Is Anyone Finding It Difficult To Keep Track Of The Different Credit Cards

searcher30

having several cards - useful because you only pay 0% interest- but it means so much admin even though am on direct debit to pay minimums. I have come accross a lot of mistakes by the bank and other . I wonder whether others are having similar problems and how they best deal with this?
Thanks in advance

Systemaddict_2

Put all the credit cars info ( e.g. interest rates, last trf date/rate, last call date, current balance, minimum paymnet [2%, 2.5% or 3%, etc) on MS Excel spread sheet.

You can then view the information on all your credit cards in one go.

I use MS Excel spread sheet to manage 25 cards!

searcher30

Systemaddict wrote:

Put all the credit cars info ( e.g. interest rates, last trf date/rate, last call date, current balance, minimum paymnet [2%, 2.5% or 3%, etc) on MS Excel spread sheet.

You can then view the information on all your credit cards in one go.

I use MS Excel spread sheet to manage 25 cards!

what sort of template do you have?
just a listing with dates next to it?
thanks in advance

Milarky

Just become generally organised (the spreadsheet is good but not essential). When getting a new card use the first phone call (to activate) to get all the key facts you can:

Ask them what date the first statement will be produced. Ask about the 'due date' for the first min payment.

Ask about setting up a direct debit for the minimum payments at the same time - don't leave it any later than necessary.

Ask for the 'collection account' details (i.e. their sort code and account number) for making separate payments (You can't rely on the direct debit collecting the first time, generally)

Ask about how their direct debit works (if you are going to use it) where, if necessary, you made additional payments. Sometimes it has no effect, often it will affect the amount later taken.


Ask them the exact date that the promotion period ends.

and WRITE ALL THIS DOWN - preferably in a diary or notebook - for later reference.

I tend to avoid DDs now because I don't regard a new card as a permanment proposition anyway. I find it is easier to set up a single payment authority from my bank and just create a payment once each statement arrives. Since you invariably have to do this for covering the first payment because the DD won't collect you might as well carry on that way for the next five (or eight) months' payments also. You just need to allow a few days extra for the payment to hit the account because you will be sending it in advance of the due date.

A spreadsheet is useful for working out how much would be left on the card by the end of any promotion period. Note this, because that is the amount you will have to move one later and the date but there is a limit to what you can work out in advance, of course.

The more you get into these habits, the easier the process will seem - because you know the questions to ask - it's then just a matter of routine.