Wendy Knowler's Consumer Hacks - Debit orders, "budget' buying and dairy snacks

1. Can’t pay for your online purchase via credit card? Move on…  

Here’s a very important piece advice for all online transacting with unknown entities – if the only form of payment they will accept is an EFT, walk away! This actually means you’re paying by cash. Safeguard yourself by paying on credit card so your purchase is protected if you don’t get what you paid for. You get to lodge a dispute with your bank known as chargeback, resulting in your bank getting your money back from the merchant’s bank.

2. Paying for groceries on your credit card “budget”? Bad idea

Did you know? If you are paying for your essentials such as groceries with your credit card’s budget facility, you are paying ridiculously high interest. Choose the straight option. And remember, the most effective way to up your credit score is to limit your credit card spend to no more than 25% of your available credit.

3. How to dodge car repossession

If you know that you will no longer be able to pay your car repayments in full or on time or both, it’s best for you if you make the tough decision to return the vehicle to the bank or renegotiate your credit agreement. That way you avoid the bank legal action against you  - i.e. repossessing your car. If that happens, you will be liable for the additional legal costs, have a judgment recorded against your name;  and after the car is sold on auction, you will remain liable for any shortfall. Not good. 

4. Yoghurt vs Dairy Snack

If you are an observant consumer, you will have noticed that not all the products in your supermarket’s yoghurt section are labelled yoghurt. They look like yoghurt, but they are labelled “Dairy Snack”. That’s not random, it means that the manufacturer has reduced the protein content to below 2%, meaning it doesn’t MEET the nutritional criteria to be called yoghurt. In short, they have less milk, more water. So, the lower price isn’t a bargain, it’s lower quality. 

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