How many cards do you have?

chelseablue
chelseablue Posts: 3,303 Forumite
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in Credit cards
I'm not sure if I have too many cards?


Currently have 3:


Barclaycard: Balance £158 Credit limit £5,000
This is the card I have in my purse and use if necessary and pay in full if I do use it


Lloyds: Balance £3,428 Credit limit £4,500
0% until 2020, only got for the BT, card shredded as soon as it arrived


Sainsbury's: Balance £1,581 Credit limit £4,800
0% until 2020, only got for the BT, card shredded as soon as it arrived


The credit card balances worry me more than my £224,000 outstanding mortgage

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It's not very many. But it's the balances and limits you need to focus on, not the number of cards.

    Do you have a plan for paying down the balances?
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    Currently I overpay the mortgage by £400 a month. Was thinking I might be better diverting this £400 to Sainsburys, then it'll be gone in 4 months.

    Only thing stopping me is the cards are 0% for a long time whereas the mortgage isnt
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    That's fine for now, but what if the balances go to the standard rate and you can't BT? You'll rapidly eat up any savings you're currently making.


    Even a BT fee might outweigh your mortgage savings.
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    Deleted_User wrote: »
    That's fine for now, but what if the balances go to the standard rate and you can't BT? You'll rapidly eat up any savings you're currently making.


    Even a BT fee might outweigh your mortgage savings.

    Good point, I wouldn't have to worry about the rate until 2020.

    Just not sure whether to send £400 a month to Sainsbury's until its clear then increase the DD to Lloyds so its gone before the 0% ends
  • TBagpuss
    TBagpuss Posts: 11,203 Forumite
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    Or you could start putting £200 a month into a cash ISA or bond for 2 years then pay the cards off in full just before the 0% ends. It depends a bit on how much interest you are paying on the mortgage an whether you can borrow back the over payments if you need to, or if you have any other savings
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    TBagpuss wrote: »
    Or you could start putting £200 a month into a cash ISA or bond for 2 years then pay the cards off in full just before the 0% ends. It depends a bit on how much interest you are paying on the mortgage an whether you can borrow back the over payments if you need to, or if you have any other savings
    ...or 5% regular savers and a 5% current account, and make 2-5 times the interest a cash ISA or 'bond' would. :)
  • pogofish
    pogofish Posts: 10,852 Forumite
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    Same number as the three times this thread has been done this year.
  • adindas
    adindas Posts: 6,813 Forumite
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    forchild wrote: »
    Hello friend, every 3.6 seconds child dies because of hunger... So sad... isnt it?! We can not help them all but we can support them! Let's help the hungry children. We will give a little and we will change a lot www. wehelp.cf

    How many people is aiming helping children and end up in the hand of criminals, religious extremists ...

    reported as spam
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    adindas wrote: »
    How many people is aiming helping children and end up in the hand of criminals, religious extremists ...

    reported as spam

    Make sure you delete your post when the forum team finally delete this posters spam, not been done for s real hours now.
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