"Abusing" Credit Card Sign-up offers

[pauly7]

Passbooks??? How 20th century

What is a passbook!?

 

[beardoc]

Good Point.

The way I worked it was.

Full Salary deposited to NAB Account.

2 Bpay payments made to Macquarie CMT #1 and #2. Narrative on statement reads whatever you want it to (be creative) leaving "pocket money" in NAB account.

CMT #1 is for paying bills
CMT #2 is Savings /Investments.

(CMT is Cash Management Trust. Like an ING account but with full functionality)

When you apply for the loan, all you have to do is show the NAB account (which is where your salary is paid). This account is only used for cash withdrawals. You will also show them CMT #2. Most of the time this is all you will need to show.

Alternatively open a OnceOnline Bill credit account. OnceOnline

You can Bpay all your credit card bills from here and pay the account off from your savings account as a regular direct credit payment. This can also have which ever Narrative that you want on it. The other advantage is that you can get up to 45 days interest free on this account.

Thanks for this - as I see it, a bank that really wanted to push could ask questions, but most banks wouldn't do this, I imagine - not to the level of detail that you mention. It's a good plan!

 

[pauly7]

Good Point.

The way I worked it was.

Full Salary deposited to NAB Account.

2 Bpay payments made to Macquarie CMT #1 and #2. Narrative on statement reads whatever you want it to (be creative) leaving "pocket money" in NAB account.

CMT #1 is for paying bills
CMT #2 is Savings /Investments.

(CMT is Cash Management Trust. Like an ING account but with full functionality)

When you apply for the loan, all you have to do is show the NAB account (which is where your salary is paid). This account is only used for cash withdrawals. You will also show them CMT #2. Most of the time this is all you will need to show.

Alternatively open a OnceOnline Bill credit account. OnceOnline

You can Bpay all your credit card bills from here and pay the account off from your savings account as a regular direct credit payment. This can also have which ever Narrative that you want on it. The other advantage is that you can get up to 45 days interest free on this account.

CMT has relatively lower interest rates though... but I guess you are 'paying' for the full functionality v ING etc?