GRcade

Dual wrote:I've just set up my Chase account and new card. 1% cashback on all spending and a round up account that gets 5%.

No direct debits on the account yet so I'm just going to top it up from my current account and use it as a cash card.

What does round up account mean?

Tomous wrote:

Dual wrote:I've just set up my Chase account and new card. 1% cashback on all spending and a round up account that gets 5%.

No direct debits on the account yet so I'm just going to top it up from my current account and use it as a cash card.

What does round up account mean?

It 'rounds up' your change and puts it in a separate account.

You buy a coffee for £2.50. 50p then goes into your round up account, rounding up the whole transaction to £3.00.

It's literally small beer money but an easy way to save by not doing much.

It turns out Very offer 20% off your first order if you open a credit account, and you can pay it off right away so don't pay interest. This would be a very appealing way for me to replace my missing switch, as I could get an OLED for around £250.

But i want to figure out what it might do to my credit file, and the information I might have to give to lenders in the future. Would it technically be counted as a pay day loan, and I'd have to declare I've had one any time I try to get credit over the next 6 years? If so that's not something I would want on my file.

Anyone able to advise please?

It'll either show as a mail order catalogue (so is essentially a credit card as it'll have a spending limit showing) or a Buy Now Pay Later which would show as a loan.

Definitely won't show as a Payday Loan.

Ok, and neither of those will cause an issue when I, say, look to remortgage in a few years time? Just wanting to be extra cautious and would hate to strawberry float up my report just to save sixty quid.

That's not a growth wrote:Ok, and neither of those will cause an issue when I, say, look to remortgage in a few years time? Just wanting to be extra cautious and would hate to strawberry float up my report just to save sixty quid.

Neither are inherently going to impair credit like the way a payday loan will do (which even if paid in full and on time will impact you).

Mail order catalogues / BNPL (such as Klarna) are notoriously easy to make late payments on which would show as arrears, I'm not entirely sure why that is the case compared to a loan or credit card but I think it's because you can set them up without having a direct debit connected for automated monthly payments which is just asking for trouble, as the typical customer for such a financial product is probably not likely to remember to make manual monthly payments if opting out of a direct debit payment is possible.

Fantastic, good to hear and nice and clear, thanks GD.

I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

GrinWithoutaKat wrote:I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

What sort of investing are you looking to do? Short term (5-10 years) or long term?

I would look at r/UKpersonalfinance in the first instance and look for their flow chart.

I use AJ Bell and put money each month into there own funds.
They are up about 12% since I started in 2017.

I also have a pension but decided on this to basically build it up as a second pension/maybe retire early (though that's probably being optimistic)

It's also good as I have funds to use in an emergency though I do have cash as a back up but if it was in a pension it's locked away until I'm old.

Dual wrote:

GrinWithoutaKat wrote:I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

What sort of investing are you looking to do? Short term (5-10 years) or long term?

I would look at r/UKpersonalfinance in the first instance and look for their flow chart.

Probably more like 15-20 years. The idea is it's a way of saving for retirement, that's an alternative to savings accounts with almost no interest. Was just looking back and saw a few of you opened a stocks and shares ISA with Vanguard. That might be what I'm looking for.

GrinWithoutaKat wrote:

Dual wrote:

GrinWithoutaKat wrote:I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

What sort of investing are you looking to do? Short term (5-10 years) or long term?

I would look at r/UKpersonalfinance in the first instance and look for their flow chart.

Probably more like 20 years. Something that's an alternative to savings with almost no interest. Was just looking back and saw a few of you opened a stocks and shares ISA with Vanguard. That might be what I'm looking for.

Yep FTSE Global Tracker S&S ISA with Vanguard is usually what anyone would ever need.

Are you maxing out your employer pension contributions as well?

Dual wrote:

GrinWithoutaKat wrote:

Dual wrote:

GrinWithoutaKat wrote:I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

What sort of investing are you looking to do? Short term (5-10 years) or long term?

I would look at r/UKpersonalfinance in the first instance and look for their flow chart.

Probably more like 20 years. Something that's an alternative to savings with almost no interest. Was just looking back and saw a few of you opened a stocks and shares ISA with Vanguard. That might be what I'm looking for.

Yep FTSE Global Tracker S&S ISA with Vanguard is usually what anyone would ever need.

Are you maxing out your employer pension contributions as well?

Yeah, been doing that for a while.

I started stocking my Vanguard ISA back up this year. Down 300 quid from just over a week ago

GrinWithoutaKat wrote:

Dual wrote:

GrinWithoutaKat wrote:

Dual wrote:

GrinWithoutaKat wrote:I bought a house two years ago that pretty much wiped out my lifetime savings, but I've been using the pandemic to build up a nest egg and overpay on the mortgage. Now ready to start doing a bit more with what I have leftover.

I want to start using one of those sites that will sort of handle investing your money for you. I think eToro is one I've seen advertised. My pension already does this, but I thought it might be wiser to have two separate pots? Was wondering what platforms people used and recommended.

What sort of investing are you looking to do? Short term (5-10 years) or long term?

I would look at r/UKpersonalfinance in the first instance and look for their flow chart.

Probably more like 20 years. Something that's an alternative to savings with almost no interest. Was just looking back and saw a few of you opened a stocks and shares ISA with Vanguard. That might be what I'm looking for.

Yep FTSE Global Tracker S&S ISA with Vanguard is usually what anyone would ever need.

Are you maxing out your employer pension contributions as well?

Yeah, been doing that for a while.

Well done bro. By my calculations you will achieve FIRE in 35 years.

Now down a thousand pounds since I invested at the start of the year. Nailing this game

Rocsteady wrote:Now down a thousand pounds since I invested at the start of the year. Nailing this game

Yeah I wish I didn't look at my pension pot last night

Oh well. Hold tight. Buy the dip. It will recover etc etc

I've stopped checking Vanguard

Dual wrote:

Rocsteady wrote:Now down a thousand pounds since I invested at the start of the year. Nailing this game

Yeah I wish I didn't look at my pension pot last night

Oh well. Hold tight. Buy the dip. It will recover etc etc

Diamond hands baby

Rocsteady wrote:

Dual wrote:

Rocsteady wrote:Now down a thousand pounds since I invested at the start of the year. Nailing this game

Yeah I wish I didn't look at my pension pot last night

Oh well. Hold tight. Buy the dip. It will recover etc etc

Diamond hands baby

real talk