how many credit cards do you have??

kevin52

Only one, Nationwide because it is a cash back card. Pay off in full each month.

The_Cappuccino_Kid

I have two - Halifax Clarity and Cap One.

I don't have a balance on either of them.

I've recently closed Vanquis and Aqua and have applied for the MBNA cashback card that was highlighted in Martin's email last week.

dtsazza

I have two (kind of):

• Amex Platinum - for general spending, due to cashback levels.
• Tesco clubcard credit card - Initially used for 0% purchases quasi-stoozing, now used as backup when Amex isn't accepted and gives a moderate amount of cashback.

I should probably look at replacing the Tesco card with a more conventional cashback card, but I've still got some balances on there (the money's gone into this year's ISA allowance).

I've also got a very old Barclay's cashback card that I accidentally overpaid £5 on when trying to zero the balance and close it. For some reason I decided I'd wait until I saw something I could buy online for a fiver and use that card. Hasn't happened yet, I should just ring Barclays, get it closed and have then send me a cheque or something.

lisyloo

Debts beget debts

Not necessarily.
It depends on how disciplined you are.
I have a six figure sum borrowed at a very low interest rate (< 1%) which is saved/invested at higher rates (3%-10%).
So debt can and is used sensibly by some people and can in some cases be used to make a profit.
I would agree that spending beyond your means is a bad thing, but that is NOT the same thing as debt.
I have debt but I'm not spending so they are two totally different things.

birkee

lisyloo wrote: »

Not necessarily.
It depends on how disciplined you are.
I have a six figure sum borrowed at a very low interest rate (< 1%) which is saved/invested at higher rates (3%-10%).
So debt can and is used sensibly by some people and can in some cases be used to make a profit.
I would agree that spending beyond your means is a bad thing, but that is NOT the same thing as debt.
I have debt but I'm not spending so they are two totally different things.

Very interesting perspective!
And I'm not disagreeing as such, but, I would see this not as in debt, but having your money in different locations.
If your cash assets are more than your debt, then are you in debt?

lisyloo

but, I would see this not as in debt, but having your money in different locations

Well in one sense I would agree as it's a negative figure in one account and a positive figure in another account.
However your comment seemed to be saying that DEBT was bad and I'm saying it's not debt that's bad but it's spending beyond your means that's bad.
If for example you borrow money for a house and that house provides cheap accomodation within your means then that is good and justifiable debt. So used wisely debt can be a good thing.
I would agree that many people do not use it wisely.

If your cash assets are more than your debt, then are you in debt?

I would say if the + exceeds the - then from your own asset balance sheet perspective you are not in debt.
Technically and legally you are in debt to the lender.
(My - exceeds my + so I am in fact in debt).

stormCat99

I always keep my longstanding Cap One 1% cashback card no matter what, as a backup, but primarily use 0% cards to spend on for offsetting.

We seem to use one up every 2 to 3 months so usually have several cards on the go. I think we've got 4 at the moment.

So that makes 5 incl the Cap One. Although one 0% runs out soon and so will be paid off and closed.

MarlinD

I owns two, however one is on temporary block due to unauthorized payment attempts. But yes I realize its good to have , one for the emergency.

Rob_UK

Vanquis, £1k
Capital One, £200
Barclaycard, £1k

Will be applying for Halifax CC +overdraft on my current account.