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

HungryHippos said:
I use PayPal gift via amex a lot seems fine so far!
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It's fine with BarclayCard also as I'm using it for a little stooze:

1) On the day my statement is produced, I send my other half £8k by PPG, which she then sends straight back.
2) I then stick this in a savings account for 56 days before paying it off.
3) Barclays also then give me £20 cashback as I earn 0.25% on purchases.
 
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awaiting my new llloyds card with 27mths balance transfer 0%, will transfer balance from halifax card over to there and i wll then have 3 empty cards with 12k, 7k and 7k available on them...

need to do some thinking.
 
Welshman said:
awaiting my new llloyds card with 27mths balance transfer 0%, will transfer balance from halifax card over to there and i wll then have 3 empty cards with 12k, 7k and 7k available on them...

need to do some thinking.
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about what to spend your £26k on?
 
El Jimben said:
It's fine with BarclayCard also as I'm using it for a little stooze:

1) On the day my statement is produced, I send my other half £8k by PPG, which she then sends straight back.
2) I then stick this in a savings account for 56 days before paying it off.
3) Barclays also then give me £20 cashback as I earn 0.25% on purchases.
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How often have you done that? Seems pretty obvious manufacturered spend. Not that i want to protect PayPal as I can't stand them; but have you got away with it?

Welshman said:
need to do some thinking.
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Don't hurt yourself
 
dlockers said:
How often have you done that? Seems pretty obvious manufacturered spend. Not that i want to protect PayPal as I can't stand them; but have you got away with it?
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I've been doing it for a year with neither party complaining so far. I could do it once per month instead of every month in order to double the cashback but I figured what I'm doing now is perhaps less likely to be flagged.
 
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No fee money transfer to bank account, then no fee 0% for 12 months balance transfer to another card worked fine. Took a few days longer than I planned due to extra security checks on the new card. Funds transferred to T212 at 4.9%.

Thinking do I want to continue or not. Problem will be a bigger pot has bigger monthly repayments which can only be met from the savings itself, so will start to eat in to the interest.
 
It's change over time for me.
Natwest have let me have another 10k card limit. So right now I'm sat on over 80k of available credit.

So another 0pc for 12 months and 0pc fee. (the important bit is the fee)

Natwest alone have allowed me nearly 30k of that.
 
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See I told you min repayment was often higher than 1%. Lloyds bank 2.5% min repayment.

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Also Virgin Money @2%.

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And MBNA is also 2.5%, and that one is only for purchases within first 60 days so no good for a slow load.
 
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danlightbulb said:
No fee money transfer to bank account, then no fee 0% for 12 months balance transfer to another card worked fine. Took a few days longer than I planned due to extra security checks on the new card. Funds transferred to T212 at 4.9%.

Thinking do I want to continue or not. Problem will be a bigger pot has bigger monthly repayments which can only be met from the savings itself, so will start to eat in to the interest.
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Wouldn't it be better to service the debt yourself and stop any regular savers?
 
I'm paying £160 for a Virgin Reward+, £300 for a BA Premium Plus and £650 for an Amex Platinum now. Getting a lot for it but need so strategise/consolidate for the coming year and hopefully get some pro-rated refunds.
 
dlockers said:
Wouldn't it be better to service the debt yourself and stop any regular savers?
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Yes either way its the same effect - less interest earned as you have to service the min repayment first.


Worked out (crudely) how much you'd make over 20 months by loading up at £500 a month and making the min repayment each time:

At 2.5% min repayment, 4.9% interest rate:

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At 1% min repayment, 4.9% interest rate:

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So the min repayment amount makes quite a big difference to the end result. Obviously a lower min repayment is better, but at 2.5% min repayment, Im not sure doing it for the interest alone is worth it. £180 total profits after 20 months is small.


Edit - I made a mistake, the difference isn't as large as I thought (i'd neglected to take off the previous month's repayment from the final balance to repay).


At 2.5% min repayment:
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At 1% min repayment:
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So I guess that's not too bad. 20 months is still a long wait though for a few hundred quid profit.
 
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