Cheapest Credit Card or Account Overdraft Method for Temp Overdrafts? (3-5days)

[Deactivated] on 26/08/2015 - 11:46
Last edited 26/08/2015 - 11:48

I need a method where I can purchase things via credit/overdraft then pay it back after 3-5days (bank transfer from PayPal). I always have enough money in PayPal to cover any purchases, though as a fair few places (most) don't accept PayPal I need to pay by card then bank transfer to cover the purchase. At this stage this requires me to request a funds withdrawal on PayPal 3-5 days before I need to spend any money which is a massive annoyance, I'm looking for a way to simply go out and buy something, overdrafting my account, then covering the cost when the PayPal withdrawal completes.

I applied for 'ANZ Assured' though was declined as they couldn't see any sustained income, it's more for people to overdraft between paychecks. They noted on my history I had transferred $2k+ from PayPal to my bank account multiple times in the past before buying various items and (I believe) understood I do physically have the money to cover any purchases I make, just it's always a 3-5 day bank transfer away, though the application was still declined on the basis of having no sustained income into the ANZ account I was applying with.

I've seen some credit cards advertise 35-60 days interest free on purchases, as I'll be paying almost all (more than likely all) purchases back with-in 3-5 days (once the transfer clears) could this be the way to go? I've not had any credit cards or overdraft/financial services in the past and have honestly not a single clue what to look for.

Edit: Currently I'm simply sticking to walk-in stores which accept PayPal.. Dominos, Harvey Norman, etc.. For any other purchases (groceries mainly) I've gotta remember to withdraw money at least 3-5 days beforehand.

Financial

Comments

  • Shadowsfury on 26/08/2015 - 11:58

    Sounds like you're overcomplicating things for yourself with the only paying with Paypal mentality.

    If you're so concerned about not borrowing money to pay for things why not just use cash for everything? Then you also won't be restricted to those using Paypal

    I think a credit card (if you get approved for one) would be the way to go, even if its a low limit one ($1K or so). Then you can pay for things on your card and then pay it back in your 3-5 day timeframe, even though you'll have anywhere between 30 and 55 days to pay it back without being penalised with interest

    • [Deactivated] on 26/08/2015 - 12:27

      The majority of my PayPal funds are in USD. Rather than avoiding storing money in a bank account, I'm trying to avoid having to change my primary currency to AUD as almost all transactions I do are in USD. I would end up having to pay conversion fees on incoming transactions then again on outgoing.

      I'm fine with borrowing money if that's the less complicated/cheapest way. I'm posting as I have absolutely no clue what the best option would be for me in this situation. Even the $5 a month ANZ Assured would have cost is far less than the cost to store funds in AUD and contentiously converting back and fourth when I receive/send online payments.

      A credit card with about a $1-5k limit was what I was thinking, any suggestions on which to go with? It's my understanding that due to the 30-55 days most providers advertise as interest free, I wouldn't have to take any notice of the interest rate at all in my situation, correct?

      • [Deactivated] on 26/08/2015 - 12:37
        +1

        check out 28 degrees card. it's free, no xrate conversion fees and the rate is the best you can get at the time of transaction. No interest if you pay it off within a week.

  • MITM on 26/08/2015 - 14:49

    You could get a load and go visa card from the Post Office.
    Pretty sure you could link your PayPal to it.
    Check out the fees though, ie exchange rates.
    http://auspost.com.au/money-insurance/load-and-go-reloadable…

    If you apply for too many credit cards and get declined, your history could become history

    • [Deactivated] on 26/08/2015 - 15:53

      This could work.
      Is reloading instant when done via PayPal?

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