Straight or budget??

[bchip]

Then why would banks even allow something like that? We bank for you is all rubbish

Why do alcohol vendors sell alcohol?
Why do tobacco companies sell cigarettes?

 

[SauRoNZA]

Then why would banks even allow something like that? We bank for you is all rubbish

Isn't it obvious? To make more money off people.

Same reason they offer every type of loan they are legally allowed to offer to people who really shouldn't ever be allowed to get any form of credit.

It's all business, my dear. They prey on your weaknesses with a smile.

 

[Dairyfarmer]

Then why would banks even allow something like that? We bank for you is all rubbish

How do you think banks make money? Definitely not from you having a positive bank balance.

 

[SlinkyMike]

The difference is the depth of the hole you'll find yourself in after you get it all wrong.

If you are already maxing out your straight facility the last thing you should be doing is using the budget facility.

It should be a massive alarm bell to tell you things are going very very wrong.

OP should avoid a CC all together IMHO. I broke out into a cold sweat reading the OP.

 

[SauRoNZA]

OP should avoid a CC all together IMHO. I broke out into a cold sweat reading the OP.

Yup.

But sadly they’ll need to learn that the hard way.

 

[Tabac]

Why do you think her nick is Blondie ??? Helloooooo......

 

[RedViking]

I got a few questions here regarding a credit card account.
Firstly what is the difference between straight and budget?
Can I still purchase something if I don't have available credit in my straight account but I do have in my budget account?
And if I wanted to use my budget would I be able to use it if I recently lost my credit card and waiting on a new one.

Straight goes off your credit card immediately. So you need to pay it back all at once.

Budget, you pay it off in monthly installments. Some credit cards you have up to 3 months interest free.

 

[bobcpt]

Don't fall into the trap of using debt to fund your lifestyle expenses. If you can't afford to pay for something using cash, you also can't afford to pay for it when 20 to 25 percent interest is added to the base cost.

 

[greg0205]

Straight goes off your credit card immediately. So you need to pay it back all at once.

Budget, you pay it off in monthly installments. Some credit cards you have up to 3 months interest free.

First part is incorrect.

You *can* pay it off all at once and save on interest... Thing is, most folk don't... They pay the minimum 10% instalment, so effectively it becomes a very, very expensive revolving credit account.

 

[RedViking]

First part is incorrect.

You *can* pay it off all at once and save on interest... Thing is, most folk don't... They pay the minimum 10% instalment, so effectively it becomes a very, very expensive revolving credit account.

Not incorrect. If you don't want to pay it off then you pay interest or you schedule it into monthly payments. Pretty straight forward. Also depends how your credit card is set up.

 

[PsYTraNc3]

Can I still purchase something if I don't have available credit in my straight account but I do have in my budget account?

As mentioned by others before, you can but definitely should not even be thinking about doing this.
If you're maxing out your straight facility and thinking of other ways to spend money you don't have, a credit card is definitely not for you.

 

[greg0205]

Not incorrect. If you don't want to pay it off then you pay interest or you schedule it into monthly payments. Pretty straight forward. Also depends how your credit card is set up.

The option remains, and I'd argue that most folk applying for a credit card do it 'cos they're not in a position to pay it off immediately.

 

[RedViking]

The option remains, and I'd argue that most folk applying for a credit card do it 'cos they're not in a position to pay it off immediately.

Well they need to get knowledgeable. Use the budget option to space the payments over the interest free period or in monthly payments with interest aka OP's question.

 

[greg0205]

Well they need to get knowledgeable. Use the budget option to space the payments over the interest free period or in monthly payments with interest aka OP's question.

You're preaching to the choir with me, but folk who live this life are the exception, not the rule.

Most folk just want it and they want it now, and the next thing they know they're getting a card from another bank to pay off the card they have now.