Is it ok to have more than 3 Credit cards ?
- Thread starter jasonsony735
- Start date
I can think of loads:
- More protection on purchases
- Incentives in the form of cash back or points (such as Avios or Nectar)
- Maximise interest on your current account balance, by keeping more cash in there for longer (if you earn interest daily)
I don't actually spend more because I have a credit card, I just use it as a replacement for my debit card and always pay it off in full.
I use a credit card for 100% of my purchases (Bought a 49p think of milk from Tesco the other day on it...), just means I only have one single list to check my purchases and that I get points back I wouldn't get if I paid in cash or on a debit card.
The credit card itself is paid off in full automatically every month. Not sure why you'd need so many?
The credit card itself is paid off in full automatically every month. Not sure why you'd need so many?
NOoooo!
Just have one for when the brown stuff hits the fan!
Debit cards are fine, spend what you have !
But CREDIT is what it is, a loan and you use that stuff for the big stuff, like houses, cars etc. You dont use credit to buy the shopping, why if you have the money anyway!
Cash is king, shove credit!
Ignore this.
Soldato
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Different uses. I have 6 but only use three regularly - Amex Gold for everything, Amex Nectar for shopping at Sainsbury's and Halifax Clarity for overseas spend. Two I got for the signup bonuses - BMI and American Airlines - and then I also have the Lloyds Duo Avios which I use for places that don't accept Amex.
I keep them due to Amex's offers which are per-card and not per-customer, and I have 14 (6 unique plus 6 supplementary in girlfriend's name and 2 in mum's name). Offers like £25 off £50 spend at Currys mean I could get a £700 item for £350.
Why do you use the Lloyds Mastercard with its terrible earning rate (0.2 Avios per £1 on the 'old' free card, 0.25 per £1 on the newer card with no foreign transaction fees) when you could use your BMI/Diamond Club Visa that earns at least 1 Avios per £1?
My Lloyds Duo Mastercard lives in the filing cabinet because the earning rate is terrible.
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Soldato
- Joined
- 27 Dec 2005
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- 17,316
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Didn't now BMI's was higher tbh! Plus very little goes onto that.
What would people on here recommend as the best interest free credit card? Always pay my outgoings on time etc so should have good credit scoring. I have around 1500 to pay in March and would like to just pay it as and when rather then paying it off in one lump sum. I may even pay it off in one go yet but I thought about having a CC incase I decide not to and for future use. Thanks guys 
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Answer to the original question before your edit
If you're going to be sure to pay it off in full every month, then the interest rate is irrelevant - no interest is attracted as long as you clear the balance before the due date. In which case, look for the card the offers the most compelling benefits.
Answer to the revised question
Look for a card offering 0% on purchases. With a duration as long as you're likely to need to retain a balance for. Have a read here: http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards
What would people on here recommend as the best interest free credit card? Always pay my outgoings on time etc so should have good credit scoring and would pay everything off at the end of each month. Thanks guys
If you're going to be sure to pay it off in full every month, then the interest rate is irrelevant - no interest is attracted as long as you clear the balance before the due date. In which case, look for the card the offers the most compelling benefits.
Answer to the revised question
Look for a card offering 0% on purchases. With a duration as long as you're likely to need to retain a balance for. Have a read here: http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards
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Well for a start you can keep a large balance on a 0% interest card (say a 12 months promotional offer) and instead earn interest on that same amount in a bank ( not much but it is a way to make a little bit of money). I am doing that now. Obviously i have always had the means to pay it off instantly if needed but whilst the credit card company offers 0% interest i may aswell just pay the minimum payment and earn interest on the money being in my bank instead.
Also, you can get a lot of stuff on cashback/tesco clubcard points/nectar points or any type of reward point scheme.
I have made hundreds of pounds/got hundreds of pounds worth of stuff from using credit cards and never paid a penny of interest.
Obviously having the loan and then paying it off helps add to your credit score as well.
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But you will find a lot of people use them to make money/get rewards, not because they need the credit.
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Yes, because credit cards are all about whether you earn enough. Not.
Whether it's useful to have a credit card has nothing to do with whether you 'earn enough'. Just because you can use a credit card to buy things you dont have the money for doesn't mean this is the main purpose of them. Quite the opposite. They are safe, secure and convenient and have many other benefits as well.
Have fun, for example, renting a car in many countries without a credit card. Or having deposits placed on your card for things, why would you want to use cash for that?!
You miss the point, most people don't need the credit or use them for the credit, they use them because they are the safest, most convenient, and most rewarding way to pay for things.
I'm not sure it's true that *most* people don't use them for credit... It's probably more true to say that *most finically savvy* people. It's amazing how many people have no clue when it comes to managing their finances and how various different products work.
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I used to have two, I now have none, I prefer it this way & any offers I get in the post I just bin.
I don't have a large overdraft facility either, just £500.
The GF has a card however which has been used for things like Horse vet bills in the past which can easily be a four figure bill that is unexpected.
I don't have a large overdraft facility either, just £500.
The GF has a card however which has been used for things like Horse vet bills in the past which can easily be a four figure bill that is unexpected.
I only have one card and it gets used for all single item purchases over £100. I then transfer the money from my Bank A/C to my CC A/C as soon as I leave the shop.
Reasons
1) I have full protection (Sect 75 of the Consumer Credit Act) on the item bought.
2) I incur no and sometimes receive interest on my CC because I have transferred the cash almost immediately (do it on my phone with my backs app).
In response to the OP have as many cards as you want and simply manage them to your advantage (points, loyalty etc) as long as you pay them off.
Reasons
1) I have full protection (Sect 75 of the Consumer Credit Act) on the item bought.
2) I incur no and sometimes receive interest on my CC because I have transferred the cash almost immediately (do it on my phone with my backs app).
In response to the OP have as many cards as you want and simply manage them to your advantage (points, loyalty etc) as long as you pay them off.
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What on earth is there to 'prefer' about it unless you are one of these people who think because you have credit you must immediatly use it up on rubbish you don't need and don't have the money for?
I just don't understand, its not some sort of evil thing, it's a card, don't use it to purchase things you dont have the money for and I honestly cannot see a single reason NOT to have one.
How on earth can you PREFER reducing your financial flexibility? How can you PREFER having to hand over a huge pile of cash at a car rental desk for example? It's just madness.