Best credit card advice ever!!

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runner2014
runner2014 Posts: 20 Forumite
in Credit cards
Go into the kitchen, open the drawer get the scissors. Get your credit card, place between scissor blades. CUT ONCE, cut again and again. Gather the pieces and place in the bin.

YOU HAVE NOW GOT RID OF YOUR CARD. NOW YOU HAVE TO STRUGGLE FOR A BIT, BUT SAVE A FEW HUNDRED £. THIS SHOULD BE SEPERATED FROM YOUR MAIN ACCOUNT. THIS IS YOUR CREDIT LIMIT. YOU CAN DIP IN AND OUT, AND PAY MONTHLY PAYMENTS TO YOURSELF, TO GET IT BACK TO MAX AMOUNT AVAILABLE. YOU CAN EXTEND YOUR LIMIT BY ADDING SOME NEW FUNDS TO THE BALANCE. IT IS ZERO INTEREST LENDING.
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Or better still - get a card that pays cashback, pay off in full each month and have some self control.


    Hey presto - monthly interest free loans and free cash.
  • mrmajika
    mrmajika Posts: 986 Forumite
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    You are wrong on so many levels that it's hard to know where to begin, so I won't bother.

    Happy snipping! ☺
    Whilst my posts do not constitute financial advice, I am always, without fail, 100% right! :D
  • TheShape
    TheShape Posts: 1,779 Forumite
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    How is it that the OP has made 10 posts but received 560 thanks?
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
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    TheShape wrote: »
    How is it that the OP has made 10 posts but received 560 thanks?

    OP posts to competition forum. Thanking there seems common.
  • gwapenut
    gwapenut Posts: 1,360 Forumite
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    I knew this was going to be patronising as soon as I saw the thread title!
  • TheShape
    TheShape Posts: 1,779 Forumite
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    SnowTiger wrote: »
    OP posts to competition forum. Thanking there seems common.

    Didn't get any here.

    It's a real mix here on the forums, some people doing surveys for pennies, some terrified of debt, others stoozing tens of thousands.
  • m4rc
    m4rc Posts: 315 Forumite
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    People who are able to manage their finances realise that if you control your credit rather than letting it control you then you can get some really good deals, like long periods of interest free credit. That means you can better use of your money, and if you want or need something you can have it. Very useful if the boiler blows up, the washing machine breaks down or the car needs an expensive repair. If you have a few hundred saved you may be able to get by, but if next month something else happens you are officially stuffed. Then, having no credit you will apply for several accounts, you may be lucky and get a reasonable deal, or you may get nothing and turn to a payday lender and find your debts spiral out of control. What are you going to cut up then?

    I suppose if you are the type of person who will max out every credit card and only make minimum payment she it is good advice, for people who borrow responsibly it's really not good advice.
  • Enterprise_1701C
    Enterprise_1701C Posts: 23,409 Forumite
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    I have a Tesco CC, points have gone down lately but I like the card.

    I NEVER spend more than I can afford on it, I pay it off every month.

    I do this by removing money from my saving that I would otherwise have spent through the month.

    Therefore I have some money in my savings for 2 - 6 weeks more than it would be there otherwise. It does not make much difference these days, but every little counts.

    I am in total control of my credit, I use it for convenience.
    What is this life if, full of care, we have no time to stand and stare
  • Helvetica_Van_Buren
    Helvetica_Van_Buren Posts: 270 Forumite
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    runner2014 wrote: »
    Go into the kitchen, open the drawer get the scissors. Get your credit card, place between scissor blades. CUT ONCE, cut again and again. Gather the pieces and place in the bin.

    YOU HAVE NOW GOT RID OF YOUR CARD. NOW YOU HAVE TO STRUGGLE FOR A BIT, BUT SAVE A FEW HUNDRED £. THIS SHOULD BE SEPERATED FROM YOUR MAIN ACCOUNT. THIS IS YOUR CREDIT LIMIT. YOU CAN DIP IN AND OUT, AND PAY MONTHLY PAYMENTS TO YOURSELF, TO GET IT BACK TO MAX AMOUNT AVAILABLE. YOU CAN EXTEND YOUR LIMIT BY ADDING SOME NEW FUNDS TO THE BALANCE. IT IS ZERO INTEREST LENDING.

    What about all the accounts and services it's linked to? They don't become inactive just because you've cut the plastic up.

    Also, my scissors aren't in the kitchen.

    Also, WHY ARE YOU SHOUTING?

    Also, this advice is terrible.
  • Nasqueron
    Nasqueron Posts: 8,825 Forumite
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    Helvetica_Van_Buren wrote: »
    What about all the accounts and services it's linked to? They don't become inactive just because you've cut the plastic up.

    Also, my scissors aren't in the kitchen.

    Also, WHY ARE YOU SHOUTING?

    Also, this advice is terrible.

    Clearly if you had cut up your credit card you could afford a second pair for the kitchen :beer:
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