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

dlockers said:
You just pay the balance in full and it's interest free. If you have a problem controlling yourself/your spending it is a bad idea as it is essentially a loan.
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Things like credit cards just worries me big time as in my younger days 30 odd years ago from the ages of about 18 to 30 i got myself into debt up to my eye balls from getting loans for stuff left/right & center which took me a good 10+ years to get out of
 
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chaparral said:
Things like credit cards just worries me big time as in my younger days 30 years ago in my 20's i got into debt up to my eye balls from getting loans for stuff left/right & center which took me a good 10+ years to get out of
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If you have any issues in regards to self control absolutely do not do it.
The gains are small. But if there's a risk of misuse then it's just not worth it.
 
danlightbulb said:
Transfer it you mean. So it is effort to keep looking for new deals. There's only a handful of cards where BT deals are low fee now. If it gets to a 3% fee I'd say it's not viable.
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Only if you feel the need/want to transfer.
In any case, it really isn't that hard either. MSE has all the CC deals there so it's not like someone hasn't done the legwork for you.
I did all my applications on the train to/from work. Didn't take 20 mins even on a mobile phone browser.
I don't think many of us are on a £250 hourly rate :cry:
 
Is the 0% spending for the full period of the offer?

I.e Barclaycard 0% for 22 months - does that mean all spending is 0% for the full 22 months?

I'm sure I've had cards like this before where it's 0% for say 22 months but only spending in the first 3 months counts. So I used it for a big one off purchase to get 0% but not for continual spending.
 
danlightbulb said:
Is the 0% spending for the full period of the offer?

I.e Barclaycard 0% for 22 months - does that mean all spending is 0% for the full 22 months?

I'm sure I've had cards like this before where it's 0% for say 22 months but only spending in the first 3 months counts. So I used it for a big one off purchase to get 0% but not for continual spending.
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If it's 0% on purchases for 22 months then it's 0% on everything spent in those months. At least that's how it's been on all the ones I've had.

It's normally balance transfer offers where you need to transfer within 90 days of opening and then it's 0% on that money for the stated term
 
I need to start looking at an alternative credit card. I use my credit card for all purchases, online and in hand, and average about £1200 a month on it and pay it off in full each month. I'm currently using a Tesco CC (you get clubcard points), but the small print means a lot of my purchases don't qualify (under £8 I think per spend before points get added) and so am considering replacing it in the new year. Is an Amex the only cash back option out there?
 
pepp77 said:
I need to start looking at an alternative credit card. I use my credit card for all purchases, online and in hand, and average about £1200 a month on it and pay it off in full each month. I'm currently using a Tesco CC (you get clubcard points), but the small print means a lot of my purchases don't qualify (under £8 I think per spend before points get added) and so am considering replacing it in the new year. Is an Amex the only cash back option out there?
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Amex has a good rate initially and is fairly good for gucci belt level earners. After the intro period it drops a looot.

My big spending doesn't take Amex. So I miss out. I still use tesco as my non Amex choice but may switch to santander
 
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413x said:
Amex has a good rate initially and is fairly good for gucci belt level earners. After the intro period it drops a looot.

My big spending doesn't take Amex. So I miss out. I still use tesco as my non Amex choice but may switch to santander
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No Gucci belt wearer is paying amex interest. It just doesn't make any sense at all.
 
pepp77 said:
I need to start looking at an alternative credit card. I use my credit card for all purchases, online and in hand, and average about £1200 a month on it and pay it off in full each month. I'm currently using a Tesco CC (you get clubcard points), but the small print means a lot of my purchases don't qualify (under £8 I think per spend before points get added) and so am considering replacing it in the new year. Is an Amex the only cash back option out there?
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Barclaycard do but amex is the winner for %.
 
danlightbulb said:
Is the 0% spending for the full period of the offer?

I.e Barclaycard 0% for 22 months - does that mean all spending is 0% for the full 22 months?

I'm sure I've had cards like this before where it's 0% for say 22 months but only spending in the first 3 months counts. So I used it for a big one off purchase to get 0% but not for continual spending.
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It's normally the balance transfer element that has a 3month limit. I've not seen too many with 3month purchase limit but they do occasionally come up.

Another argument for this is having the cash security. I have about 15k on cc at the moment with equivalent in the bank. It's nice knowing I have the liquidity should I need it - I can basically take a 0% loan against myself as I have the cash there.

Obviously requires discipline a lot can't/chose not to manage.
 
dlockers said:
I guess if you don't have enough to go around you must prioritise. It isn't hard having an AMEX and earning free money.

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^ membership to date.

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YTD.
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It is hilarious how sensitive you are about finances :) Most people up to their eyeballs in debt usually are to be fair.

I guess the answer to my original question is no, there is no advantage to having rafts of different credit cards. One is fine.
 
dlockers said:
It's normally the balance transfer element that has a 3month limit. I've not seen too many with 3month purchase limit but they do occasionally come up.

Another argument for this is having the cash security. I have about 15k on cc at the moment with equivalent in the bank. It's nice knowing I have the liquidity should I need it - I can basically take a 0% loan against myself as I have the cash there.

Obviously requires discipline a lot can't/chose not to manage.
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Pretty sure on a another thread, either the shed thread or the house renovation thread, that you was skint do to all the work your having done. Now all of a sudden you got 15k in the bank…..

Sure your not playing big un with forum
 
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Welshman said:
Pretty sure on a another thread, either the shed thread or the house renovation thread, that you was skint do to all the work your having done. Now all of a sudden you got 15k in the bank…..

Sure your not playing big un with forum
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To have the size of mortgage means salary must be huge though.
 
shredgodxp said:
Tempted to get an Amex card just after christmas. Got a fairly large family holiday to pay for (I have the money sat in savings already) and considering using the free airport lounge access and also using the points to pay off some money from the holiday (Virgin atlantic reward) - I know it's not the most optimal use of the amex points but given I don't travel an awful lot anyhow I just see it as "Free" money which I can further use to get off the holiday. Would only look at keeping the card for the 1 year anyhow and not paying the renewal cost.
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Did exactly that for exactly the same reason this year. Look out for the 60k avios bonus with the BA Premium Plus card, companion voucher once you spend £15k plus it's 1.5x per £1 so you get 50% extra points on your already big spend. Currently sat on 195k points earned since May just from the holiday and every day spends, which is enough to get a return trip business class for 2 to practically anywhere (you only have to pay taxes)
 
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