Lexusgs430:



I am talking about hearsay, i know people it has personally happened to.......

I would say again, do your research........

You need to go and learn more how credit card works.

Uglyaddy:


You need to go and learn more how credit card works.

I don't need to.....

Lexusgs430:



I don't need to.....

Then stop misleading people about CC.

Uglyaddy:


Then stop misleading people about CC.

What do you mean misleading? State specifics......

i owe about 5k on credit card now, which is bad...That is my prerogative. The point is, do i have friends who could have borrowed me that 5k. There's noboday calling me every 10min asking for their money and as long as i pay a certain minimum every month. Nobody will chase me. Whether my spending has been wise or foolish as to how i find myself owing 5k is another discussion.

Can you have access to bank borrowing you 2.5 million naira and up to 7 million naira in Nigeria, just like that? That's my 2 cents on credit cards. I think they are useful for emergencies. Otherwise, you can save up for years to start enjoying what some benefit with access to credit today. Life is short

How are you all coping with Pre-Brexit? #olioxx

DaveChapelle:
i owe about 5k on credit card now, which is bad...That is my prerogative. The point is, do i have friends who could have borrowed me that 5k. There's noboday calling me every 10min asking for their money and as long as i pay a certain minimum every month. Nobody will chase me. Whether my spending has been wise or foolish as to how i find myself owing 5k is another discussion.

Can you have access to bank borrowing you 2.5 million naira and up to 7 million naira in Nigeria, just like that? That's my 2 cents on credit cards. I think they are useful for emergencies. Otherwise, you can save up for years to start enjoying what some benefit with access to credit today. Life is short

It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

dustydee:


It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

I'm also interested in that info, i have heard people talk about TB but i really don't know much about it and how one can invest and make money from it

dustydee:


It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

You want to invest expensive money in a cheaper money market?....


Do your calculations + - interest rates, negative balance etc etc

And make an informed decision........

dustydee:


It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

Pls tell them loudly.......

I have not said it was a bad thing outrightly, but financial discipline is imperative........

justwise:


I'm also interested in that info, i have heard people talk about TB but i really don't know much about it and how one can invest and make money from it

You can have a look here: https://nairametrics.com/2018/06/28/what-is-treasury-bills-in-nigeria/amp/

Lexusgs430:


You want to invest expensive money in a cheaper money market?....


Do your calculations + - interest rates, negative balance etc etc

And make an informed decision........

My reasoning is that I can get the loan at single digit interest and invest at 13% return rate in naija. Payback my loan and keep the rest.

dustydee:

My reasoning is that I can get the loan at single digit interest and invest at 13% return rate in naija. Payback my loan and keep the rest.

If it's your personal funds, i might say it's worth the gamble......

But a bank loan?....

dustydee:

My reasoning is that I can get the loan at single digit interest and invest at 13% return rate in naija. Payback my loan and keep the rest.

Also use this calculator.....

https://app.nairametrics.com/treasury_bill

If possible, subscribe to nairametrics bespoke service or seek advice too from vetiva......

brideofchukky:


You can have a look here: https://nairametrics.com/2018/06/28/what-is-treasury-bills-in-nigeria/amp/

Thanks.

Have to find out if its possible to invest from here without traveling to Nigeria..like doing it online

dustydee:


It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

I guess so, but me i don't trust Nigerian system. Stock exchange has crashed several times. But i guess treasury bills are okay, but i don't really understand them. I would probably look for investment locally

dustydee:

My reasoning is that I can get the loan at single digit interest and invest at 13% return rate in naija. Payback my loan and keep the rest.

I learnt my lesson on investing in naija

Some years ago brought a land in lagos for using hypothetical numbers 2.5 million for £10,000 pounds. Not using real numbers. Sold the property 4 years later for 4 million naira.

On paper it looked great because in naira i had actually almost doubled in capital. However naira and pound is 450+ meaning back in pound it was less than £10,000 . A loss ...

if u want to bring and spend the money here then you never know what the future brings with Uncle Buhari ... if you want to spend the money in naija then yeah why not

Lexusgs430:


If it's your personal funds, i might say it's worth the gamble......

But a bank loan?....

Means the 9ja profit must be more than the loan interest lol

DaveChapelle:


Means the 9ja profit must be more than the loan interest lol

Depends on interest rate + length of investment.......


If the interest is more than the capital, TB (not tuberculosis), is the new gold dust........

LagosismyHome:


I learnt my lesson on investing in naija

Some years ago brought a land in lagos for using hypothetical numbers 2.5 million for £10,000 pounds. Not using real numbers. Sold the property 4 years later for 4 million naira.

On paper it looked great because in naira i had actually almost doubled in capital. However naira and pound is 450+ meaning back in pound it was less than £10,000 . A loss ...

if u want to bring and spend the money here then you never know what the future brings with Uncle Buhari ... if you want to spend the money in naija then yeah why not

Morale of the story.......

Expensive money vs Cheap money.........

On the other hand, been a landlord in the UK and spending proceeds in Nigeria........ Ground go full..........

nihilistjnr:


You own the car at the end of your term with a HP. You don't with a PCP.

Worse still, at the end of a PCP term, you have to pay a baloon payment to the dealership to buy the car.

Doubly worse, is that if you write off a car on a PCP deal, you owe the dealership.

There might be discrepancies in valuation of the cars worth between the dealership and the insurance company.

If the insurer values the car less than the finance provider, you will have to personally cover the shortfall....unless you took out gap insurance in the past.

Obviously if you take out gap insurance, your monthly outgoing on the car goes up.

[b][/b]The smartest way to finance a car is through a bank loan. That way, at least the car is your own from day 1.

Agree at the bolded

DaveChapelle:


I guess so, but me i don't trust Nigerian system. Stock exchange has crashed several times. But i guess treasury bills are okay, but i don't really understand them. I would probably look for investment locally

Investing in TB in Nigeria is quite easy anywhere in the world.

1. Look for a good Investment Bank/Commercial Bank and indicate your interest in investing on that instrument. A bank would try and convince you not to do it though and give you a Fixed Deposit option (Reason is the TB money goes to the CBN/FG Whatever and they cannot make money from money that is not in their custody)

2. Open an account. They will need your ID and utility bill. If you are using a UK address, the bill should be notarized, if Nigerian address, all well and good.

3. Ask for the Tenors; 91-day, 182-day and 365-day (UK use the 364-day structure). Rates are between 11 - 13% pa depending on the tenor. One thing you should understand is that 11% in Naira is not 11% in Pounds oo.

4. Fund your account and invest. If you invest N200,000 for the 91 day 11% pa (for example), TB has an upfront interest payment where you can get your interest at the early stage and collect/re-invest your capital at maturity.

You guys lost me at clever accounting oo, whatever that is. Are you guys saying there are ways to claim back tax paid via the employer or what?

davide470:
Investing in TB in Nigeria is quite easy anywhere in the world.

1. Look for a good Investment Bank/Commercial Bank and indicate your interest in investing on that instrument. A bank would try and convince you not to do it though and give you a Fixed Deposit option (Reason is the TB money goes to the CBN/FG Whatever and they cannot make money from money that is not in their custody)

2. Open an account. They will need your ID and utility bill. If you are using a UK address, the bill should be notarized, if Nigerian address, all well and good.

3. Ask for the Tenors; 91-day, 182-day and 365-day (UK use the 364-day structure). Rates are between 11 - 13% pa depending on the tenor. One thing you should understand is that 11% is Naira is not 11% in Pounds oo.

4. Fund your account and invest. If you invest N200,000 for the 91 day 11% pa (for example), TB has an upfront interest payment where you can get your interest at the early stage and collect/re-invest your capital at maturity.

What about investing in TB in the UK?

fatima04:


What about investing in TB in the UK?

The rate in the UK or in most developed countries is not above 1.5 - 2%, that's why most individuals just go the FTSE (Stocks) route and Asset Mgt firms here prefer investing in emerging market (Nigeria, SA etc).

On paper, investing in Nigerian treasury bills seems like a good idea but I wouldn't advise you to do it. The main problem is that the Naira is unpredictable. You will have to convert your pounds to naira in order to buy tbills and then convert back to pounds when it matures. There is no guarantee that naira will not depreciate during your investment period (this happened 2014-2016), if that happens then you risk wiping out any profit you may have made when you change your naira back to pounds. I'd advise only buy tbills with spare naira you have don't borrow pounds for this purpose.

Instead try credit card stoozing if you're disciplined - get a credit card that is interest free for say 2 years, take out the cash, put it in a high interest savings account here in the UK. When your interest free period ends, withdraw the money, pay off the card and pocket the interest. See more info here: https://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards/

dustydee:


It took me about 5 years before finally deciding to take a credit card in 2017. I have not paid a dime in interest and the card has been very handy. I pay it off before it is due. I am now looking to get a rewards card so I can get extra benefit from it. I must add that having a credit card has not improved or reduced my credit rating. It has been about the same all these years.

Question: is it advise to get a bank loan and invest in Nigeria? e. g treasury bills and shares.

Also, if you're interested in miles, try credit card churning - apply for a rewards credit card, get the signup bonus, cancel it and reapply again after six months. This is my current hobby, so far I've amassed 80k miles in the space of one year AMEX cards are best for this BUT you need to have a good credit score to do this sha.

nomad26:
Also, if you're interested in miles, try credit card churning - apply for a rewards credit card, get the signup bonus, cancel it and reapply again after six months. This is my current hobby, so far I've amassed 80k miles in the space of one year AMEX cards are best for this BUT you need to have a good credit score to do this sha.

Don't they decline your application after cancelling several times?

No they don't, in fact I'm beginning to suspect that AMEX like it lol. Check out this guy's website https://www.headforpoints.com, read the comments and you'll see that loads of people do it. Personally, I've cancelled once and was immediately approved for another one.

dustydee:

Don't they decline your application after cancelling several times?

@dustydee
One more thing, to get the sign-up bonus you'll have to spend a certain amount within a specified period, it varies depending on the card. All I do is put all of my expenses through the card until I met the spend limit to get the bonus. It is probably better to get the card when you think you'll have big expenses e.g flights, buying furniture, buying car etc

nomad26:
No they don't, in fact I'm beginning to suspect that AMEX like it lol. Check out this guy's website https://www.headforpoints.com, read the comments and you'll see that loads of people do it. Personally, I've cancelled once and was immediately approved for another one.

Thanks, I will try it. I was looking at getting the BA Amex card some days ago because of the avios. I have a lot of business expenses I want to put on the card. �

Let me suggest that you get the AMEX Gold card instead https://www.americanexpress.com/uk/credit-cards/gold-credit-card/?linknav=uk-amex-cardshop-allcards-learn-GoldCreditCard
It's free for the first year and you get 20k amex points (this equals 20k avios & can be easily transferred to your avois account). You can easily cancel it after the first year, then get the BA card if you still want to.
To get the sign-up bonus, you need to spend £2k in 3 months. Also if an existing amex cardholder refers you, you get additional 2k points. PM me if you need a referral.

dustydee:

Thanks, I will try it. I was looking at getting the BA Amex card some days ago because of the avios. I have a lot of business expenses I want to put on the card. �