Scots credit card customers could see accounts suspended next month - find out how new rules could effect you - Daily Record

Scots credit card customers could see accounts suspended next month - find out how new rules could effect you - Daily Record



 I decided, a few years ago, to move from the normal system of paying bills from income to paying by credit card using the cards interest-free periods. Sure, you gotta qualify for a card. So I got 8 cards plus a paypal credit limit. Thus giving me 10 options to pay a bill, not the previous one.

I use a Tesco card for food delivery (ASDA do the same deal). I use an Amazon and American Express (with 5% discount) for gadgets and stuff.

I have a Bank of Scotland card from which I take cash out to pay other cards. Like a pyramid.

I spend at beginning of card period, giving me 4/5 weeks prior to payment due. Then I take cash and pay them giving me another 4/5 weeks. Every card gets a little but I get a lot!!!  My income pays the cash card payments but I've had 8/10 weeks of income coming into my bank.

Sure sometimes the time of grace is smaller but the general plot moves well. The huge error people make using cards is buying goods and taking out cash on the same card. This is how card firms make money. Your card is split into two internal accounts, goods and cash. You make a payment, but that only reduces your goods side. No cash side is paid until all goods are cleared. The cash withdrawal just keeps gathering interest. This is why peeps get huge bills. You must have, at least, two cards, one for goods and one for cash.

Items like gas for my fires, are paid by Aqua card. (no big winter bills). Bigger buys are paid on a Marble Card. Splitting between two cards reduces payments. It just rolls along with everything either being paid by card or a card paying cards.  Say 75% of my income stays in the bank!!!!

With crap interest rates I opened a Credit Union account. I have used my bank income to pay them for a number of loans, with which I bought Premium Bonds. These are giving me 2.5% interest !

My Post office card can be used to buy currency, which they deliver, should I go on holiday, which I don't. Just a spare card for me. I use PayPal credit for buying from overseas and they accept payment via card thus giving me longer to ind a small payment.

You gotta let these card folks carry your load  and not the other way round, which I do rather well!!!