Hi there
I don't know where this thread belongs, exactly, so my apologies in advance if this is the wrong place for it.
My question has to do with the best way to use the offset account. We all know to pay everything we can by credit card and so leave the balance as high as possible to offset monthly interest charges on the loan, but what about when companies charge transaction fees for paying by card?
The fees are generally quite low and to my inexperienced mind it seems better to pay the 0.7% (or whatever it is) fee than to pay by cash and lose hundreds of dollars from my offset account, dollars that could be used to offset the 5.7% the bank is charging me.
Sorry, am I making any sense?
Oh, and the bills I'm asking about are not related to the IP. These are personal bills, like for electricity and water.
Thanks very much
I don't know where this thread belongs, exactly, so my apologies in advance if this is the wrong place for it.
My question has to do with the best way to use the offset account. We all know to pay everything we can by credit card and so leave the balance as high as possible to offset monthly interest charges on the loan, but what about when companies charge transaction fees for paying by card?
The fees are generally quite low and to my inexperienced mind it seems better to pay the 0.7% (or whatever it is) fee than to pay by cash and lose hundreds of dollars from my offset account, dollars that could be used to offset the 5.7% the bank is charging me.
Sorry, am I making any sense?
Oh, and the bills I'm asking about are not related to the IP. These are personal bills, like for electricity and water.
Thanks very much