How many credit cards?

melbury

I read somewhere that it is not good to keep credit cards that you no longer use, as the more cards you have leaves you open to fraud.

I have just got a new credit card, which brings my total up to three. Is three too many to be safe? Should I get rid of at least one of them?

atush

No 3 isn't too many

badger09

melbury wrote: »

I read somewhere that it is not good to keep credit cards that you no longer use, as the more cards you have leaves you open to fraud.

I have just got a new credit card, which brings my total up to three. Is three too many to be safe? Should I get rid of at least one of them?

I've had 3 for many years without any problems, fraud related or otherwise

1) A long standing bog standard Barclaycard Visa, which was unused for several years and never appears on any CRA report. Now used occasionally for small amounts and paid in full by DD to satisfy LTSB Vantage requirement;)

2) Barclaycard Mastercard cashback for everyday spending, which started off as Morgan Stanley I think. They have just increased the credit limit :cool: (I know its not the best cashback card!)

3) Post Office Mastercard, used solely for spending abroad

I was also 'pre approved' for a Santander (before 123 introduced) and Nationwide.

I think it depends on your age, credit limits, and credit history.

Have you read this?

http://www.moneysavingexpert.com/credit-cards/cancel-unused-cards

jackyann

I too have 3:
one jointly with OH, a John Lewis partnership card that brings us JL vouchers
one of my own with the Co-op, that brings me what I still think of as divi points, in actual money
one that I only use abroad: the Saga card for the over 50s makes no charge for transactions in the EU and if you top it up before you go, makes no charge for cash withdrawals whilst you are in credit

I do think it is useful when abroad to have 2 different kinds of card, as occasionally in out-of-the-way places, some transactions run into problems. Usually we use the saga one and take the JL (who operate through mastercard) as back up. We carry a different one each so that is one of us is a victim of crime we still have at least one card operating.
I have done this for many years and not been a victim of fraud, but I have sometimes gone through time-consuming checks. Fortunately on both occasions there was an excellent cafe nearby and I said to the shop assistants "just come and find me when you're done!"

atush

I have like 6. had one fraud (very small years ago.

I have for more porbs with them shutting down my cards. Because I pay for things in the USA (where I have a house they know about) and when I travel there (even though i give them my dates). My fav thing is my Tesco card that I tell them I am going away and give them the dates incl my return' Stop at the shop on the way home from the AP, and they have shut down the bloody card! Because I am using it in my hometown on the day of my return? They have done this 2/3 times now I think.

Just this week one card was shut down when I ordered something associated with my us address. It isn't unlikely I will do this as I do it 2/4 times a year, every year.


Tiresome.

Vortigern

Keep at least one Visa and one Mastercard - in case you encounter any stupid exclusivity deals like at last year's Olympics.

Have one for good cashback/rewards
Have one for foreign travel

...but only if you use them all responsibly!

sparrer

I've managed perfectly well for the past 9 years without a credit card. I have 2 debit cards and a cheque book (which I think I'm right in saying I last used some six years ago).

Hominu

sparrer wrote: »

I've managed perfectly well for the past 9 years without a credit card

I can manage perfectly well without a credit card, but it always gives me several advantages:

I don't have to check my current account balance (which is always low as money is typically in a savings account)
I get cash back if I use the card
Using it abroad incurs no charges, unlike most debit cards.

Every month when I'm paid, I pay off the card balance in full, so its just like a debit card, but with added perks.

atush

sparrer wrote: »

I've managed perfectly well for the past 9 years without a credit card. I have 2 debit cards and a cheque book (which I think I'm right in saying I last used some six years ago).

But you lose the extra consumer protection that buying with a CC does bring, plus you miss things like cash back, free flights/travel, hotels etc.

you also get to use their money for free, for up to 56 days.

evenasus

I've only ever had one credit card - which the bill for is paid off in full every month.

It's really only used for the added protection it gives when buying high cost items, plus online shopping.

jackyann

I set up a DD and always pay back - that way i get CC protection and points.
I used to keep obsessive track on paper so that I never went "overdrawn" and love the new money programmes on the computer that do it all for you!