New product on T.V. add tonight.

[Shannow]

Worried about having a credit card ?

Well here's our latest advance in debit cards, with a line of credit.

Every time you make a purchase, our computer checks your card, and if sufficient funds are available, the money is taken from your savings account. Otherwise money will be taken from your line of credit. This maximises the interest on YOUR savings.

At the end of the month, you have the option of paying the line of credit, or turning the balance into a personal loan.

 

[mechtech2]

Sounds like a good back up if you need a little more than is presently deposited in your account.

 

[GMBoy]

Sounds like those overdraft protection plans that banks offer on checking accounts. Wonder what the interest rates are...can't be good because they know you are not responsible with your money if you are trying to buy something when there isn't enough money in your account to pay for it!

 

[oilyriser]

How about a smart card that delivers an increasing electric shock to your hand with every transaction as the balance approaches zero?

 

[CivicFan]

I wonder if they charge a fee for accessing the overdraft line of credit.

 

[CivicFan]

Originally Posted By: Shannow
This maximises the interest on YOUR savings.


How would that maximize interest on the savings account if there is no money in it?

 

[Shannow]

Originally Posted By: CivicFan
Originally Posted By: Shannow
This maximises the interest on YOUR savings.


How would that maximize interest on the savings account if there is no money in it?


Their words, not mine...must be true, 'though because it was in their ad.

 

[Gary Allan]

Originally Posted By: Shannow
..must be true, 'though because it was in their ad.


Yep! That's what my friend Lou says. He owns Fair Price Painting.

 

[eljefino]

There's a bank up here that has a debit card with mastercard logo. If run through as a credit card, they give you 1% cash back. Bank gets it from the mercantile discount they force upon stores. Kind of like a rewards credit card and checkbook rolled all into one.

Myself, I use a rewards credit card and pay it off every month with an interest bearing checking account, so I'm all set, anyway. Not only do I get the rewards but I get the interest "float."

 

[mechtech2]

It maximizes your interest because you use your own money, not theirs, until you need to utilize the automatic loan thing.
If you used a normal credit card, you would have interest on all of the money.
That must be their train of thought.

 

[CivicFan]

Originally Posted By: mechtech2
It maximizes your interest because you use your own money, not theirs, until you need to utilize the automatic loan thing.
If you used a normal credit card, you would have interest on all of the money.
That must be their train of thought.


The fallacy of that thought is not taking the grace period into consideration. Maybe they don't have grace periods in Australia.

 

[rangerdood]

If I draw all the money out of my savings or checking account, how do they think I'm going to pay their bill at the end of the month???

 

[tom slick]

I believe that these secured credit cards show up on your credit report. when you have bad credit or no credit you can build your credit using your own money.

I don't advocate their use but they are not quite as ridiculous as they sound at face value.