How many is too many ?

Moneysaverchris

katejo wrote: »

I don't see why anyone needs
more than 1 main credit card and a back up for emergency use .

Despite the points made against this- I Agree!!:j

katejo

Moneysaverchris wrote: »

Despite the points made against this- I Agree!!:j

Thanks! There might be an argument for a third just for a short time to benefit from an interest free period to spread the cost of a specific expense but this can then be cancelled at the end of the period. When on holiday, a debit card and 1/2 credit cards should be enough. If you take several credit cards, where will you leave the spare ones?

Those of you who have 4+ cards, what do you do with them? Have you got outstanding debts on them all? I would feel that my spending were out of control if I needed more than 1 in regular use.

Moneysaverchris

katejo wrote: »

Thanks! There might be an argument for a third just for a short time to benefit from an interest free period to spread the cost of a specific expense but this can then be cancelled at the end of the period. When on holiday, a debit card and 1/2 credit cards should be enough. If you take several credit cards, where will you leave the spare ones?

Those of you who have 4+ cards, what do you do with them? Have you got outstanding debts on them all? I would feel that my spending were out of control if I needed more than 1 in regular use.

I agree with the third yes,not to mention you run all sorts of risks by carrying so many cards around.

Also i appreciate these are probably setup to pay by direct debit how ever its a lot to keep track of.

anoncol

jo-bo wrote: »

I have 14 credit cards, 3 bank accounts, 6 catalogue accounts, 2 kids, 2 dogs and 7 hamsters and rely on my diary!!!

You need google calendar on your mobile!

northerner999

I have four credit cards, and three current accounts (the most recent was opened to get 6% interest from HSBC, which was supposed to end in Feb but has now been extended until July. I was planning on opening another current account at Nationwide to get 5%, but never got round to it and now have no need until the summer.

I have two c-cards for rewards / 0% spends + 2 which have had transfers onto. If they provide some use then I don't think there need be a real upper limit - of course, that is so long as you don't fool yourself on affordability.

I also lived abroad for a bit and did a lot of travelling. I found it beneficial to have Mastercard + Visa options - once I was in Chissinau with a friend and out of both of us, we ended up on my last c-card in order to get any money at all after we stepped off the train.

katejo

I agree that there is a need to have both Visa and MasterCard . However it is all very well to say that you are managing your cards and not missing minimum payments but what happens if you then lose your job or become ill and have no income for months . Much better to clear your balance each month .

The_Boss

katejo wrote: »

I agree that there is a need to have both Visa and MasterCard . However it is all very well to say that you are managing your cards and not missing minimum payments but what happens if you then lose your job or become ill and have no income for months . Much better to clear your balance each month .

What if you have several cards and are doing that? You seem to associate having lots of cards with lots of debt when that isn't necessarily the case. Not everyone with available credit feels a strange impulse to use it for the hell of it and not pay it back.

I am closing two cards this year but I need the other 6. Aqua for 3% cashback, Halifax for £5 monthly reward and no foreign exchange fee, MBNA Amex for use at Costco (who do not accept Visa/Mastercard), NatWest for long term balance transfer, Tesco for clubcard points when buying petrol and Barclaycard because I have had it for 7 years and that type of stability looks good on your credit file.

yangptangkipperbang

The_Boss wrote: »

Not everyone with available credit feels a strange impulse to use it for the hell of it and not pay it back.

True - but far more do than don't.............

Mister_Deeds

I have 4 credit cards. 1 I used to take advantage of 15 months interest free transfer (I had a large debt and wanted to clear it). Its at zero balance now and I rarely use it.

I have a main card I use regularly and 1 for mainly online purchases.

Last card I have is one is Halifax Clarity that I got just for travelling.

I have 17 kids. No dogs and I don't smoke.

The_Boss

yangptangkipperbang wrote: »

True - but far more do than don't.............

KateJo appears to be one of those given the assumption that it would not be possible to pay cards off if unwell (ignoring the fact some people like me get up to 6 months full pay) or unemployed. It's a shame when people do not understand the benefits of having several cards and can't understand why 'anyone' would have that because they think everyone would behave like them.