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Too many credit cards? aka "The Credit Card thread"
- Thread starter robfosters
- Start date
Caporegime
Nice rebuttal !
Everyone’s ruining my thread with silly bickering.
The thread was never meant to be about whether credit was good or not, just a discussion about credit cards in general and how to approach them. Anyone who has no interest in credit cards or credit in general, should have no interest in the thread, not be charging in with pointless arguments.
The thread was never meant to be about whether credit was good or not, just a discussion about credit cards in general and how to approach them. Anyone who has no interest in credit cards or credit in general, should have no interest in the thread, not be charging in with pointless arguments.
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Commissario
Does it? Dunno. My new MBA came with three months of AppleTV+ but we have it anyway as part of the family Apple One thing.
I do agree with this.
Getting discount for buying a car in cash from a dealer stopped a long time ago afaik. Cash is expensive to handle (ie: paying it in the bank) and dealers get more profit via kickbacks from selling you finance, so you get more leverage with discount nowadays from the dealer to buy the car on finance (then just cancel it and pay it all off in the 14 day cooling off period)
If you go on to the Barclaycard app and scroll down the main page, there should be a section for Apple subscriptions.
Pretty sure I've already told you about that. PCP finance is where the discounts are not cash. You then clear the debt within 14 days. At least the last time I bought a car in 2018 this is how it worked, I highly doubt the world has reverted to cash being king since then.
Sorry I can't handle basic concepts and when I do learn them I forget quite easily
Associate
Why would I need more than 1 one cc? tbh I was googling about ending mine, but it can affect credit rating. I guess I'm now in that cult for a life time. It's nice to have a cc "just in case" but if I have savings then why do I need one and shouldn't the all knowing credit rating systems know what savings I have?
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Well the buyers protection for one.
Is there any downside to paying a token amount to a 0% purchase card each month (~£50), and then waiting for the end of 0% period to pay it all off?
That way I could keep more of my cash in a high interest account for a longer period of time.
That way I could keep more of my cash in a high interest account for a longer period of time.
Soldato
Only the added hassle and the relatively small amount it's on, and whether it's worth it to you.
Soldato
Not a big traveller but in looking at taking the family to the US next year. Is it worth me getting a BA/Virgin card and switching my spending around to earn the points? Will it make much difference to the price
100% definately. Although i'd suggest a membership rewards AMEX as it allows you to transfer your point to BA and Virgin so you can redeem with whichever airline has rewards availability. Think Virgin allow you to use your points towards money off a revenue booked flight as well.
Associate
- Joined
- 19 May 2010
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- 1,293
I have two credit cards - the British Airways Premium American Express and a Capital One Mastercard. Between these and my Visa Debit I cover the three big institutions.
I do as much of my every day spending on the Amex to get the Avios air miles and my annual companion voucher. This combination allowed me and my partner, who also has one, between December 2021 and January 2023, to go on 4 holidays in Business class at a cheaper price than the economy tickets would have been, even when you include the annual fee for the card. Two of these were Vancouver and the Maldives. We got them the year before the pandemic so that allowed us to build up the points for 2 years, so I’m currently questioning if it’s still worth having as it does take a while to build up to the level you can fly somewhere decent, but in the mean time we have another flight to the Maldives booked for next year (premium out, business return) and just need to find a nice resort…
The capital one is a card that I don’t remember how I got it, only that I’ve had it for 20 years and it has a stupidly low interest rate of like 2.5% or less and is used for any larger or distance purchases that don’t take AMEX.
I don’t pay a penny of interest on the AMEX, just the capital one card if I spread the cost of something over a few months, and to do the same flights on BA for cash would have cost tens of thousands. I’ve literally made money doing it.
I remember the first time I ever looked at my credit score on Experian back in 2012 before I bought a brand new car on 0% finance - it was 999/999, and has never changed to this day. Got a mortgage in 2016, didn’t move a single point. No idea how it all works…
I know some people abhor credit and absolutely smash out mortgage payments to clear it as soon as possible so they pay as little interest, but I just view credit as a tool to be used sensibly, and your mortgage as a payment which will go each month for essentially the rest of my life. It will eventually be laid off, but I don’t see the point in throwing all my money at it. Yes I will pay more in interest, but in the mean time I am enjoying my life with a nice car for my 1600 miles a month, amazing holidays and experiences and making memories of seeing the world.
Knowing my luck, I would live like a pauper on beans and toast and clear the mortgage in ten years, but then get run over the next day…
I do as much of my every day spending on the Amex to get the Avios air miles and my annual companion voucher. This combination allowed me and my partner, who also has one, between December 2021 and January 2023, to go on 4 holidays in Business class at a cheaper price than the economy tickets would have been, even when you include the annual fee for the card. Two of these were Vancouver and the Maldives. We got them the year before the pandemic so that allowed us to build up the points for 2 years, so I’m currently questioning if it’s still worth having as it does take a while to build up to the level you can fly somewhere decent, but in the mean time we have another flight to the Maldives booked for next year (premium out, business return) and just need to find a nice resort…
The capital one is a card that I don’t remember how I got it, only that I’ve had it for 20 years and it has a stupidly low interest rate of like 2.5% or less and is used for any larger or distance purchases that don’t take AMEX.
I don’t pay a penny of interest on the AMEX, just the capital one card if I spread the cost of something over a few months, and to do the same flights on BA for cash would have cost tens of thousands. I’ve literally made money doing it.
I remember the first time I ever looked at my credit score on Experian back in 2012 before I bought a brand new car on 0% finance - it was 999/999, and has never changed to this day. Got a mortgage in 2016, didn’t move a single point. No idea how it all works…
I know some people abhor credit and absolutely smash out mortgage payments to clear it as soon as possible so they pay as little interest, but I just view credit as a tool to be used sensibly, and your mortgage as a payment which will go each month for essentially the rest of my life. It will eventually be laid off, but I don’t see the point in throwing all my money at it. Yes I will pay more in interest, but in the mean time I am enjoying my life with a nice car for my 1600 miles a month, amazing holidays and experiences and making memories of seeing the world.
Knowing my luck, I would live like a pauper on beans and toast and clear the mortgage in ten years, but then get run over the next day…
You'll have to pay the minimum amount each month (2% or 3% depending on the CC) as per the T&Cs of the credit card. If you don't they'll revoke the 0% on purchases offer and charge you a ridiculous amount of interest.
If you were to make a purchase of say £5,000 your minimum payments at 3% would be:
Code:
Month Minimum Payment (3%) Balance
£5,000.00
1 £150.00 £4,850.00
2 £145.50 £4,704.50
3 £141.14 £4,563.37
4 £136.90 £4,426.46
5 £132.79 £4,293.67
6 £128.81 £4,164.86
7 £124.95 £4,039.91
8 £121.20 £3,918.72
9 £117.56 £3,801.16
10 £114.03 £3,687.12
11 £110.61 £3,576.51
12 £3,576.51 £0.00The same amount in a savings account would make you a couple of quid, probably less than £50 depending on the usual factors.
Experian credit score is a load of bull. Use credit monkey..
Associate
- Joined
- 19 May 2010
- Posts
- 1,293
I’d rather not hand over my financial details to another random company I’ve never heard of, as I don’t really care what my credit score is. I know I have no issues getting it if needed which is what matters.