having no credit cards

want2bmortgage3

can someone tell me what its like not having a credit card? i am paying back my last card debt but for the last decade have had several cards open at once, moving balances about etc way back when it was 0% for balance transfers!

is it the way to be? once you have no cards do you look back and wonder why you ever got one in the first place?

keith_lard

A good post!

The better choice is to save, never use credit and let money work for you!

Sadly I went down the credit route many years ago, wished I never bothered and just saved!

dresdendave

keith_lard wrote: »

The better choice is to save, never use credit and let money work for you!

Or let a credit card work for you not the lender. Always pay in full, never pay interest but get S75 protection, up to 56 days interest free and cashback or perks. Plus, try hiring a car without one.

Torry_Quine

I have never had a credit card and never felt the need for one.

jen245

As dresdendave says, having a credit card is useful, and just because you have credit cards doesn't mean you need to run up high balances. I have 2 credit cards which I use and pay back in full each month, and I get cashback, and rewards just for putting my normal monthly spends on them.

malcolmffc

I have a cashback credit card and a 0% overseas purchases card. I always pay both off in full, and combined they save me close to £200 a year.

izools

<ramble>

I currently have no credit cards.

I closed mine so that I can concentrate on paying off my Zopa loan, which accrued as a result of my driving license, car, and qualifications.

Once my Zopa loan is clear in April I will once again be looking for a credit card or two - one to be cleared in full each month that offers rewards on spending and another which I hope to be a Barclaycard Simplicity with which to purchase more qualifications - I want to become ITIL, Prince 2, MCSE and CCNP certified so that I can progress in to infrastructure management in due course.

Not having a credit card over December is, I feel, going to save me a gread deal of money - whilst I might be able to afford more spending, seeing every penny I spend come out of my bank account as I spend it makes me keep much closer tabs on my self than if I'd been putting it on card and clearing the statement at the end of the month with "Really? I bought that? Oh. Fine, whatever... (grumble grumble)" running through my head when I see the amount of the direct debit...

Having only a debit card whilst concentrating on clearing my loan should leave me in a better mindset to handle putting my day to day expenditure through a credit card again come easter whilst keeping the same strict tabs on myself as I am now. Although, the debit card is feeling the strain (literally). It snapped in half on Thursday. Thankfully HSBC are really quick off the bat... New one arrived on Saturday. Well impressed! :beer:

Those HSBC Advance debit cards are weak though... On my third one this year...

</ramble>

want2bmortgage3

well i've finally cleared them all, last card closed confirmed by letter from barclaycard. now time to start saving and overpaying on the mortgage!

Fiddlestick

jen245 wrote: »

As dresdendave says, having a credit card is useful, and just because you have credit cards doesn't mean you need to run up high balances.

Quite right.

cgk1

dresdendave wrote: »

Or let a credit card work for you not the lender. Always pay in full, never pay interest but get S75 protection, up to 56 days interest free and cashback or perks. Plus, try hiring a car without one.

Right, we pay everything in full each month and get lots of freebies (wine, hotel rooms etc) plus the legal protection. The paradox with credit cards is that they are very useful if you don't actually need them.

lilgreenmomo

I currently have two which I use to juggle an existing balance between each time I get an offer, ideally though I'd like to be rid of that balance so I'm committed to paying it off (the huge cheque for the credit balance on my energy account is helping with that). Once I get straight I don't plan to get rid of the cards though, as mentioned above I plan to make the cards work for me.