chilli13 Posted June 2, 2004 Report Share Posted June 2, 2004 this ain't exactly rocket science is it? basic math in the lower grades may have been boring for some, but the 2 laws of interest is very simple: 1. don't ever inccur any! 2. if you really insist you want to waste hard earned money on CC interest rates then go get the lowest one out there... now in order to BENEFIT from a CC you don't have to loose a single dime. simply pay off your 30day or so interest FREE spending IN FULL when it's due & the only one who can loose out is the credit card issuer end of CC sermon Link to comment Share on other sites More sharing options...
Redbaron Posted June 2, 2004 Report Share Posted June 2, 2004 pay off your 30day or so interest FREE spending IN FULL when it's due & the only one who can loose out is the credit card issuer Great in theory. When enough people get wise to this idea, they start whacking on fees. The going rate down under is about 3000 baht a year. More for silver and gold cards. Much more at times. Some exceptions I guess. Link to comment Share on other sites More sharing options...
spirit_of_town_hall Posted June 2, 2004 Author Report Share Posted June 2, 2004 UK must have lots of dummies, they are free here. The only card that levies a fee to my knowledge is American express. STH Link to comment Share on other sites More sharing options...
gummigut Posted June 3, 2004 Report Share Posted June 3, 2004 Gawd damn computer ate my reply. Okay, guys, this stuff really isn't that hard. The most difficult thing in personal finance is (in almost all cases) just time value of money. This is NOT a hard concept or rocket science. If most people don't get this, than that's the fault of the education system. As for, "and if one is not educated enough, well fuck him, he deserves to be screwed." and "law of the djungle?". Fly, just where do you live exactly? What happens when you go to the market and ask for prices of things or ask to rent something (especially being a farang)? Won't a thai many (if not most) times take you to the cleaners if he can for some extra baht? Is this the "law of the djungle?" Shopping for personal finance (credit cards etc...) is just like shopping at the market. Go to a few stalls, haggle a bit (check the details), and then go patronize the best alternative that meets your needs. It's NOT that hard. <<burp>> Link to comment Share on other sites More sharing options...
BelgianBoy Posted June 3, 2004 Report Share Posted June 3, 2004 gummigut said:Shopping for personal finance (credit cards etc...) is just like shopping at the market. Go to a few stalls, haggle a bit (check the details), and then go patronize the best alternative that meets your needs. It's NOT that hard. Yes, it is. Depending on your local laws, there is no such thing as shopping around..... Belgium, for example, is very strictly regulated, cards from CC companies are ONLY issued by your own bank. And no credit at all, you are debitted for full amount on the last day of the month. Default that once, and CC is cancelled, as well as creditline at your bank. Amen. Accumulating CCs here and credit...... forget it, nearly impossible. What does happen are the supermarkets pushing consumers for their own cards, that is where people get into problems.... BB Link to comment Share on other sites More sharing options...
chilli13 Posted June 3, 2004 Report Share Posted June 3, 2004 yup AMEX does the worst ripoff exchange rates as well as they inists on converting all foreign spending thru USD :: avoid like the plague diners tend to have annual fees as well though :: Link to comment Share on other sites More sharing options...
chilli13 Posted June 3, 2004 Report Share Posted June 3, 2004 don't worry enough people WON'T I guess all can't be great down under so you're stuck with fees, but hey there must be a way out - company paid cards, free cards if signed up with other deals like FF flyer programmes etc - no? Link to comment Share on other sites More sharing options...
Guest Posted June 3, 2004 Report Share Posted June 3, 2004 >>>If most people don't get this, than that's the fault of the education system.<<< ... and never the financial institutions? they don't have to see if the education system is good or not - they just blame everything on somebody else, but keep making great profits - a legally supported scam. Link to comment Share on other sites More sharing options...
gummigut Posted June 4, 2004 Report Share Posted June 4, 2004 BB: Yes, my comments are much more geared to a "free-market" society where credit cards aren't so tightly regulated (i.e.: US, UK, Thailand FOZW: Take the post you just made and juxtapose Thai mobile phone companies. NOW that is a "legally" supported (to me, huge ass scam) industry. Try and undercut the supported margins and just see what happens to you (i.e.: See Orange or ANY OTHER foreign company who went into the Thai Telecom industry). Now credit cards (not in such tightly regulated markets as Belgium) don't have the political backing to sustain a monopolistic hold on the market. There ARE relatively cheap cards out there, and if you pay on time, you incur no penalties but get the points perks. That's not a scam. No one is lying to anyone. No one is artificially holding prices high. That's not a scam. No one is holding a gun to people's heads to make them sign up for them. That's not a scam. It's getting pretty boring saying the same stuff. <<burp>> Link to comment Share on other sites More sharing options...
Redbaron Posted June 5, 2004 Report Share Posted June 5, 2004 Belgium, for example, is very strictly regulated, cards from CC companies are ONLY issued by your own bank. And no credit at all, you are debitted for full amount on the last day of the month. Default that once, and CC is cancelled, as well as creditline at your bank. Amen. Best idea IMO. You posted something similar a while back, about it being the law in Belgium. Smart way to encourage people to be responsible. STH, ib13, fees - yep, my UK bank account is the only real fee free one I have with ATM access. Some banking law changes years ago which were supposed to encourage competition opened the door to massive bank fees down under. Link to comment Share on other sites More sharing options...
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