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Using credit card to pay for shares
keepnosecrets
Master
06-Aug-2009 15:45     
 
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 Alert Admin 		If you are trading with the banks' equities trading subsidiaries/branches, and have internet they should be accepting cards issued by themselves.  For non bank firms, some of them will accept but I am not mentioning their names as it is free advertising for them which I don't encourage.  I will pm you on this.

tradinglover      ( Date: 06-Aug-2009 14:57) Posted:

Thank u so much, do you happen to know which broking house accept credit card payment?

Some of the credit cards have cash rebate when u charge to their card.. so think this is a good way to earn the rebates



keepnosecrets      ( Date: 06-Aug-2009 14:39) Posted:

Yes trading on margin is better than credit payment thro credit cards.  Sorry my msg has a mistake about giro.  I want to say cancel the giro and use bill payment at your bank's website
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tradinglover
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06-Aug-2009 14:57     
 
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 Alert Admin

Thank u so much, do you happen to know which broking house accept credit card payment?

Some of the credit cards have cash rebate when u charge to their card.. so think this is a good way to earn the rebates



keepnosecrets      ( Date: 06-Aug-2009 14:39) Posted:

Yes trading on margin is better than credit payment thro credit cards.  Sorry my msg has a mistake about giro.  I want to say cancel the giro and use bill payment at your bank's website.

ROI25per      ( Date: 06-Aug-2009 14:12) Posted:

i thought margin is a better option; trade 5X??? 


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keepnosecrets
Master
06-Aug-2009 14:39     
 
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 Alert Admin 		Yes trading on margin is better than credit payment thro credit cards.  Sorry my msg has a mistake about giro.  I want to say cancel the giro and use bill payment at your bank's website.

ROI25per      ( Date: 06-Aug-2009 14:12) Posted:

i thought margin is a better option; trade 5X??? 

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ROI25per
Master
06-Aug-2009 14:12     
 
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 Alert Admin 		i thought margin is a better option; trade 5X??? 
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tradinglover
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06-Aug-2009 14:10     
 
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 Alert Admin

Thanks all, from all your replies, I know that the insurance agent should have fed me with the wrong info.



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keepnosecrets
Master
06-Aug-2009 14:10     
 
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 Alert Admin 		Yes, you can use credit card to pay for shares because shares payment comes with an invoice (contract note).  However you can only use up to the limit given by your card company.  For example your credit limit is $5K but your outstanding balance is $3K then you can use not more than $3K to pay your share purchase.  Effectively you get more than the T+3 as you will only pay your card company on the min payable due date. If you want to pay using credit cards, you need to have an internet account and giro arrangement.  Then on T+3, you pay the amt required to the brokers online.  If you do not have an internet account you probably would have to walk to the brokerage firm to pay, but make sure you know the brokerage firm accept credit card payment.

tradinglover      ( Date: 06-Aug-2009 12:41) Posted:



I heard that we can pick up shares using credit card. Is it true? Anyone done it, please share.


 

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TuaPekGong9413
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06-Aug-2009 14:06     
 
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 Alert Admin 		this i heard b4....they allow you to loan $ wif minimal interest rate.....
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el7888
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06-Aug-2009 14:04     
 
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Hi tradinglover, hope this help! Cheer!

sources from asiaone
Use credit card to buy shares?


HERE'S an idea. With the stock market red-hot, why not use big leverage to make big profits?

Let's say you want to buy one lot (1,000 shares) in Singapore's largest company, SingTel. It trades for around $3.50 per share, which means 1,000 shares will cost you $3,500.

The only trouble is you don't have an extra $3,500 lying around.

On the Singapore Exchange (SGX), you can borrow up to 70 per cent of the value of the shares, which comes to $2,450, which means you still have to cough up $1,050 cash upfront.

With your credit card, there is no 70 per cent limit. You can borrow the full amount for the shares ($3,500).

Actually, this isn't my idea. The offer comes from UOB and is part of its zero per cent interest loan promotion.

The ad says: 'Got your eye on a stock but don't have the funds to invest? Get an interest-free loan with your UOB credit card.'

PROBLEM IF PRICES FALL

Should you buy stocks with borrowed money?

The problem comes if prices fall. Then you have to repay all that you borrowed plus interest. It is like gambling with money you don't have.

The UOB deal advertises zero per cent interest. But a footnote says there is an upfront processing fee of 5per cent for a 12-month loan.

The loan is linked to a UOB credit card, which it automatically bills in 12 equal instalments. For a $3,500 loan, you would need to pay the $175 processing fee plus loan repayment of $291 per month.

Like any credit card, there is no interest charge if you pay on time.

If you pay late, however, it gets expensive. UOB charges 2 per cent per month (24 per cent per year) plus a $45 late fee.

It means shares must rise more than 24 per cent a year for you to break even.

It isn't just UOB doing it. DBS' ads also invite you to borrow money to buy shares.

Last week it advertised: 'Be it to invest in your favourite stock or to seize that investment opportunity, Cashline Platinum lets you achieve all these at a low interest rate of 6 per cent per annum or 0.5 per cent per month.'

Six per cent interest, yes, but only if you make more than $150,000 a year.

If you earn between $30,000 and $150,000, the interest charge is 17.8 per cent.

- Larry Haverkamp (Doc Money)
mail@AskDrMoney.com
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richtan
Supreme
06-Aug-2009 14:02     
 
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 Alert Admin 		They are in effect, legalised Ah Long, blood sucker vampire, fair weather friends

el7888      ( Date: 06-Aug-2009 12:53) Posted:

Not that I know of.  Use credit card to pay shares can be a dangerous option as you know they are charging 24% interest like Ah Long.

tradinglover      ( Date: 06-Aug-2009 12:41) Posted:



I heard that we can pick up shares using credit card. Is it true? Anyone done it, please share.


 


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Fairygal
Veteran
06-Aug-2009 13:53     
 
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 Alert Admin 		maybe you can check with your insurance agent which credit card issuer is that.  But frankly, if there is this lobang present, people who play contras have a whole new option/alternative, and the prices will be greatly affected, ie fluctuations.  Govt and banks will have new headaches.
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tradinglover
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06-Aug-2009 13:46     
 
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Think I did not express myself well.. caused some confusion here. What I meant is.. I have the money to pay and pick up my shares, but if we can pay using credit card, why not? Get the free financing, as long as I am able to pay by due date, then there will be no interest.

I was told by my insurance agent that his client use credit card to pick up the shares ... U know, there are some credit cards that earn cash rebate. So I think that this is a very good idea, but so far I never know that we are able to use credit card, so I m trying to check if anyone of you had done it before.




TuaPekGong9413      ( Date: 06-Aug-2009 13:04) Posted:



if share goes up, you only make 1 thing - cash. but what if it goes down? you'll end up wif 3 things 1)paper loss, 2)owe bank $, 3)owe bank interest
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TuaPekGong9413
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06-Aug-2009 13:04     
 
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if share goes up, you only make 1 thing - cash. but what if it goes down? you'll end up wif 3 things 1)paper loss, 2)owe bank $, 3)owe bank interest
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tradinglover
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06-Aug-2009 13:02     
 
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 Alert Admin

I mean treating it like normal purchases which comes with certain number of days of credit. No interest charged if paid by payment due date.

 
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singaporegal
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06-Aug-2009 12:56     
 
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 Alert Admin

Agree with you.

Trade only with money you can afford to lose. 



el7888      ( Date: 06-Aug-2009 12:53) Posted:

Not that I know of.  Use credit card to pay shares can be a dangerous option as you know they are charging 24% interest like Ah Long.

tradinglover      ( Date: 06-Aug-2009 12:41) Posted:



I heard that we can pick up shares using credit card. Is it true? Anyone done it, please share.


 


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el7888
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06-Aug-2009 12:53     
 
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 Alert Admin 		Not that I know of.  Use credit card to pay shares can be a dangerous option as you know they are charging 24% interest like Ah Long.

tradinglover      ( Date: 06-Aug-2009 12:41) Posted:



I heard that we can pick up shares using credit card. Is it true? Anyone done it, please share.


 

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tradinglover
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06-Aug-2009 12:41     
 
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I heard that we can pick up shares using credit card. Is it true? Anyone done it, please share.


 
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