Hi,
Does Direct Debit for Credit Card Support Saving Account?
Or It Needs to Be a Transaction Account?
If it needs to be a transaction account, how do you manage how much funds should be there for different cards debit at different time?
Cheers,
Does Direct Debit for Credit Card Support Saving Account? or It Needs to Be a Transaction Account?
aboutconfig on 24/11/2018 - 14:22
Last edited 24/11/2018 - 14:40 by 1 other user
Last edited 24/11/2018 - 14:40 by 1 other user
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Direct debit on your credit card will basically take from your approved credit limit. It has nothing to do with a transaction or savings account.
Unless you mean direct debit from a debit card linked to a transaction account?
If I understand your question correctly, ING Savings Maximiser won't work for this but I believe that UBank Ultra + USaver does, eg. you set your direct debit for your Ultra account and if the money isn't there, it does an instant "sweep" from your USaver.
Ahh … I see what you mean now (thanks dazweeja). As dazweeja said, ubank is OK. Also, there are saving accounts that allow direct debit, e.g. CUA esaver rewards. Possibly other credit union saving accounts too.
If you keep sufficient money there for direct debits from all cards, it will be fine. And earning interest up to the point of direct debit.
Thanks dazweeja and bluesky.
That's what I need, basically I have 4 cards and I pay the full balance each month, so that would let me either have a lot in the transaction or need to arrange the funds manually.I guess the Ubank one is the best then
I use a debit Mastercard from bankWest, it has a savings & credit/debit card from the same account
I opened another account with bankWest so I can put money aside so it won't be used by the debit/credit card; you can open more than one if you like. I made one called 'bills' so companies can take money by direct debit from that account & other companies can take money using the card account
I'm still confused about what the question is asking?
I have a "bills" account that I put money into each month and pay bills with. Do you want an account that pays off your credit card automatically each month? I still don't really understand.
From my understanding the OP wants their credit card statement to automatically direct debit from their savings account when the bill is due.
There are some savings accounts that do not allow you to debit from from them - ING Savings Maximiser is one of these. You need to manually transfer funds to a link transaction account to get this to work.
However there are some banks like UBank, Macquarie, CUA that allow direct debits to come from your savings. In UBank's case you just get the direct debit to come out of the linked transaction account (Ultra account) and it will automatically sweep the bill from your savings account.
I don't really understand what the question is?