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The types of insurance that aren’t worth your while

<p>While it’s important to make sure you’ve been covered, some forms of insurance aren’t really worth your while in the long run. We’ve taken a look at several types of insurance you shouldn’t really bother with, why they’re not worth your money and how you can find an alternative. </p> <p>Yes, it’s essential to make sure you’re covered, but at the same time you don’t need to waste any money.</p> <p><strong>Extended warranties</strong></p> <p>Many a salesperson has made a customer fork out that little bit extra for an “extended warranty” to go with a major electronic purchase. The thing is though, in many cases the period of time covered by the warranty is actually exactly the level you’re automatically entitled to under consumer law.</p> <p><strong>Credit protection insurance</strong></p> <p>While this type of insurance can be useful and a way to insure yourself against the possibility of something happening to your income as the result of an injury or a condition, credit protection insurance has tendency to be pretty expensive. </p> <p>A more cost effective way to ensure your payments to your credit card, personal loans or mortgages are fulfilled would be to take out a life insurance or total and permanent disability insurance policy through your individual superannuation fund.</p> <p><strong>Funeral insurance</strong></p> <p>Many people see this as a good way to ease the financial burden on their family that comes with their passing, but in reality funeral insurance is quite expensive and the premiums add up every year. </p> <p>A far better option is a prepaid funeral, funeral bonds life insurance or even a special savings account with money set aside. Just make sure you let your family know!</p> <p><strong>ID theft insurance</strong></p> <p>This is one of those types of insurance that isn’t really protecting your from becoming a victim, rather helping you deal with the costs once it’s already happened. And what’s more, you bank is usually willing to cover the costs of credit card fraud, which is one of the major problems to be associated with ID theft. </p> <p>Instead of spending money on a policy you can protect yourself from ID theft by simply keeping your personal documents safe, shredding documents such as bank account statements before throwing them away, and using antivirus software that is up to date. You can also check your credit file each year to make sure nobody’s using your identity for fake accounts.</p> <p><em>Image credits: Getty Images </em></p>

Money & Banking

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How to score yourself free onboard credit on your next cruise

<p>Everybody loves to splurge on holidays especially when you’ve been given free credit! Here’s how to score yourself some free cash.</p> <p><strong>Grab a deal</strong></p> <p>With so many cruise lines now sailing out of Australia, they will all be competing hard for your business. You can book a great deal at any time of year and, alongside things like free upgrades or 50 per cent off for a second passenger, you’ll find onboard credit. Do your research and you could easily score yourself hundreds of dollars to spend onboard at no extra cost.</p> <p><strong>Book through an agent</strong></p> <p>Specialised cruise travel agents develop strong relationships with the lines and will be able to secure you the best price. As part of their offering, they can also throw in some free onboard credit. This could be with an individual shopfront agent or one of the larger online third parties, so look around for the best offers. And if you don’t see anything advertised directly, it never hurts to ask!</p> <p><strong>Stay loyal to a line</strong></p> <p>Most major cruise lines will have a dedicated loyalty scheme that operates sort of like a frequent flyer program. Cruise multiple times with the one line and they will reward you with special fares, upgrades and (you guessed it) onboard credit. Make sure you use your unique identification number every time you book so that you don’t miss out on any of your points.</p> <p><strong>Book another cruise</strong></p> <p>If you’re loving your cruise, take advantage of the onboard sales office and book another one right away. You’ll be able to take advantage of exclusive offers that you won’t find on land and many of these include onboard credit. The line will be eager to get you to sign up again before you can look at other ships, so it’s a chance for you to grab some big bonuses.</p> <p><strong>Make the best of a bad situation</strong></p> <p>When something goes wrong on a cruise (like a change of itinerary, missing a port or a fault with your cabin) the line will very often compensate you with onboard credit. We’re not saying you can create a problem to grab some cash, but if you have a legitimate problem then alert the crew as soon as possible and see if they can offer you some in exchange.</p>

Cruising

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Common credit card mistakes to avoid

<p>If you regularly use your credit card, you’ll know how easy it is to plonk down the plastic for your shopping and other purchases. It’s also easy to forget those pesky card payments that follow. </p> <p>Along with the convenience of credit cards comes the danger that your bills can quickly snowball into a major debt that can linger for years if not managed properly. </p> <p>It pays to be aware of the pitfalls of credit cards and ensure you’ve got good habits in place to avoid them as much as possible. The following are a few suggestions:</p> <p><strong>Shop around for the best card deals</strong></p> <p>Don't make the mistake of signing up for the first credit card offer that arrives in your mailbox. Go online and look for the best possible card terms and features to suit you. Credit card rates can vary significantly, depending on the card and type of promotion offered.</p> <p><strong>Rewards programs</strong></p> <p>Following on from the point above, make sure the card you choose provides features you genuinely need and will actively use. Credit card rewards are promoted to make consumers think they’re getting something for free. But when you add up what it costs to earn rewards, a rewards program may not be much of a perk. For instance, credit cards that offer rewards often have much higher interest rates than cards with no rewards.</p> <p><strong>Keep track of your spending</strong></p> <p>While using a credit card sometimes feels like you’re not really spending money, not keeping track of your spending can wreak havoc on your finances. Carry a small notebook or if you’re more tech savvy, use one of the many apps available on your phone to record your purchases so you won't get a nasty shock when you receive your monthly statement. Make sure you check your statements regularly too.</p> <p><strong>Late and minimum payments</strong></p> <p>Credit card payments that aren’t paid on time result in late fees and higher interest rates. Read through your credit card statement carefully so you know when the payment is due. Consider auto-payment facilities or put a recurring note in your calendar each month a few days in advance of your payment due date to ensure you don’t miss it. Most card statements list the date that payments must be received by to avoid penalty interest fees. Ideally, it’s best to pay the full amount every month. Only paying the minimum amount will make the situation worse over time by attracting cumulative interest payment penalties.</p> <p><strong>Using cash advances</strong></p> <p>While they’re a tempting option, cash advances attract higher interest rates and should be used with care.</p> <p><strong>Handle with care!</strong></p> <p>Credit cards can be useful financial tools when used responsibly. Getting into good habits can ensure you take full advantage of the benefits while avoiding the traps.</p> <p><em>Image credit: Shutterstock</em></p>

Money & Banking

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Dad’s horror at six-year-old’s massive bill

<p>A young boy from Michigan has learned a tasty lesson in money management.</p> <p>Six-year-old Mason Stonehouse had been playing on his dad’s phone when he discovered his soon-to-be favourite app - food delivery service Grubhub. </p> <p>After putting his son to bed, Mason’s father Keith was shocked to find delivery drivers began to frequent their doorstep, one after the other leaving something behind. Keith likened the strange evening to a<em> Saturday Night Live</em> skit, and in doorbell camera footage he could be heard asking one of the drivers “what the hell is going on?” </p> <p>A look at his phone confirmed that Mason had pulled off a parent’s nightmare - the boy had ordered almost $2,000 (AUD) of food from restaurants all across their town. </p> <p>Speaking with <em>TODAY.com</em>, Keith explained that the two were having father and son time in front of the TV when Mason asked to use Keith’s phone. Mason often uses his dad’s phone to play educational games, so Keith thought nothing of it, allowing Mason 30 minutes with the device. </p> <p>Keith recalled how Mason made his way downstairs to play, and went to bed without a fuss when his half hour was up. </p> <p>“A 6-year-old going to bed is not normally an easy thing but he was surprisingly really good,” he said. “There was no fight, no ‘I’m hungry’, or making up stuff to stay up. He just went to bed, and I was like, ‘Wow, this is amazing, I wish Mom was here to witness this’. And all of a sudden I hear the doorbell.”</p> <p>To various news outlets, Keith has mentioned how it was “car after car” that kept “coming and coming” to the family’s home in Chesterfield Township. In his own Facebook post about the incident, he shared Mason’s shopping list, telling his friends “if you’re hungry and you’re in the mood for 5 orders of jumbo shrimp, salad, grape leaves, rice, 3 hanis, several orders of chilli cheese fries, chicken shawarma sandwiches, and plenty of Ice cream - swing on by SMH.”</p> <p>Keith saw Mason’s delectable adventure to an end when his bank declined an order of $635 (AUD) for pepperoni pizza. As he told <em>Good Morning America</em>, this “would’ve been on top of the $1,000 worth of food that was piling in my kitchen.”</p> <p>This wasn’t even Mason’s first order of the evening from the same establishment - Happy’s Pizza for a happy Mason - with a sizable jumbo shrimp delivery already having made it to their doorstep. </p> <p><em>MLive.com </em>heard from Keith that he tried to speak to Mason about what had happened, but soon discovered that their priorities weren’t exactly aligned, “I was trying to explain to him that this wasn’t good and he puts his hand up and stops me and says, ‘Dad, did the pepperoni pizzas come yet?’”</p> <p>“I had to walk out of the room. I didn’t know if I should get mad or laugh,” he admitted. </p> <p>Whether the entire situation prompted more amusement or exasperation from the Stonehouses, they assured everyone that none of Mason’s bouncy went to waste, with the food going to their neighbours, and their phones well away from Mason’s sneaky shopping. </p> <p><em>Images: Facebook </em></p>

Money & Banking

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What happens if I can’t pay my mortgage and what are my options?

<p>With rising costs of living, including interest rate rises, many people are really worried about their mortgage.</p> <p>So, what actually happens if you can’t pay your mortgage – and what are your options?</p> <p>Here’s what you need to know.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">It’s not particularly rare for a borrower to face a period of temporary financial hardship.</span> <span class="attribution"><span class="source">Photo by Tierra Mallorca on Unsplash</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p><strong>Payment deferrals, payment plans or getting fees waived</strong></p> <p>It’s not particularly rare for a borrower to face a period of temporary financial hardship, often due to circumstances beyond their control.</p> <p><a href="https://www.rba.gov.au/publications/bulletin/2021/sep/the-financial-cost-of-job-loss-in-australia.html" target="_blank" rel="noopener">Job loss</a>, relationship breakdowns, natural disasters, injuries and illnesses all affect the capacity of householders to repay their loan, especially given mortgages tend to run over many years, if not decades.</p> <p>Banks have “hardship” processes to deal with borrowers who are temporarily unable to repay their loan.</p> <p>The <a href="https://www.ausbanking.org.au/" target="_blank" rel="noopener">Banking Code of Practice</a>, to which most banks subscribe, provides guidelines for lenders to help consumers through financial difficulties.</p> <p>One form of relief is a payment deferral or “holiday”. That’s where a customer is able to postpone repayments until the issue causing hardship is resolved. Many people used this option during COVID lockdowns.</p> <p>However, a payment holiday sometimes simply “kicks the can down the road” and the customer is still in financial trouble when their temporary payment holiday ends.</p> <p>Other options include payment plans. This is where you pay back less per month but the mortgage lasts longer overall.</p> <p>Or, the bank may simply offer advice on how to handle finances until you’re back on your feet.</p> <p>It is also possible for banks to waive discretionary fees (such as those related to overdue payments).</p> <p><strong>Banks don’t really want you to default</strong></p> <p>Banks typically do not want their customers to default on property.</p> <p>They’re usually protected against losses themselves through lender’s mortgage insurance, but banks see mortgage holders as particularly valuable customers. They have shown they can obtain finance and repay loans.</p> <p>Usually, it’s easier for the bank to make hardship arrangements with a customer - and build trust along the way - than it is to wind up a mortgage, seize the property and then have to deal with trying to sell it in a flagging market.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">Mortgagee-in-possession can lead to lower sale price.</span> <span class="attribution"><span class="source">Photo by RODNAE Productions/Pexels</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p><strong>What about my credit score?</strong></p> <p>Recent <a href="https://www.creditsmart.org.au/financial-hardship/changes-to-credit-reporting-from-july-2022/" target="_blank" rel="noopener">changes</a> to the credit legislation make it easier to apply for a payment plan without affecting your credit score.</p> <p>From July 1, 2022, under the terms of a financial hardship arrangement, a customer’s credit report will show they have made on time repayments for the period of the arrangement – providing they have followed the terms of the hardship agreement.</p> <p>Credit reports will also indicate whether (but not why) a customer is in a financial hardship arrangement.</p> <p>This information stays on a credit report for one year, then disappears.</p> <p>Importantly, though, hardship information will be visible to other credit providers, and may affect a customer’s ability to get other loans during the period.</p> <p><strong>I’m struggling. So what should I do?</strong></p> <p>Contact your financial institution as early as you can. Your bank may be able to offer payment relief in the form of reduced payments or a holiday from repayments – or a combination of both.</p> <p>You usually need to provide evidence for the reason for financial hardship, and there’s an expectation you’ll be able to resume repayments when the temporary issue is resolved.</p> <p>Not every application for hardship will be successful, particularly if you have made promises to repay in the past and not followed through.</p> <p><a href="https://moneysmart.gov.au/how-life-insurance-works/income-protection-insurance" target="_blank" rel="noopener">Income protection insurance</a> (for those who plan for uncertainties) may help prevent the need for hardship arrangements in the first place.</p> <p>If you see the issue as ongoing, rather than temporary, consider a different approach.</p> <p>If you’re ahead on your mortgage (as many Australians were during the pandemic), or you have significant equity in your house, consider refinancing. That’s where you take out a new mortgage to repay an existing loan.</p> <p>You may be able to get a lower monthly repayment, especially if you have built an equity stake greater than 30%.</p> <p>It won’t always be an option, especially if you are a recent borrower facing rising interest rates, stagnant or falling house prices, and have limited equity.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">A growing number of Australians are worried about their home loan.</span> <span class="attribution"><span class="source">Photo by mentatdgt/Pexels</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p>In dire circumstances, you may be able to <a href="https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/" target="_blank" rel="noopener">access your superannuation early</a> (which means you may have a lot less to retire on).</p> <p>If you really do need to sell, it is better to sell the property of your own volition, rather than having a forced sale.</p> <p>Mortgagee-in-possession (which is where the bank sells the house) can often lead to a lower sales price than a vendor-led campaign, and the time frame may not suit you.</p> <p>Free help is available. The <a href="https://www.arca.asn.au/" target="_blank" rel="noopener">Australian Retail Credit Association</a> provides information on how hardship processes are reported, while the <a href="https://financialrights.org.au/factsheets/mortgage-stress/" target="_blank" rel="noopener">Financial Rights Legal Centre</a> helps advocate for consumers through the mortgage stress process.</p> <p>The government’s <a href="https://moneysmart.gov.au/managing-debt/financial-hardship" target="_blank" rel="noopener">Moneysmart</a> site also provides information on how to navigate the hardship process.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/188891/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/andrew-grant-442581" target="_blank" rel="noopener">Andrew Grant</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/university-of-sydney-841" target="_blank" rel="noopener">University of Sydney</a></em></p> <p><em>This article is republished from <a href="https://theconversation.com" target="_blank" rel="noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-happens-if-i-cant-pay-my-mortgage-and-what-are-my-options-188891" target="_blank" rel="noopener">original article</a>.</em></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Surprising differences in how we use credit cards and cash

<p>With more credit cards used by Kiwis than ever is definitely seems as though New Zealanders are addicted to the convenience of not having to pay with cash. But what is the impact of this on New Zealand consumer behaviour?</p> <p>Since the late 1990’s researchers have been interested in understanding the psychology behind credit card use, not least because of the proliferation of debt in the consumer market and the concern of the ease with which to gains these cards (and debt) preys on vulnerable consumers.</p> <p>A 1998 study conducted by George Lowenstein and his colleagues that was published in 2001 made the finding that payments with cash elicited quite a different emotional response to payments made with credit cards or any other payment methods where the actual payment is to a certain extent “delayed”. The suggestion is paying by traditional methods with cash requires a physical transaction that can be more painful than paying for something with credit, where you see a figure on the receipt but you’re not actually handing over a physical amount of money in real life.</p> <p>In another experiment as part of the project, Mr Lowenstein observed that people were willing to pay much more for a particular event with credit cards than with cash, with the premium ranging anywhere between 60 and 113 per cent more, which represents quite a significant difference. </p> <p>Similar research has also found people are more likely to spend money when given $50 in cash rather than $50 in a gift voucher, they were more likely to spend a higher proportion of that in the latter rather than the former, which is again probably because of the lack of physical exchange.</p> <p>So what does this mean for you? Well, if you’re looking to tighten your purse strings around the house, opting to make more purchases with cash might just be the best way to do it. By making your purchase with cash you’re statistically likely to be less likely to overspend and more mindful of the items you are actually buying, which could lead to significant savings down the track. Willpower can be hard, especially when shopping, but this is an easier way to make willpower happen.</p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Queensland couple mistakenly charged $15k for flights to Melbourne

<p dir="ltr">A couple looking forward to going on their much needed holiday have been instead wrongly charged $15,000.  </p> <p dir="ltr">Dennis and Pat Amor from Queensland were organising a trip to Melbourne to visit some family after two years of no flights thanks to the pandemic. </p> <p dir="ltr">The pair called Qantas to help book the tickets and provided their credit card details – but were instead informed that their booking was rejected.  </p> <p dir="ltr">Pat however revealed that their booking was in fact not rejected and that the Qantas staff member had instead processed it 15 times. </p> <p dir="ltr">"It's never declined and she apparently tried to push it over and over again,” she told <a href="https://9now.nine.com.au/a-current-affair/queensland-couple-15000-dollar-qantas-bill-booking-error/b9dcb551-90d3-437c-8ed0-e36117cdd0a7" target="_blank" rel="noopener">A Current Affair</a>. </p> <p dir="ltr">The horrified couple had to check with Mastercard to see what the issue was and were shocked to find they were charged 15 times for the flights.</p> <p dir="ltr">"They just said there was a bill of $15,000 on the card, being 15 transactions had gone through, so we were really flummoxed," Pat revealed. </p> <p dir="ltr">They tried to get in touch with Qantas once again and time after time were unable to get through.</p> <p dir="ltr">Eventually, a staff member got in touch who said they would sort it out with the finance team and call them later that day. They didn’t. </p> <p dir="ltr">Mastercard however has since returned $11,000 of the couple’s money – but at the time of writing, $4,000 remains outstanding. </p> <p dir="ltr">Qantas claims that the issue is with the Amor’s credit card and not with them, which Mastercard has refuted. </p> <p dir="ltr">To top it off, the upset couple were told they could not fly Qantas until the matter was resolved and were required to use leftover credit from Jetstar to book their tickets. </p> <p dir="ltr">"It doesn't seem fair to us. We are frustrated. We are angry."</p> <p dir="ltr"><em>Image: A Current Affair</em></p>

Travel Trouble

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Why the use of cash is rapidly declining

<p dir="ltr">When was the last time you used cash to pay for something? Do you even have cash in your wallet right now? </p> <p dir="ltr">The way we pay has drastically changed over the past few years with so many new options available, such as buy-now-pay-later and contactless payments. </p> <p dir="ltr">According to the annual <a href="https://worldpay.globalpaymentsreport.com/en" target="_blank" rel="noopener">Global Payments Report</a>, cash payments in Australia will amount to just two per cent of transactions by 2025. </p> <p dir="ltr">The report also predicts that digital wallets that are readily available with just two clicks on a smartphone, will be the preferred method of payment in just two years. This will overtake the use of credit and debit cards. </p> <p dir="ltr">About 40 per cent of transactions across the country are composed of debit cards, following closely with credit cards at 35 per cent, digital wallets sitting at 11 per cent, cash seven percent, and buy-now-pay-later options at a mere four per cent.  </p> <p dir="ltr">Thanks to Covid-19 and periods of lockdown, most Aussies opted out of using cash, with the Australian Banking Association reporting a decline in use of ATMs by 20 per cent. </p> <p dir="ltr">"Covid-19 accelerated trends in our society and changed the way we live our lives. Working from home will forever be more prominent within the workforce, we have steered away from using cash and as a result are seeing an increase in card and technology payments and the existing trend of doing banking online instead of in a branch has only continued," ABA chief executive Anna Bligh told <a href="https://www.9news.com.au/national/australia-cash-use-declining-predicted-to-be-two-per-cent-value-in-2025/29a6febb-f8ab-49cf-9462-56fd20a22a33" target="_blank" rel="noopener">Nine News</a>.</p> <p dir="ltr">"As we have seen more people go away from using branches, it's no surprise to see banks invest in areas where customers prefer to bank, such as in their online platforms and apps.”</p> <p dir="ltr">The ABA also showed that one in 10 Aussies regularly leaves their home without their wallet, while more than one in three use digital wallets weekly. </p> <p dir="ltr"><em>Image: Shutterstock</em></p>

Money & Banking

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Banking tips we can all use

<p>We all use banks most of the time and knowing how to spend or save your money wisely can be tough. While you may be able to do your banking with just a few taps on your phone, managing money well is much more complicated. Here are a few tips to help you get started.</p> <p><strong>1. Budget using an app or a website to help</strong></p> <p>Tracking how much you spend weekly and monthly shows you where your money goes and how you can save more. You can use a budgeting app to tracks your cash automatically. Choose an app that lets you spend as little or as much time on budgeting as you want. From there, you can identify your total fixed expenses, such as rent and car payments, and more flexible costs such as shopping and dining out. You can use the <a href="mailto:https://moneysmart.gov.au/budgeting/how-to-do-a-budget">Moneysmart website</a> which has a lot of free advice as well.</p> <p><strong>2. Set up automatic transfers to your savings</strong></p> <p>When you have a rough idea of how much you can save regularly, create a recurring transfer from your checking account to a savings account. By making savings automatic, you can get used to spending ‘below your means’ and never have to worry about remembering to transfer. It’s also good to set up automatic transfers to savings accounts which reward you for a monthly increase by a higher interest rate, so set this up.</p> <p><strong>3. Avoid overdrawing your accounts</strong></p> <p>Before you pay rent or spend any other big chunk of money, take a look at your account’s available balance. This can prevent you from spending more than you have in your account because if you overdraw, you may be charged a fee. If you get a number of these, they all add up.</p> <p><strong>4. Establish credit</strong></p> <p>Loans and credit cards can help you build good credit — as long as you stay current on monthly payments and don’t overuse them. Your credit score, which shows how responsible you are with credit, is an important factor which lenders check before approving car loans and mortgages. The better your score, the lower the interest rate you may be eligible for.</p> <p><strong>5. Repay debts strategically</strong></p> <p>If you have debts from multiple credit cards and student loans, pay the minimum on each and then contribute more to your higher-interest debts. By making these a priority, you can reduce how much interest you’re paying faster than by treating all debts the same.</p> <p><strong>6. Start an emergency fund</strong></p> <p>Being financially prepared in case of health emergencies or any other financial strains can save you from going into debt. Have a separate savings account just for this purpose — don’t mix it up with your regular savings. A good rule of thumb is to save enough to pay three to six months’ worth of living expenses.</p> <p><strong>7. Set long-term savings goals</strong></p> <p>Consider opting to pay a higher rate to your superannuation on a long-term basis as this will help you out when you retire. The earlier you start doing this the better.</p> <p><em>Photo: Shutterstock</em></p>

Money & Banking

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Nurse swipes credit card from dead patient and USES it in vending machine

<p>UK healthcare worker, Ayesha Basharat, has been slammed as she stole a dead patient's card and used it at the hospital's vending machine.</p> <p>She had taken an 83-year-old woman's card from her room in the heartlands Hospital's COVID-19 ward and used the card six times at the vending machine, making contactless payments.</p> <p>Basharat had stolen the card from the woman just moments after she died on January 24th, according to<span> </span><a rel="noopener" href="https://west-midlands.police.uk/news/hospital-worker-used-dead-patients-bank-card-buy-sweets-and-fizzy-pop?fbclid=IwAR0zaC47A9DaQWcq_aaGVGjmJOOV9ccbobeGBpAjHpu-SHpTsADEfOmeqso" target="_blank">West Midlands Police</a>.</p> <p>Police caught up to her after she continued to use the credit card despite the family of the woman cancelling it.</p> <p>Basharat has been given two concurrent jail terms of five months each, both of which were suspended for 18 months.</p> <p>Detective Constable Andrew Snowdon said the act was an "abhorrent breach of trust".</p> <p>“This was an abhorrent breach of trust and distressing for the victim’s family," he said.</p> <p>“They were having to come to terms with the death of a loved one from Covid when they found the bank card missing – and then of course the realisation that the card was taken by someone who should have been caring for her.</p> <p>“I wish the family all the best for the future and with this conviction hope they can move on from this upsetting episode.”</p>

Legal

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5 ways you can save money by using credit cards

<p>Credit cards sometimes get a bad rap, and that’s mostly because they can lead you to temptation to spend beyond your means.</p> <p>Used responsibly, however, these little pieces of plastic can actually save you money as banks are constantly running promotions that offer discounts for spending.</p> <p>The key is to pay your bills in full every month so you don’t incur the astronomical interest rate, which, in Singapore, is about 25 per cent per annum.</p> <p>Check out these 5 ways that using credit cards can help save you money.</p> <p><strong>1. Dining deals</strong></p> <p>Credit cards that offer dining deals are a foodie’s best friend and the good news is, there are plenty of such cards in Singapore, Malaysia, Australia and New Zealand.</p> <p>Be sure to subscribe to receive promotional emails and mailers from your banks to find out about current dining deals such as 1-for-1 offers, cashback or complimentary treats at selected eateries.</p> <p><strong>2. Discounts on hotels and flights</strong></p> <p>Keep an eye out for special flight or hotel deals from your credit card of choice.</p> <p>You can also get discounts when you book through hotel booking sites such as Agoda or Expedia.</p> <p>Some cards are specially designed for frequent travellers as you get complimentary use of airport lounges a number of times a year, and free travel insurance if you purchase your ticket using the card.</p> <p>Be aware, though, that some airlines charge a fee when you pay for your tickets online using a credit card, so do some calculations to see if it still works out cheaper.</p> <p><strong>3. Take advantage of interest-free instalment plans</strong></p> <p>If you need to buy expensive electronic or electrical goods, such as a new TV or laptop, the 0 per cent interest instalment offered by most major credit cards at most major electronic stores can come in very handy.</p> <p>It helps spread the payments out over your chosen six or 12 months without the high interest rates you would otherwise incur if you were to pay for it upfront using your credit card.</p> <p>This allows you to better manage your monthly expenses and avoid overspending.</p> <p>Credit card companies make profits on a simple fact of human nature: we buy today and worry about how to pay for it tomorrow.</p> <p><strong>4. Discounts on everyday items</strong></p> <p>Credit cards aren’t just useful for big ticket or luxury goods, they can help you save on everyday items too, such as groceries and petrol.</p> <p>In Singapore, cards from POSB, Citibank, HSBC and others can knock off up to 20 percent from your petrol spending each time you fill up the tank.</p> <p>There are many similar campaigns available in Australia and New Zealand.</p> <p>And with the high cost of car ownership, every single dollar counts.</p> <p><strong>5. Collect rebates and cashback</strong></p> <p>If you’re not after dining deals and you don’t like going for holidays, you may want to keep it simple and just collect good ’ol rebates or cashback from your spending.</p> <p>In Singapore, most cashback cards require you to have a minimum spend per month, such as $500, in order to qualify for rebates.</p> <p><em>Written by Siti Rohani. This article first appeared in </em><span><a href="https://www.readersdigest.com.au/money/5-ways-you-can-save-money-using-credit-cards"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V"><em>here’s our best subscription offer.</em></a></span></p> <p> </p>

Money & Banking

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4 credit card rules you should never break

<p>According to a study from <span><a href="https://www.finder.com.au/1-6-million-australians-have-3-credit-cards">finder.com.au</a></span>, 40% of Australians own one credit card, 19% own two credit cards and 8% own three or more. Unsurprisingly, cardholders with several cards were more likely to have bigger credit card debts than those with just one credit card. The study found that those with several cards carried on average $6,500 of credit card debt – more than double the national average.</p> <p>However, credit cards are not necessarily a bad thing, says Prudential’s financial wellness advocate Tiffany Aliche. “It’s a myth that credit cards are innately bad,” she says. “Think of them instead like a tool, just like a hammer. You can pick that hammer up and build a house, or you can pick up that same hammer and destroy that same house. It depends entirely on the user.”</p> <p>So, is there a method to the credit-card madness? We ask trusty financial experts for their top credit card dos and don’ts.</p> <p><strong>1. Stick to one or two cards</strong></p> <p>It’s a common belief that to have good credit, you need credit cards. The truth is yes… and no. Financial wellness advocate Felicity Aliche recommends keeping at least one but not more than three cards. “Remember, if you have no credit history, you are a bad borrower,” she says. “It’s just like if my 16-year-old relative said, ‘Look, I’ve never been in an accident,’ yet she’s never driven a car, so therefore she’s a bad driver. Well, the same goes for credit.”</p> <p>However, that doesn’t mean you need to fill your wallet with plastic in order to have good credit, either. “Because the word ‘credit’ is in credit cards, people associate the two, but your credit score is about much more than that,” she says. “Your credit score encompasses many more aspects than cards. It’s about any time you borrow and pay back money, whether it’s a mortgage, car loan, student loan, even your utility bills.”</p> <p><strong>2. Remember the 30 per cent rule</strong></p> <p>You could be paying your monthly credit card bill on time, but if you’re continually carrying a high balance, that will bring your credit score down. “Think of 30% as your new maximum, and realise that anything above that is going to tank your score,” says Aliche. Gearing up for a big purchase, like a home or car? Then aim for 15%, she says.</p> <p><strong>3. Shop around</strong></p> <p>Interest rates may be low for those with a mortgage, but credit card interest rates haven’t moved much. However, that doesn’t mean you shouldn’t look for a lower rate. Let’s say you bring your interest rate down from 20% to 15%. That means for every $100, $20 is going to interest and fees, versus $15. That’s quite an amount over a period of time. “That’s why I suggest that people regularly negotiate their rate. Pick a date every year that you spend on negotiating your fee, and you may be surprised how easy it can be to lower it,” says Aliche. Better still, try and pay off the whole amount each month so you don’t pay any interest at all.</p> <p><strong>4. Look for cash-back cards</strong></p> <p>Cashback credit cards are fairly new to Australia so it’s crucial to understand your money reward options before choosing that new piece of plastic to sit in your wallet, says <span><a href="https://mozo.com.au/credit-cards/guides/cash-back-credit-cards-unveiled/84">mozo.com.au</a></span>.</p> <p><span><a href="https://mozo.com.au/rewards-credit-cards/cashback">Cash back credit cards</a></span> work in a similar way to reward credit cards like platinum and frequent flyer cards: every time you use your card to buy something you earn reward points which you then redeem for products or flights. However, with cash back cards your points are converted into cash.</p> <p>“I’m a big believer in cash-back cards,” says Foguth. “I put everything – petrol, restaurants, you name it – on one credit card that offers cashback. Even if I get 1% cashback, that’s 1% more than if I used a $100 note in my pocket,” he says.</p> <p><em>Written by Michelle Crouch. This article first appeared in </em><a href="https://www.readersdigest.com.au/food-home-garden/money/12-credit-card-rules-you-should-never-break"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V"><em>here’s our best subscription offer.</em></a></p>

Money & Banking

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5 ways to escape the credit card debt trap

<p>Feeling the pinch towards the end of the year and want to get ahead on your finances and debt? Here are some suggestions.</p> <ol> <li><strong>Start a piggy bank</strong> Go old-school! Save up for purchases instead of buying on impulse.</li> <li><strong>Only use one credit card.</strong> The more cards you have, the more you’ll be tempted to carry a larger balance and take on unwanted debt.</li> <li><strong>Pay the highest interest rate first.</strong> If possible, pay off your credit card bills and card balance in full each month. Or pay as much as you can afford above the mandatory payments on the highest interest rate card first. Set up a direct debit for minimum payments to avoid late fees or transfer your balance to a new 0% interest credit card for a limited time.</li> <li><strong>Spend less than you earn.</strong> Cut back on unnecessary expenses and use what you already have before buying new things. Create a self-imposed ‘spending freeze’ for a few months. Take your credit card out of your wallet and only use physical cash for a month.</li> <li><strong>Don’t spend ‘imaginary money’. </strong>Avoid spending any money you haven’t yet earned and lower your credit card limit to help avoid temptation. Financial experts suggest keeping records, making a budget and sticking to it. If you have more than one card, close off each credit card as you pay it off.</li> </ol> <p><em>Written by Readers Digest Editors. This article first appeared in <a href="https://www.readersdigest.com.au/money/5-Ways-to-Escape-the-Credit-Card-Debt-Trap">Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V">here’s our best subscription offer</a>.</em></p>

Money & Banking

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5 times to never use your credit card for payment

<div class="postIntro">Credit cards might be convenient and reliable, but here are some scenarios where swiping or entering your digits could be dangerous.</div> <p><strong>1. When a website address does not begin with "HTTPS"</strong></p> <p>If you don’t see these five letters in the address bar of the website you are trying to make a payment on, it means the site is not secure.</p> <p>“HTTPS is a protocol for secure communication over a computer network which is widely used on the Internet,” explains Robert McKee, lawyer and certified international privacy professional.</p> <p>“Its main motivation is authentication of the visited website and protection of the privacy and integrity of the exchanged data.”</p> <p>When the URL begins with “HTTPS”, the site is secure, and you are safe to use a credit card.</p> <p>If the site does not include an “s” in this beginning part of the URL, opt out of the online purchase, and try using a third-party payment system like PayPal instead.</p> <p>These sites act as another barrier between an organization and your credit information. If all else fails, try paying in person.</p> <p><strong>2. When you're responding to an email</strong></p> <p>It is actually better to provide your credit card to someone over the phone (only when you have initiated the call—more on that later) or even via text message than it is to respond with your credit card number in an email.</p> <p>“There is a technique called ‘phishing’ or ‘spear phishing’, and it involves emails that are designed to extract your credit card number for an unauthorized purchase,” warns Stephen Lesavich, PhD, JD, attorney, credit card expert, and best-selling author.</p> <p>Before clicking on any link, look for phishing clues like spelling mistakes, strange use of English, and logos that look off.</p> <p>Another technique is to hover over a link while not clicking on it and see if you can recognize the URL.</p> <p>Look for the same site outside your email and compare them.</p> <p>If there is anything suspicious, do not make the purchase or make it from another site.</p> <p>They’re smart, they’re sneaky, and they want your personal information.</p> <p><strong>3. When charity fundraisers approach you on the street</strong></p> <p>Quite often, and mostly in big cities, you’ll see charity fundraisers walking the streets in an attempt to collect donations in the form of money for a variety of causes – the environment, child welfare, and pet care, to name just a few.</p> <p>They might only ask to take your name down so they can contact you at a later date, but if they ask you for your credit card, beware.</p> <p>“These causes are known to target people’s emotions to get them to donate,” warns Lesavich.</p> <p>“Although legitimate in some cases, they could instead be scams to charge your credit card and get your credit card information.”</p> <p>If you want to contribute to these causes, a safer bet is to visit their website, check that it’s secure and then make a donation from there.</p> <p><strong>4. When speaking to anyone over the phone</strong></p> <p>Try to avoid giving your credit card information over the phone for the simple reason that you don’t know where it will go once you hang up.</p> <p>You also don’t know who’s listening in on the call – whether it’s people around you, someone else on the line, or even the person on the other end of the phone who’s taking down your digits.</p> <p>“One of the most common examples of card information being given over the phone is through delivery food purchases,” says Jeremy Brant, VP of Information Technology for .<br />Bank.</p> <p>“In situations like these, or other instances where a vendor is asking for card information over the phone, order the service online or pay cash in person.”</p> <p>With delivery food, should the location not have its own website (or the website is not secure), third-party smartphone apps can fill in the gap.</p> <p><strong>5. When an online merchant has no reviews</strong></p> <p>If you’re considering buying from a merchant on any type of marketplace – from eBay to Etsy – look them up online. If you Google them and there’s only one listing for the merchant, with no online reviews, no past experiences from other customers, and no social media accounts, you should think twice about handing over your card.</p> <p>This is true for online merchants, of course, but real-world merchants as well. “The Internet has given consumers a much more effective way to gauge the reputation of the companies we do business with, so use it,” suggests Adam Jusko, founder and CEO of a card comparison and news site.</p> <p>Along these same lines, look for contact information on the websites you buy from, including address and phone number if you’re unfamiliar with the merchant.</p> <p>“Cross reference the address and phone numbers by looking them up in a search engine to see if they match the merchant.”</p> <p><em>Written by Jenn Sinrich. This article first appeared in <a href="https://www.readersdigest.com.au/true-stories-lifestyle/thought-provoking/10-times-never-ever-use-your-credit-card-payment">Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA93V">here’s our best subscription offer</a>.</em></p>

Money & Banking

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Parents' surprise credit card bill after son books $2,400 flights

<p>A 13-year-old boy has given his parents a shock after he bought a $2,400 return flight from Adelaide to Rio de Janeiro using their credit card.</p> <p>The New Zealand boy booked the $2,400 Qantas tickets through the flight booking site Webjet on a hand-me-down phone which still had his parents’ credit card details loaded, the <em><a rel="noopener" href="https://www.stuff.co.nz/travel/travel-troubles/113150382/autistic-boy-13-books-2400-worth-of-flights-to-rio-de-janeiro" target="_blank">Sunday Star Times</a> </em>reported.</p> <p>The autistic boy’s father, who wished to remain anonymous, said he first became aware of the booking when he received a confirmation email from Webjet, which he and his wife initially dismissed as a scam.</p> <p>“When we discovered it was real my heart started to flutter and I ended up on the phone to Qantas and Webjet trying to sort it out all weekend,” he said.</p> <p>“[The boy] has always been interested in travel and often talks about travelling. We think what’s happened is he’s seen a Webjet ad on TV while my wife was making tea in the kitchen.”</p> <p>The father cancelled the booking in an attempt to get a refund, but he was still hit with cancellation fees. </p> <p>“I explained that he was a minor and on the autism spectrum but there was not much response to that,” he said.</p> <p>On Friday, a Qantas spokesperson confirmed that the case had been reviewed following media enquiries, and the family would receive a full refund. </p> <p>“We’ve taken another look at the case and it is a genuine mistake so we’ll be making sure the fares are refunded without any cancellation fee being applied.”</p> <p>The parents have been told the repayment could take 12 weeks, but the father said he was relieved to gain the money back. He said he would make sure to clear his old phones in the future.</p> <p>“We’ve cancelled our credit cards too, just to be on the safe side. It definitely could be a good lesson for others.”</p> <p>Last year, a 12-year-old Sydney boy made <a rel="noopener" href="https://www.sbs.com.au/news/how-did-a-12-year-old-australian-boy-manage-to-fly-to-bali-by-himself" target="_blank">headlines</a> after he stole his parents’ credit card and flew to Bali alone. Following a family argument, the boy reportedly went to the airport, boarded a flight for Perth and another for Indonesia. He spent four days on the island, where he checked into the All Seasons hotel, drank beer and hired a scooter. The boy was eventually found by the police and taken home by his parents.</p>

Travel Trouble

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4 things you should consider before switching credit cards

<p><span>Thinking about changing your credit card? Our lifestyle and how we use our money can change throughout the years, so it’s always good to re-evaluate your spending habits from time to time and check if your card still fits the bill. </span></p> <p><span>Here are the four things you should consider before switching to another credit card.</span></p> <p><strong><span>1. Annual fees</span></strong></p> <p><span>The annual fee is not always a deal-breaker – in general, the higher the annual fee is, the more rewards and features the credit card offers. However, if you don’t use your credit card often, you are unlikely to get value out of it as the annual fee cancels out the benefits.</span></p> <p><span>Some cards will also waive annual fees if you spend a certain amount in a year. But if you are not a big, regular spender, a zero-dollar annual fee card might be what you are looking for. </span></p> <p><strong><span>2. Interest rates</span></strong></p> <p><span>Not everyone can pay their bill in full every month – and this is where interest rates matter. Your ability to repay debts may be significantly influenced by the interest rates of your credit card. You may end up getting stuck in a cycle if your card is charging interest rates faster than you can pay off the bills. </span></p> <p><span>When this occurs, you might want to find a balance transfer credit card with a low or zero per cent interest rate for a limited period. You can then move your debt from the old card to the new one, save on interest and focus on getting on top of your balance. </span></p> <p><strong><span>3. Foreign transaction fees</span></strong></p> <p><span>When you are travelling overseas, having a credit card can give you a peace of mind – it makes transactions possible even if you don’t have cash at hand. This convenience comes at the cost of foreign or international transaction fees.</span></p> <p><span>You don’t even have to be abroad to be hit with these fees – if you are shopping online and the merchant happens to be out of the country, the card can still charge you to cover the currency conversion. Most banks and credit providers generally charge between 2 to 3.5 per cent on any purchases being made under these circumstances.</span></p> <p><span>Frequent travellers and shoppers can cut costs by opting for cards that have no foreign currency exchange fees. Many of these cards will also offer other travel benefits, including low to no ATM withdrawal fees.</span></p> <p><strong><span>4. Rewards</span></strong></p> <p><span>You may be a good customer, with regular spending and on-time payments. However, if the rewards that you were promised upon signing up still turn out to be elusive, it might be time to find a new card.</span></p> <p><span>Rewards might take the form of travel miles, points, cash-back, gift vouchers, special offers and more. While these benefits might sound tempting, you most likely have to spend a significant amount on the card to be able to access them. Rewards credit cards also generally come with higher interest rates.</span></p> <p><span>Are you thinking of finding a new credit card? Let us know in the comments.</span></p>

Retirement Income

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5 ways you can save money using credit cards

<p>Credit cards sometimes get a bad rap, and that’s mostly because they can lead you to temptation to spend beyond your means.</p> <p>Used responsibly, however, these little pieces of plastic can actually save you money as banks are constantly running promotions that offer discounts for spending.</p> <p>The key is to pay your bills in full every month, so you don’t incur the astronomical interest rate charged on top of your purchases.</p> <p>Check out these 5 ways that using credit cards can help save you money.</p> <p><strong>1. Dining deals</strong></p> <p>Credit cards that offer dining deals are a foodie’s best friend and the good news is, there are plenty of such cards in Australia.</p> <p>Be sure to subscribe to receive promotional emails and mailers from your banks to find out about current dining deals such as 1-for-1 offers, cashback or complimentary treats at selected eateries.</p> <p><strong>2. Discounts on hotels and flights</strong></p> <p>Keep an eye out for special flight or hotel deals from your credit card of choice.</p> <p>You can also get discounts when you book through hotel booking sites such as Agoda or Expedia.</p> <p>Some cards are specially designed for frequent travellers as you get complimentary use of airport lounges a number of times a year, and free travel insurance if you purchase your ticket using the card.</p> <p>Be aware, though, that some airlines charge a fee when you pay for your tickets online using a credit card, so do some calculations to see if it still works out cheaper.</p> <p><strong>3. Interest-free instalment plans</strong></p> <p>If you need to buy expensive electronic or electrical goods, such as a new TV or laptop, the 0 per cent interest instalment offered by most major credit cards at many major homewares and electrical retailers can come in very handy.</p> <p>It helps spread the payments out over your chosen six or 12 months without the high interest rates you would otherwise incur if you were to pay for it upfront using your credit card.</p> <p>This allows you to better manage your monthly expenses and avoid overspending.</p> <p>Credit card companies make profits on a simple fact of human nature: we buy today and worry about how to pay for it tomorrow.</p> <p><strong>4. Discounts on everyday items</strong></p> <p>Credit cards aren’t just useful for big ticket or luxury goods, they can help you save on everyday items too, such as groceries and petrol.</p> <p>Do your research and work out what the best rewards programs are available in Australia that suits your lifestyle and needs.</p> <p>With the high cost of car ownership, every single dollar counts.</p> <p><strong>5. Collect rebates and cashback</strong></p> <p>If you’re not after dining deals and you don’t like going for holidays, you may want to keep it simple and just collect good old rebates or cashback from your spending.</p> <p>Most cashback cards require you to have a minimum spend per month, such as $500, in order to qualify for rebates.</p> <p><em>Written by Siti Rohani. This article first appeared in <span><a href="http://www.readersdigest.com.au/money/5-ways-you-can-save-money-using-credit-cards?items_per_page=All">Reader’s Digest</a></span>. For more of what you love from the world’s best-loved magazine, <span><a href="https://www.isubscribe.com.au/Readers-Digest-Magazine-Subscription.cfm">here’s our best subscription offer</a></span>.</em></p> <p><img style="width: 100px !important; height: 100px !important;" src="https://oversixtydev.blob.core.windows.net/media/7820640/1.png" alt="" data-udi="umb://media/f30947086c8e47b89cb076eb5bb9b3e2" /></p>

Money & Banking

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Nicole Kidman shares the crucial decisions she credits for her daily happiness

<p>Aussie actress Nicole Kidman has shared the micro-decisions she believes helps maintain her daily happiness despite her overwhelmingly demanding schedule.</p> <p>The 51-year-old balances her duties as a mum, wife and award-winning actress all with a smile by making the right choices day in and day out.</p> <p>In an interview with <a href="https://www.byrdie.com/nicole-kidman-skincare-routine--5b35522486b08/slide3" target="_blank"><strong><em><span style="text-decoration: underline;">Byrdie</span></em></strong></a>, Kidman revealed the secret to her happiness, saying she always chooses “to feel gratitude, first and foremost.”</p> <p>“Choosing to sleep in sometimes rather than get up and exercise – give things up so that I can have more time with my kids," she said. </p> <p>The <em>Big Little Lies</em> star also said it was a priority for her to spend time with her husband of 12 years, Keith Urban.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" class="instagram-media"> <div style="padding: 8px;"> <div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 33.24074074074074% 0; text-align: center; width: 100%;"> <div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaabgdbtueaalgpc/xhbqaaaafzukdcak7ohokaaaamuexurczmzpf399fx1+bm5mzy9amaaadisurbvdjlvzxbesmgces5/p8/t9furvcrmu73jwlzosgsiizurcjo/ad+eqjjb4hv8bft+idpqocx1wjosbfhh2xssxeiyn3uli/6mnree07uiwjev8ueowds88ly97kqytlijkktuybbruayvh5wohixmpi5we58ek028czwyuqdlkpg1bkb4nnm+veanfhqn1k4+gpt6ugqcvu2h2ovuif/gwufyy8owepdyzsa3avcqpvovvzzz2vtnn2wu8qzvjddeto90gsy9mvlqtgysy231mxry6i2ggqjrty0l8fxcxfcbbhwrsyyaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/Bk8YmOKlIDW/" target="_blank">A post shared by Nicole Kidman (@nicolekidman)</a> on Jul 7, 2018 at 1:15pm PDT</p> </div> </blockquote> <p>Kidman said to keep her relationship with her husband healthy, she always needs to stay flexible and always be “willing to adapt to change”.</p> <p>In such a fast-paced world, Kidman says she chooses to ‘go with the flow’ to live stress-free.</p> <p>“I like that feeling of going, you know what? This morning, I’m just not going to do that,” she said.</p> <p>“I’m just going to sit and read the paper, and we’re all just going to kick back.</p> <p>“And I know that we have plans, but we’re not going to do that,” she added.</p> <p>“We’re going to change that. I have a big thing about just being easy on yourself, and on others. To go with the flow.”</p> <p>Although the star keeps on top of current affairs by reading <em>The New York Times, The Washington Post</em> and <em>The Wall Street Journal</em>, she exercises when she needs to get away from it all. </p> <p>In the interview, Kidman confessed that she likes to get massages to ease stress, revealing that she has been trained as a masseuse since the age of 17.</p> <p>“It’s an interesting story because my mother was diagnosed with breast cancer when she was 45, I was 17, and I became a masseuse and did a course because we couldn’t afford for her to get massages after her chemo and her radiation,” Kidman said.</p> <p>“We didn’t have enough money. So I learned to give massage. And then I really fell in love with giving massage.”</p> <p>Kidman also said that making decisions such as “saying thank you and smiling” also allow her to live a fuller life.</p> <p>Do you agree with Nicole Kidman’s tips? Share your thoughts in the comments below. </p>

Movies

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Everyday things set to disappear in just years

<p>The world of tomorrow is going to be a very different place according to award-winning speaker, business strategist and trend forecaster Michael McQueen, who <a href="http://www.news.com.au/" target="_blank"><span style="text-decoration: underline;"><em><strong>told News.com.au</strong></em></span></a> many elements of everyday life will disappear in just years.</p> <p>“In 10 years’ time, the world will be so incredibly different,” Mr McQueen said.</p> <p>“The downside to all these changes is that... 47 per cent of current professions could potentially disappear within the next 15 years or be significantly eroded by technology and automation.</p> <p>“That’s nothing new — in the past, we’ve seen it happen with production lines — but now, to futureproof your career, you need to focus on things technology can’t do well, things that are uniquely human like empathy, creativity and instinct.</p> <p>“Professions where the majority of things you do are ‘human’ are the safest. Repetitive, transactional stuff will disappear, but while you can train a machine to be a caregiver, you can’t actually make it care because it has no soul.”</p> <p>To see his rundown of everyday things set to disappear, scroll through the gallery above.</p>

Technology

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Can you spot the 2 glaring mistakes on this bank's credit card?

<p>One of Singapore’s top banks has released an exclusive gold-plated credit card for its high-rolling millionaire customers.</p> <p>However, the unveiling of the credit card issued by United Overseas Bank (UOB) was overshadowed by two glaring mistakes on the plaque it was displayed on.</p> <p>Can you spot the two mistakes on the diamond-studded plaque?</p> <p style="text-align: center;"><img width="498" height="645" src="https://oversixtydev.blob.core.windows.net/media/7819322/1_498x645.jpg" alt="1 (157)"/></p> <p>The plaque reads: “For those who value exclusivity in it’s most extinguished form.”</p> <p>“They should have employed a better copywriter to 'extinguish' themselves from the competition!” noted one social media user who posted a photo of the plaque.</p> <p>Commentators also speculated whether the word was meant to be written as ‘distinguished’ or ‘exquisite’, while others pointed out that there was an unnecessary apostrophe in ‘it’s’.</p> <p>The UOB exclusive Reserve Card is offered only to UOB Privilege Reserve wealth management service clients who keep above a minimum balance of $2 million in assets with the bank.</p> <p>Social media users quickly criticised the copywriting on the plaque, with one saying: “I’m just glad there is a card that is designed for firefighters finally.”</p> <p>“When you have 1 million to spend, I guess you would need to extinguish the heat from swiping the card,” another wrote.</p> <p>The bank has since said that the plaque was a display for a promotional event earlier this week and it is not the final copy.</p> <p>“The promotional text that was printed only for a table display at a private event last night had been overlooked during our clearance process,” Ms Choo Wan Sim, head of Cards and Payments Singapore at UOB, told <span style="text-decoration: underline;"><em><strong><a href="https://www.channelnewsasia.com/news/singapore/diamond-embellished-uob-reserve-metal-card-10451802" target="_blank">Chanel NewsAsia</a></strong></em></span>. </p>

Money & Banking

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