How Many CC's should one person have

Martinslovechild

I currently have 13. Of these, 10 have zero balances as I used them originally for 0% deals. I use the remaining 3 for a mixture of 0% on purchases, 1% cashback and commission-free transactions abroad.

I should probably cancel at least 7 of these as I've not used them in some time. Having a lot of cards is generally mooted to be a negative thing from a credit report perspective as a lot of credit is available to me which in theory I could go out and spend, however it's never stopped me from being approved for further new credit cards.

Surprisingly, in the past when I've fully expected to either be rejected when applying for a new card - or at best receive a small limit - I've not only been offered the card, but I've also received a huge limit. This has been despite having credit card debt equivalent to double my gross salary (don't fret, the cash was nicely parked in my mortgage offset account).

I don't think there are any rights or wrongs about the number of cards. I think it's more to do with how you manage each of these accounts. I ALWAYS set up a direct debit to collect at least the minimum payment. I set up online access so as to regularly monitor my spending and also to ensure that I don't go over-limit.

Own_My_Own

I have one. I have had it for over 15 years.
I use it every month to pay for my petrol and it is paid off every month.

Evilm

I have 2 and hubby has 4 (2 being linked to mine). 2 day to day spending, 1 'special' spending on 0% which is matched by our savings account until payment time and 1 overseas.

As an when the 0%'s run out we get a new one and clear the balance and close the old one. The other 3 always get paid off every month.

Someone mentioned the fraud factor abroad in a comment above - I'd prefer to be fighting fraud on a credit card than my bank account personally!

UsernameAlreadyExists

Evilm wrote: »

...
Someone mentioned the fraud factor abroad in a comment above - I'd prefer to be fighting fraud on a credit card than my bank account personally!

100% agreed. With a CC, you're spending someone else's money. and you're not obliged to pay it back ... so they'll either have to fight "you" for it (which you will likely be able to defend), or fight the fraudster and/or just write it off.
CC's all the way for spending, especially abroad.

If you spend your own money from a DC? Meh ... your problem.

GooliesOfFire

I've got only one. It's mainly for emergency spending... but there is always a few hundred pounds balance on it. I used to have 3 credit cards and nothing wrong with that. But then I cancelled all unused current accounts, credit cards etc. I cannot say how that affected my credit rating, but quite frankly I don't care.

learningaboutinsurance

B19JON wrote: »

Would love an Amex tho.

same here, but with the prestigeness that goes with having an amex probably is not for me.

i am probably not in their eyes their type of customer. even though i think i would be able to get one on my salary income :T

learningaboutinsurance

Evilm wrote: »

Someone mentioned the fraud factor abroad in a comment above - I'd prefer to be fighting fraud on a credit card than my bank account personally!

I mentioned this, its all good and well fighting fraud and i think CC company's have come a long way in terms of helping their customers fight fraud but that fact that fraud does occur when mostly abroad is not a comforting feeling nor pleasant experience at the time and its usually when your back from abroad that is when you tend to fight fraud

just my 2cents, but again its not happened to me for the reasons i have stated so cannot comment from experience

GooliesOfFire

I don't understand why Amex is so desired by some. I looked at their cards and see nothing special. High interest rate and some illusive benefits I would probably never use. Also paying monthly for the CC is not something I would want to do.. and Amex is not accepted in many places.. especially abroad so additional inconvenience. Enlighten me please lol

As for my CC I think Barclaycard Simplicity just ticks all my boxes.

UsernameAlreadyExists

For me, the Amex was at the time (and may still be?) the highest cashback rate. I think it's 1.25% at the mo?

The annual fee is offset by spending over the mininum requirement to earn the sufficient cashback to cancel it out. I spend way over this threshold anyway ... so it costs me nothing at all. Also the interest rate is irrelevant as I never pay any as its cleared monthly by DD.

They have great introductory offers sometimes (5%? for a month?) and also the amount of cashback they'll pay up isn't capped.

learningaboutinsurance

GooliesOfFire wrote: »

I've got only one. It's mainly for emergency spending... .

This is the mentality i have always had surrounding CC's until recently.

i think people should have CC's but only enough that they are able to clear it in short period of time and not have the mentality its their primary source of purchasing something or paying for a service.