I leave this here.
A bank gives a nice big lollipop to suck on.As soon as you are finished with it,they take that same stick from the lollipop and hit you over the head with it.
There are only 10 types of people in the world: those who understand binary, and those who don't.
Hi OP..please answer my question as to whether you are saving into a 32 notice account on a monthly basis or if I misunderstood your post
on the notice amount. Any amount you put toward paying off your PL is effectively earning you 28% return tax free. Personally I agree with taking the lowest interest rate. Apply for the credit card, transfer the PL amount onto the CC. Pay the amount you would have paid on the PL into the credit card as well as redirecting the R500pm from your notice deposit to the credit card. If you have any amount still on notice, take it out and pay it into the credit card. If you need the money in an emergency it is still available from the credit card.
But you are putting it away, just not in a separate account. AND you are "earning" more interest. its the smart thing to do. You are still saving that same R500pm, just in a better place that will earn you more effective return.
"Apply for a Gold Credit Card and have it delivered within 3 working days wherever you want. Additionally you can apply for a Balance Transfer and transfer your debt or personal loans into your credit card and only pay 9.9% for the first 9 months."
From FNB Website
Edit: Only saw your comments regarding the 9.9% after I posted...
Last edited by VG008; 06-07-2012 at 03:32 PM.
Clearing debt with debt, how are you going to pay off the credit card?
My current credit card limit is R20000,R10000 in budget and 10grand and 10grand in straight, now I have been given R45500...I have a R30000 PL..and amotor finance of about 50grand balance, I'm resigning from my current employer,(leave days, medical aid savings, and pension fund will be payedout) im planing to use leave days and possible pension fund..I'm currently paying R1300 for my car instalment over 60months(1year 5months into the contract)and I will be able to comfortably pay R2500 towards my credit car monthly...and this means I can pay off my car in 1yr or so...
Last edited by lholhos; 06-07-2012 at 04:10 PM.
Don't SARS start taxing if your pension payout is more than R22500? Mine will be just under R24000 before tax...two year's worth, will only be getting my contributions