No the Schredit Card is a process. Not a particular product.
A service that banks and lenders provide allowing your paymaster to pay your wages/ salary direct into your bank account or in this case credit card.
Yes. Go to option 2. This will allow you to Salary credit into your regular bank [savings account] and it is very easy by internet or phone banking to set up an automatic regular direct debit transfer from your savings account [timed with your pay days] direct to your credit card. Once this is set and in place it will be an automatic process that will give you the same result as direct salary crediting. This process is the same as you would pay any other bill using bpay or periodical payment.
Not really as you have made a payment for the month once your nett pay goes onto the credit card. So in fact that is your monthly payment. This means you have paid way more than the minimum payment as long as your expenses don't exceed minimum monthly repayment.
This comes down to changing an old process to suit the consumer and not the lender. It would only take one bank to tweak their computer system and Salary Crediting into your credit card then it would be possible.
You can at anytime use your credit card to access cash from most ATMs OR hold back some cash if unsure about your budget.
Yes it will but remember you were paying the interest on the total of your balance before. So if you have a credit card debt of $5,000 [see example] and you salary credit into the card and later decide you need $100 cash you will only pay it on the $100 and the remainder of the credit balance. So in fact you have saved 18% interest on that $100 prior to the cash advance. [based on example]
Yes the same principle will work each time, keeping in mind each family and individual will operate their budget and cash flow differently. In fact the reason the Schredit Card was developed was to assist a family to focus and pay out a couple of cards so they could apply for a home loan.
It is more than making extra payments, it is having your “ unused” funds for the month working for you whilst you decide to use those funds for other purposes. By doing this you are avoiding the minimum payment trap we all have made. We all have said “ I will make the minimum payment on my card this month because of one reason or another convincing ourselves that next month some extra funds are going to magically appear to pay a huge chunk off.. but for 3 out of 4 people this doesn’t happen.
A debit card acts like a credit card but is linked to your own saving account and debits your own funds to cover the costs of purchases. We start the Schredit Card process with a credit balance of bank funds [ not ours] but it soon turns into a Debit type card ie. Having available your own funds to purchase goods. At this point your can transfer excess funds into your account.
You know this a question that we would all like to know for sure. With any Credit card you can pay into it more than you owe. Unfortunatley no interest is currently paid to the consumer for this positive balance. Therefore it is better to transfer the extra funds to a savings account or pay another due bill. If at Schreditcard.com we can educate the banks and credit card providers to consider this a feature of paying interest to consumers, then a Schredit Card would be both a credit and a debit card all in one with the card holder paying interest on what is owed and the bank paying the card holder interest on the extra funds paid above the balance. See Diagram 2 regarding paying extra funds back into your savings account.
Yes besides finding another bank that is more helpful. Set up a salary credit into your savings account at your chosen bank or credit union. Go Online or into the branch and set up an automatic transfer from your savings account to your credit card. You can elect to have up to 100% of your pay transfered every payday [once cleared] . After this simple exercise then call back your bank and advise them that you now have a Schredit card and if they want to know how it works you would gladly show them!!
