Commission Rebates

Get Out of the Credit Card Trap

Credit card use can be addictive, because it is just so easy. You don’t have to carry large amounts of cash to make purchases and you can pay online or over the phone for anything you need or want. However, many Australians are lulled into overspending on their credit card because of the interest free days offered – many people plan to pay off their credit card balance within those interest free days, and go about using the ‘free money’ on their credit card.

Unfortunately a lot of us fail to pay off the balance of our credit cards each month and so the interest is calculated and the balance grows as do the repayments and you start to feel like you’ll never defeat your credit card balance. If only there was a way to get a bit of extra money to repay your credit card debt…

How Your Superannuation Commissions Can Repay Your Credit Card Debt

While most Australians have a credit card, those same consumers are also likely to have a superannuation account – anyone who earns a wage in Australia will have a superannuation account, it is where your employer deposits your super contributions for your retirement. Plus, anyone who has a superannuation account is probably also paying commissions on that account, and here’s how those commissions can be redirected to get you debt-free:

• A superannuation fund will pay ongoing trailing commissions. Trailing commissions are usually a percentage of your investment amount and are paid to the financial advisor, accountant or broker who initially helped you set up your account. If you dealt directly with the superannuation provider, then these trailing commissions are then paid directly back to the provider. 
• Trailing commissions denote ongoing advice and assistance. In theory, your financial advisor or superannuation provider is being paid trailing commissions from your fund because they continue to offer ongoing financial advice, and keep in regular contact with you about your investment. 
• When did you last hear from your advisor? If you can’t remember then it is not regularly enough to justify paying them commissions because they are not offering you the advice or the regular updates on your investment, for which they are being paid commissions. 
• Trailing commissions can be paid to you, to assist you directly. Instead of paying a financial advisor commissions from your superannuation fund to offer you little to no advice, you can have your trailing commissions paid directly to you, and a cash injection of trailing commissions is likely to be of a lot more assistance to you, especially if you want to use that cash to repay your credit card debt. 
• You can nominate the account for your trailing commissions. When you request a refund from Commissions Rebates, the trailing commissions we capture for you, can be paid into any account you choose, and that account can be a credit card. As a result, you can give your credit card repayments a boost with extra funds you didn’t even know you had, and pay off your debt sooner, without having to stretch your budget to breaking point. 
• If your family want to help you with your finances they can. Once you see how easy it is to request a refund by registering with Commissions Rebates, you will probably get your family onto the idea too. If your family knows how much you are struggling with your credit card debt and they want to help you out, they can choose to have their trailing commissions paid to your nominated account – your credit card – to pay off your debt even faster.

There is approximately $2.4 billion in trailing commissions generated in Australia each year, that’s around $1,200 per person. So if you could get your hands on your share of those commissions, you can find a way to quickly and responsibly reduce your debt.