currency is involved, again, no charges, as long as using the same currency, so Euros to Euro (incl an a/c in Germany - just for example) done online or in branch = no fee.

Edited July 27, 2023 by Coverte

[Paul]

6 minutes ago, DTL1982 said:

Just out of curiosity, in the UK is there a charge for a bank wire?  Many banks in the US charge a pretty sizable fee for a true wire transfer that would negate any savings from not paying with a credit card unless one were spending several thousands of dollars…certainly not worth it for smaller purchases like most silver. Of course we have the option of paying by electronic check (EFT) without a charge and I know some people use that interchangeably with “wire transfer” but technically (at least in the US) they are different as an E-check has to clear whereas a wire is instantaneous. 

In the UK, the banking system operates a bit differently compared to the US, especially when it comes to wire transfers. 

The concept of wire transfers is quite similar to what you've described, but there are some distinctions worth noting. Firstly, wire transfers are commonly known as 'bank transfers - BACS ' or 'CHAPS' (Clearing House Automated Payment System) payments.

Unlike the US, where wire transfers may involve substantial fees, bank transfers in the UK tend to be less costly or, in some cases, completely free, depending on the bank and the type of account you have.

For smaller transactions or day-to-day purchases, most people in the UK use other forms of payment like debit cards, credit cards, or mobile payment methods. Bank transfers are typically utilized for more significant transactions, such as paying bills, making large purchases, or transferring funds between accounts.

In the UK, we also have a system called 'Faster Payments Service' (FPS), which enables near-instantaneous transfers between participating banks, making it convenient for quick and secure transactions without incurring additional charges.

As for the distinction between 'bank transfers' and 'electronic checks (EFT)' in the UK, the terminologies and practices may differ from those in the US. In the UK, we do not commonly use the term 'EFT' as you described it. Instead, we refer to electronic payments made directly from one bank account to another as 'bank transfers,' and these are usually processed without the need for clearance time, making them essentially instantaneous like wire transfers.

Bank transfers or CHAPS payments are commonly used for larger transactions, and they are often cost-effective or free, making them a preferred choice for many individuals and businesses. For smaller purchases or everyday transactions, other payment methods like debit cards or mobile payments are more commonly used.

A general overview of how things work in the UK without getting too technical.

Edited July 27, 2023 by Paul

[GoldDiggerDave]

3 minutes ago, Paul said:

In the UK, the banking system operates a bit differently compared to the US, especially when it comes to wire transfers. 

The concept of wire transfers is quite similar to what you've described, but there are some distinctions worth noting. Firstly, wire transfers are commonly known as 'bank transfers - BACS ' or 'CHAPS' (Clearing House Automated Payment System) payments.

Unlike the US, where wire transfers may involve substantial fees, bank transfers in the UK tend to be less costly or, in some cases, completely free, depending on the bank and the type of account you have.

For smaller transactions or day-to-day purchases, most people in the UK use other forms of payment like debit cards, credit cards, or mobile payment methods. Bank transfers are typically utilized for more significant transactions, such as paying bills, making large purchases, or transferring funds between accounts.

In the UK, we also have a system called 'Faster Payments Service' (FPS), which enables near-instantaneous transfers between participating banks, making it convenient for quick and secure transactions without incurring additional charges.

As for the distinction between 'bank transfers' and 'electronic checks (EFT)' in the UK, the terminologies and practices may differ from those in the US. In the UK, we do not commonly use the term 'EFT' as you described it. Instead, we refer to electronic payments made directly from one bank account to another as 'bank transfers,' and these are usually processed without the need for clearance time, making them essentially instantaneous like wire transfers.

Bank transfers or CHAPS payments are commonly used for larger transactions, and they are often cost-effective or free, making them a preferred choice for many individuals and businesses. For smaller purchases or everyday transactions, other payment methods like debit cards or mobile payments are more commonly used.

A general overview of how things work in the UK without getting too technical.

Gees I only wanted a 1/10 Brit on tick 

[Paul]

22 minutes ago, GoldDiggerDave said:

Gees I only wanted a 1/10 Brit on tick 

There once was a man named Dave,
Whose heart yearned for gold to grade.
With a glint in his eye,
He said with a sigh,
"I'll buy a small coin on credit, I crave!"

To the merchant, he made his plea,
For this golden coin, set me free
I promise to pay,
Just give me a day,
And riches aplenty you'll see

Dave wore a determined grin,
For the coin, he'd toil and spin.
With a heart full of zest,
He embarked on his quest,
To honor his word and to win.

Dave made out for the win,
With the coin, he'd hold wealth within.
He worked hard and fast,
His debts he surpassed,
And now his small coin's a treasure he'll not bin

Edited July 27, 2023 by Paul