Credit Card Investment
The other day, while reading my American Express (AMEX) credit card statement, I noticed that Credit Interest Rates on the card were set at 4.5% for anything under R1 MILLION.
Now, I’m not sure about all other Investment Accounts, but I have a 32 Notice Account, and this account only has a 4.25% interest rate. Which means that, putting money on my credit card will earn me more than if I INVESTED it!!! AND I wouldn’t have to wait 32 days before being able to use it.
If I put my money into my Amex Card, I would earn more money, and have access to it immediately. It’s not my Primary Credit Card so I could just keep this card locked away at home until I needed the money.
I’d love to hear your thoughts on this, though… Please leave a comment at the bottom of this page.
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Virgin Money credit cards now offer a 5% interest rate (assuming you are a Saffa)
Hmmm… You’ll have to excuse my ignorance, but what is a Saffa?
A saffa, is a South African
Virgin money is at 7% credit interest now !
hmmm… Thanks. I’ve learnt a new word.