Soldato
- Joined
- 25 Sep 2012
- Posts
- 3,189
Exactly its not about buying on the never never and whether you can afford to buy it. Its just a tool to take advantage making sure to pay off before being charged any interest.
Too many credit cards? aka "The Credit Card thread"
- Thread starter robfosters
- Start date
Are you asking me out?
You couldn't even rent a car mate, no chance
Awwww cmon, his mortgage will be paid off in 5 years, shirley that's making you moist?
I think i have 6 CCs?
-amex (every day spending, paid off monthly)
-tesco (for where amex doesn't work)
-old Nat West I keep at 0
-santander with a BT 0pc with some credit used
- virgin same as santander
-barclaycard that I'm about to shift the balance from virgin to, and I'll terminate the virgin (nothing sinister!
)
I know my total credit limit is 50k. Which is ridiculous!
From what I gather
-keep enough CCs to keep your credir balance under 25 percent
-always keep 1 or 2. 1 with zero balance is no bad thing. It shows you have credit and don't need it.
-keep the oldest one and get rid of more. Recent ones.
-amex (every day spending, paid off monthly)
-tesco (for where amex doesn't work)
-old Nat West I keep at 0
-santander with a BT 0pc with some credit used
- virgin same as santander
-barclaycard that I'm about to shift the balance from virgin to, and I'll terminate the virgin (nothing sinister!
)I know my total credit limit is 50k. Which is ridiculous!
From what I gather
-keep enough CCs to keep your credir balance under 25 percent
-always keep 1 or 2. 1 with zero balance is no bad thing. It shows you have credit and don't need it.
-keep the oldest one and get rid of more. Recent ones.
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Anyone not leaving a trail of debt and destruction when they die is just a n00b. Even worse, a cabin.
Listening to a vinyl in my cabin not worrying about debt is priceless #Mastercard.
Tbh it catches you off guard. You should only be signing up to them if they have a purpose...ex:
AMEX - Everyday spends 1.25% cashback + tonnes of great cashback offers
^ these have generally always been cashback against actual purchases (i.e. not new spend incentivised by offers).
MBNA - 0% for 2 years (I do minimum payment then put a top-up equivalent to total balance /24 months...23....22....etc)
Amazon - Was like 2% on Amazon but binned.
BarclayCard Rewards - Cashback on non-AMEX + travel
Clydesdale - 0% for 2 years. This one was lol as it said "what do you want your credit limit to be?" and the default value was £10k so I just clicked next and it was like "sure here you go, £10k".
Edit: Thanks @montymint
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Soldato
In theory you can use 0% to gain interest and then pay it back for a profit, but if I don't need 0% for anything in particular I personally wouldn't, pretty happy with the everyday one from Amex (I have the same 1.25% cashback). This works in almost every place I spend money, and if not then Paypal covers a lot of places as well.
8 is certainly too many though for most people, especially if none of them have a unique purpose such as 0% offers.
8 is certainly too many though for most people, especially if none of them have a unique purpose such as 0% offers.
For sure - I use 2 of my 0%'s to gain interest "by proxy" of managing it well, ex:
Home loan (I forgot to mention this one, £5k on an M&S card) - I divide balance by months remaining and pay the "top-up" to the minimum payment into Chase where I get 3%. Same on my MBNA which was something else spenny.
Here's mineFor sure - I use 2 of my 0%'s to gain interest "by proxy" of managing it well, ex:
Home loan (I forgot to mention this one, £5k on an M&S card) - I divide balance by months remaining and pay the "top-up" to the minimum payment into Chase where I get 3%. Same on my MBNA which was something else spenny.
0
For sure - I use 2 of my 0%'s to gain interest "by proxy" of managing it well, ex:
Home loan (I forgot to mention this one, £5k on an M&S card) - I divide balance by months remaining and pay the "top-up" to the minimum payment into Chase where I get 3%. Same on my MBNA which was something else spenny.
Yeah even taking 5k out and sticking it in a 5pc than bouncing that 5k from card to card can net a little cash.
That would be 250 cash a year for 0 cost
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Caporegime
Why are you bragging about making no free money?
You do realise he still has that £5000 so if they want it back today, he can just give it back. Until then, he is collecting free cash from other financial institutions.
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I think you've found the unlimited money glitch.. Mr arbitrage here
Wouldn't bother responding if I were you.
Well it's obviously not unlimited.
And its fairly basic maths that it's a free 250 for Every year you had it in a 5pc fixed bond.
There's a lad on MSE that had 64k bouncing around on 0% cards/BT tricks. It can become a sizeable passive income!
After tax around £125 assuming you've exceeded your £1000 a year allowance.
There's more chance of becoming a millionaire not having a credit card than having a credit card and earning £125 a year. Facts.
Ooft. That's brave!
Has just made me think about doing it. But bouncing around that much would be a lot of work. Timing. New applications etc. But with rates like they are now? Not a bad idea!