Too many credit cards? aka "The Credit Card thread"

ProStreet · 22 May 2023 at 13:47

dLockers said:
Untrue unless it is a small enough business. Paying G4S to come and collect cash is a material cost.

That's why I said debit cards as well.

Deleted member 77746 · 22 May 2023 at 13:48

Raymond Lin said:
I thought about this too, I was going to boiler plate this in my post but that would never happen because human beings are not perfect.

They make money from other means than interest on your debt, like fees on purchases and annual fees. These would no doubt change, and the perks will also decrease. This is why the perks in the US is so much better as the purchase fee there are higher. EU laws puts a cap on the purchase fee so their profit here is less and thus credit card perks this side is worse.

100% CC companies will ALWAYS WIN.

dLockers said:
Well duh but why is that my problem? I don't live in communist Korea.

Who said it was your problem?

dlockers · 22 May 2023 at 13:49

GaryTheSnail said:
Who said it was your problem?

I have no idea why you post. You get far too an easy ride for your drivel.

Raymond Lin · 22 May 2023 at 13:50

smeemi said:
Fine. For a small number of people yes there is a net benefit to them. However if you miss a credit card payment just one time for any reason, that will incur interest plus leave a bad mark on your file. All for what.. few hundred pounds a year?

This is why it is important to set up at least a DD for the minimum amount. Then you will never miss it. There are tools to do this.

HungryHippos · 22 May 2023 at 13:50

smeemi said:
E.g. administrative error by the bank.. it's just hassle for not much reward.

You know direct debits exist right? I've never had a DD go unpaid, it's how I pay for every important thing such as mortgage, council tax and credit card bills.

Deleted member 77746 · 22 May 2023 at 13:50

dLockers said:
I have no idea why you post. You get far too an easy ride for your drivel.

Why do you post as well then?

robfosters · 22 May 2023 at 13:50

smeemi said:
E.g. administrative error by the bank.. it's just hassle for not much reward.

Admin errors by the bank will not cost you interest and any missed payment on your CR will be removed.

Raymond Lin · 22 May 2023 at 13:51

GaryTheSnail said:
100% CC companies will ALWAYS WIN.

They are a business, they exist to make money, of course they will "win". It isn't about winning. My job, nor yours, isn't trying to make them go bankrupt. What i am advocating is about getting something back with responsible spending.

Are you advocating the opposite?

Deleted member 77746 · 22 May 2023 at 13:52

Raymond Lin said:
They are a business, they exist to make money, of course they will "win". It isn't about winning. My job, nor yours, isn't trying to make them go bankrupt. What i am advocating is about getting something back with responsible spending.

Are you advocating the opposite?

Get something back with responsible spending then. If you can get money from them by spending responsibly you win.

Raymond Lin · 22 May 2023 at 13:53

GaryTheSnail said:
Get something back with responsible spending then.

That is EXACTLY what i am advocating.

Deleted member 77746 · 22 May 2023 at 13:54

Raymond Lin said:
That is EXACTLY what i am advocating.

Good. Well done.

ProStreet · 22 May 2023 at 13:54

Raymond Lin said:
They are a business, they exist to make money, of course they will "win". It isn't about winning. My job, nor yours, is to make them go bankrupt. What i am advocating is about getting something back with responsible spending.

Are you advocating the opposite?

It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

Deleted member 77746 · 22 May 2023 at 13:55

smeemi said:
It's not just about the money. You're selling your data as well.

Most people don't see that side. Nor do they care.

413x · 22 May 2023 at 13:55

smeemi said:
It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

They can have my data, but they'll never take my cashback CC!
Charge.. (my card)!

Raymond Lin · 22 May 2023 at 13:57

smeemi said:
It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

We all "sell" our data everytime we buy something.

And my mortgage will finish in 2 years (HA! One can brag about that too!), I paid off my student loan before i was 30, I own my car outright. What has this got to do with anything about responsible spending on credit cards?

This is NOT about taking on debt, stop seeing credit card as debts. I have no debt on credit cards. I buy THROUGH it, I don't rack up debt on it. No one is advocating racking up credit card debt.

robfosters · 22 May 2023 at 13:58

smeemi said:
It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

I feel like you’re just using this thread to brag

ProStreet · 22 May 2023 at 13:58

Raymond Lin said:
We all "sell" our data everytime we buy something.

And my mortgage will finish in 2 years (HA! One can brag about that too!), I paid off my student loan before i was 30, I own my car outright. What has this got to do with anything about responsible spending on credit cards?

The person in the US who has 50 plus credit cards. The amount of time you're spending on managing that, it has to eat into your work/life. Everything has a cost.

ProStreet · 22 May 2023 at 13:59

robfosters said:
I feel like you’re just using this thread to brag

I'm really not.

Deleted member 77746 · 22 May 2023 at 13:59

smeemi said:
It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

That's cool, well done for been responsible.

dlockers · 22 May 2023 at 13:59

smeemi said:
It's not just about the money. You're selling your data as well.

In 5 years time, I will be mortgage free and student loan free. I will never have any debt again. If I want to upsize house or car, it will be paid for with cash.

No one will be coming after me for money except for council tax and utilities. That's how I want to live my life. OK I missed out on a couple of hundred at most per year. That's not going to change my life. Having a clear mind to focus on work will.

smeemi said:
The person in the US who has 50 plus credit cards. The amount of time you're spending on managing that, it has to eat into your work/life. Everything has a cost.

Currently getting paid to post so not really