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  Reply # 1397513 30-Sep-2015 18:55
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Linuxluver: VISA debit is the best. It's basically your bank account. 


Which means for a fraudulent transaction it's your money that goes missing.

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  Reply # 1397563 30-Sep-2015 20:06
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I am super careful with my visa debit since that would be a huge inconvienence if my money was to disappear from that account.

The credit cards - one I use for recurring stuff and paypal, super careful with that too. Warehouse mastercard which I just use for whatever - dont give a crap if it gets compromised since I only use it for one off onlines or in person shopping. Gem visa, also dont give a crap since its only used for huge purchases to keep the 6 months interest free working. If its compromised, just get a new card.




Richard rich.ms

 
 
 
 


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  Reply # 1397578 30-Sep-2015 20:26
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lxsw20:
Jase2985: because you can negotiate out of the fees, or get cooperate discounts which kick the fees to the curb so you pay nothing on them.


I must say I've found ANZ very inflexible with waving their fees on the Airpoints Visa Platinum. Even with having all my banking inc a mortgage with them. 


Kiwibank waved the fees on our Airpoints Platinum MasterCard during to us having our mortgage with them. There was a bit of a negotiating but we got there ok in the end (it was part of our mortgage negotiation).

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  Reply # 1397599 30-Sep-2015 21:04
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Handle9:
Kiwibank waved the fees on our Airpoints Platinum MasterCard during to us having our mortgage with them. There was a bit of a negotiating but we got there ok in the end (it was part of our mortgage negotiation).


I think the key difference here is what banks are willing to do to get your business and then what they'll give you once they've got you! Think all the sh!t Sky has been getting recently for the deals it's been offering new customers; this is similar territory.

We are with Kiwibank and have been for years; it's a struggle these days to get a small amount knocked off listed interest rates let alone getting them to waive our Platinum Airpoints card fees...

Best chance of getting this may be to put pressure on your current bank by finding a better deal with another bank and then see if Kiwibank will match or better it.

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  Reply # 1397812 1-Oct-2015 10:54
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hashbrown:
Linuxluver: VISA debit is the best. It's basically your bank account. 


Which means for a fraudulent transaction it's your money that goes missing.


Which is fully covered for fraud by VISA. Unlike a standard EFTPOS card.


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  Reply # 1397817 1-Oct-2015 11:10
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Michaelfjs:
hashbrown:
Linuxluver: VISA debit is the best. It's basically your bank account. 


Which means for a fraudulent transaction it's your money that goes missing.


Which is fully covered for fraud by VISA. Unlike a standard EFTPOS card.



But when the real credit card puts their money at risk instead of yours, and its free for 20ish days after the billing date, and you get the option of rewards points in most cases, why would you risk your own money to being unavailable for a while while the bank investigates what happened.

I have had it happen before, you dont just call the bank and say "Oi, wheres my money" they want to investigate till you get it back. Luckily only had a few 100 in the account the debit card it tied to and had my old card for accessing the other transaction account, took a day and a half before it was sorted out.

Debit cards are also not covered by the visa guarantees when used instore in NZ, as it is an eftpos transaction, so no chargebacks are possible for merchants being morons about things like refusing refunds etc. Use a credit card and you can get them on side with you to sort out things.




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jmh

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  Reply # 1397825 1-Oct-2015 11:28
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I run a business and the credit card fees charged to retailers are quite a hit on your profits.  Fortunately most people are fine with direct banking so I encourage that payment method.  I can well understand why some businesses don't accept them.  After a problem with my bank giving out my money without permission (they then refused to resolve the problem) I use cash a lot more now that I use to.  

When I lived in the UK, where none of the banks charge fees on cards (except some high end ones that offer extra services), I use to have several.  Now I haven't found any that give rewards worth the cost of the fee so I just stick to the visa debit card which I'm not charged anything for.

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  Reply # 1397994 1-Oct-2015 13:51
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richms:
But when the real credit card puts their money at risk instead of yours, and its free for 20ish days after the billing date, and you get the option of rewards points in most cases, why would you risk your own money to being unavailable for a while while the bank investigates what happened.


It's not 'their' money, it's still yours, only that you are borrowing it. However I agree with you, I much prefer using credit card over a debit card, for all those reasons stated above. And it's not that much of an issue when a transaction 'holds' an amount (petrol stations, hotels etc), since it will usually be well under the limit.


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  Reply # 1398000 1-Oct-2015 13:56
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Now I haven't found any that give rewards worth the cost of the fee


In NZ? There are plenty.

 

ANZ CashBack Card

 

Fee 60 p.a.
Cashback is 1% for purchases $10,000 and over a year: $100

So you get $40 for using the card (and more the more you spend)


 







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  Reply # 1398041 1-Oct-2015 14:18
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Michaelfjs:
Now I haven't found any that give rewards worth the cost of the fee


In NZ? There are plenty.

ANZ CashBack Card Fee 60 p.a.
Cashback is 1% for purchases $10,000 and over a year: $100

So you get $40 for using the card (and more the more you spend)


I wouldn't count one as plenty. wink


It also requires you to spend $10k to cover the card fee. That can be quite a lot of money when you consider that things like rent and power incur credit card surcharges, and smaller stores often don't accept credit cards at all.




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  Reply # 1398047 1-Oct-2015 14:36
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Detruire:
Michaelfjs:
Now I haven't found any that give rewards worth the cost of the fee


In NZ? There are plenty.

ANZ CashBack Card Fee 60 p.a.
Cashback is 1% for purchases $10,000 and over a year: $100

So you get $40 for using the card (and more the more you spend)


I wouldn't count one as plenty. wink


It also requires you to spend $10k to cover the card fee. That can be quite a lot of money when you consider that things like rent and power incur credit card surcharges, and smaller stores often don't accept credit cards at all.


there are tonnes, looking at consumers survey, which didnt have every card on there by the way, over 50% of the cards gave you a net gain on 10k a year spend, and at least a dozen had net gains on 5k a year.

not all power/services incur a surcharge, that's something you have to consider, we put about 3-5k a month on our credit card, everything goes on there, we pay no fees and get cashback on it. everything that doesn't incur an extra fee goes on there.

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  Reply # 1398052 1-Oct-2015 14:42
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Detruire:
Michaelfjs:
Now I haven't found any that give rewards worth the cost of the fee


In NZ? There are plenty.

ANZ CashBack Card Fee 60 p.a.
Cashback is 1% for purchases $10,000 and over a year: $100

So you get $40 for using the card (and more the more you spend)


I wouldn't count one as plenty. wink


It also requires you to spend $10k to cover the card fee. That can be quite a lot of money when you consider that things like rent and power incur credit card surcharges, and smaller stores often don't accept credit cards at all.


We used to have that same ANZ (previously National Bank) card, and then the platinum version (as the standard tops out at something like a $300 return), and would clear $250sh after deducting the annual cost. We're not wealthy, but just put all our spending via credit card (where it pays to do so). This can include situations where one still pays a surcharge just as long as the surcharge is less than the gain from the rewards, eg we pay our electricity bill to Flick via credit card, so pay a 1% surcharge but get 1.3% back in airpoints.

BNZ offers a similar cashback scheme on some of its cards; unlike the ANZ (where the wash-up is at the end of the year), BNZ pay your cashback with each monthly cycle, so the 'gain' would easily be swallowed up. I liked getting the total back in one large amount as we would elect to do something special with it, eg buy an artwork.

A number of other banks also have cards which are relatively easy to make money off - the Kiwibank Platinum Airpoints card (and I think other banks with the same Airpoints scheme) offers a 1.3% return; while it's more limited on what you can do with the rewards, it's not a bad earner for just electing to pay for items a particular way.

Also, remember many banks have been waiving the initial year's fees, meaning the net gain is significant for that period (even if you cancel the card at the end of that period); and also individuals or organisations can negotiate discounts on fees, eg my union deal means we'll get a 50% discount from year two out (that said, the bank charged us anyway, so one has to be vigilant!).

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  Reply # 1398072 1-Oct-2015 15:17
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Detruire:
Michaelfjs:
Now I haven't found any that give rewards worth the cost of the fee


In NZ? There are plenty.

ANZ CashBack Card Fee 60 p.a.
Cashback is 1% for purchases $10,000 and over a year: $100

So you get $40 for using the card (and more the more you spend)


I wouldn't count one as plenty. wink


It also requires you to spend $10k to cover the card fee. That can be quite a lot of money when you consider that things like rent and power incur credit card surcharges, and smaller stores often don't accept credit cards at all.


10k is not much at all (I wish I only had to spend that much a year)

I put fuel, public transport, groceries, insurance, internet, phone and power all on the credit card, and I don't get pay any surcharges for it.

Of course in my case this is for two people. For a single person, their annual expenses may not be enough.


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  Reply # 1398089 1-Oct-2015 15:36
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Jase2985: there are tonnes, looking at consumers survey, which didnt have every card on there by the way, over 50% of the cards gave you a net gain on 10k a year spend, and at least a dozen had net gains on 5k a year.

not all power/services incur a surcharge, that's something you have to consider, we put about 3-5k a month on our credit card, everything goes on there, we pay no fees and get cashback on it. everything that doesn't incur an extra fee goes on there.


I'll have to have a look at that. When I did a bit of research on this a couple of weeks back, I didn't manage to find another card which didn't result in a loss on a similar amount spent. However, I did ignore anything with airpoints or similar schemes, since none of them were remotely useful for me personally.

The last three power companies we've been with had CC surcharges, so I figured this was a common thing.




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  Reply # 1398116 1-Oct-2015 16:14
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it all depends on what you spend/put on the card in a year

just groceries alone for us is about 8k per year (~$150 per week, 2 adults and 1x 3 year old ), 1600-1800 per car (we have 2) per year, not to mention everything else you can put on it. And your already over 10k which nets you the 1% returns, the card fee is $60 for a basic card and allows up to $300 of cash back rewards

eg
https://www.anz.co.nz/personal/credit-cards/cashback-visa-mastercard/

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