One Credit Card Only

Robert_Sterling_3

In view of the reckless way in which credit card companies lead people into temptation would it now be prudent, in the delayed 2009 budget, to limit the issue of Credit Cards to one per person.

robpw2

surely then it would limit the oppurtunity for balance transfers , people would feel stuck with a rate and it may be that companies dont look after exisiting clientle ..because they know they cannot get another

I think if you can manage your money well and use a credit card for purchases over £100 and make sure you pay back within the timescales then you shoulc be able to have as many as you like

williham

Depends whether you've got one with a £20000 limit or one with a £200 limit. You could limit the £ of credit but then how would you say who deserves what amount. Nice idea in principle but it's never gonna work. I look after my cards sensibly as do thousands of others so these would be penalised.

nzseries1

Please don't punish the majority for the stupid actions of a minority.

---lee---

As others have said, I can't see how that would help due to limits etc. Maybe they should consider limiting the amount of personal debt that's available.

Anyhow, your question got me thinking, if you could only keep or have one of your credit cards, which would it be?

For me it would be Amex for the cashback.

Hermia

No, many people manage their credit cards just fine so why should they be penalised because other people can't. I have two (and pay them off in full every month) because it's handy when you are travelling, especially if one of your cards gets refused for some reason. Perhaps it would be more sensible to restrict the credit limit over all a person's credits cards if they are low-paid.

nzseries1

---lee--- wrote: »

Anyhow, your question got me thinking, if you could only keep or have one of your credit cards, which would it be?

I can't decide, and I shouldn't have to.

I'd keep my Ulster Bank card for the free warranty on electrical products, I'd keep my Virgin for the stoozing, I'd keep my Barclaycard for the 0% BT and I'd keep my M&S for the loyalty points.

Even trying to decide between 3 of these 4 cards is too hard, let alone just one. Therefore, I choose to keep them all!

Purplepumpkin

I also agree that it would do more harm than good to limit 1 card to 1 person.......there are many more benefits to having some cards when managed correctly, than the downside of reckless unaffordable spending through lack of self control.

However, I would agree that something does need to be done about the amount of credit that is offered by companies to people who just don't have the income or budget to afford to pay it back. Perhaps it would be better for a limit to be set on the amount of unsecured debt people can obtain....maybe guided/linked to income level?

Even then though, I would expect it would be very difficult to implement any kind of government monitoring for peoples personal debt level, since it can be split across different products....cards, overdraft, HP, loans etc.. I myself would also be very uncomfortable at the invasion of privacy.

Hermia

---lee--- wrote: »

Anyhow, your question got me thinking, if you could only keep or have one of your credit cards, which would it be?

For me it would be Amex for the cashback.

I personally wouldn't choose Amex because so many shops refuse it. I would keep my Tesco card because you get the clubcard deals vouchers.

Miller_3

The answer he is choice.

You make the choices in life.

More credit cards leads to debt, it's so easy to whack it on the plastic and pay the minimum off each month.

HOW WRONG IS THAT STATEMENT.

A bit of home tuth is required.

Budget and spend to your means.Don't make the banks any richer, after all they have just screwed up using the same method of wreckless spending and poor budgeting.

SPENDING WHAT THEY HAVE'NT GOT:rotfl:

Robert_Sterling wrote: »

In view of the reckless way in which credit card companies lead people into temptation would it now be prudent, in the delayed 2009 budget, to limit the issue of Credit Cards to one per person.

Mrs_Ryan

It shouldnt really be allowed to penalise people just because of the actions of others. I myself have only the one credit card with a small limit but I use it responsibly. I dont pay it off in full every month but to be honest the interest on it is so small its negligable - I mainly keep it for booking hotels and holidays etc - for convinience and protection.
However my mum has about four or five different cards and she and my dad are both retired, however she has never struggled to make payment and her credit rating is excellent.
Their income level would be classed as fairly low but deciding what cards people should be given according to their income would be dangerous - what about those people who have 'private means' ie no income but could have thousands in the bank, or those who have savings but a low income and could comfortably afford higher payments?
If, for example, banks said 'Ok, if you earn under say 15,000 a year, you will be given the sub-prime card with a a tiny limit, no matter what your credit history, and if you earn over that we will give you gold/platinum etc' there would quite possibly be an outcry. Ok, there are always going to be people who abuse the priviledge of credit but by the same token the banks should be careful not to discriminate.