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Benefits and Features of having more than five credit cards
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adindas
Posts: 6,856 Forumite
Benefits of having more than five credit cards that I have thought
- Juggling the balance and using it for stoozing (taking advantage of low BT or 0% on purchase)
- Cash back offer on various items and vendors
- Zero fee on foreign transactions
- Using it for switching in a sacrifice account to meet DD requirement of new current account offer.
You will not get all of this perks or advantages if you only have say 2-3 cc (say).
Most common features of people who own more than five credit cards is that:
- People who are well informed of how the credit card work and have got up to date knowledge.
- They will barely use it as a normal credit cards (e.g. not like people who desperately need credit/loan to help them purchasing. item).
- These people do not need credit/loan but they are using it to take advantage such as mentioned above. They could even pay in cash if such method of payment offered advantage against other methods.
- They will barely pay any fee, interest because they will clear it before the charge fee incur.
Please free to add what I have missed.
- Juggling the balance and using it for stoozing (taking advantage of low BT or 0% on purchase)
- Cash back offer on various items and vendors
- Zero fee on foreign transactions
- Using it for switching in a sacrifice account to meet DD requirement of new current account offer.
You will not get all of this perks or advantages if you only have say 2-3 cc (say).
Most common features of people who own more than five credit cards is that:
- People who are well informed of how the credit card work and have got up to date knowledge.
- They will barely use it as a normal credit cards (e.g. not like people who desperately need credit/loan to help them purchasing. item).
- These people do not need credit/loan but they are using it to take advantage such as mentioned above. They could even pay in cash if such method of payment offered advantage against other methods.
- They will barely pay any fee, interest because they will clear it before the charge fee incur.
Please free to add what I have missed.
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Comments
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Benefits of having more than five credit cards that I have thought
- Juggling the balance and using it for stoozing (taking advantage of low BT or 0% on purchase)
- Cash back offer on various items and vendors
- Zero fee on foreign transactions
- Using it for switching in a sacrifice account to meet DD requirement of new current account offer.
You will not get all of this perks or advantages if you only have say 2-3 cc (say).
Most common features of people who own more than five credit cards is that:
- People who are well informed of how the credit card work and have got up to date knowledge.
- They will barely use it as a normal credit cards (e.g. not like people who desperately need credit/loan to help them purchasing. item).
- These people do not need credit/loan but they are using it to take advantage such as mentioned above. They could even pay in cash if such method of payment offered advantage against other methods.
- They will barely pay any fee, interest because they will clear it before the charge fee incur.
Please free to add what I have missed.
What an odd post and strange assumptions to make.
I note from elsewhere that you only have two credit cards. Is getting five a lifetime goal?
Does this mean you are not well informed about how credit cards work and don't have up-to-date knowledge; you desperatly need cash and have maxed out your two credit cards; you have incur fees and pay a lot of interest?
Gosh, these sweeping generalisations are fun.
If you look elsewhere and glance at a few signatures you'll discover there are lots of people around who have five, or more, credit cards and have horrendous debt problems.0 -
That's me, 12 and counting. I wonder if they keep giving me cards because nobody wants to be the first to refuse. Well it's certainly not my income that impresses them.Most common features of people who own more than five credit cards"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
[FONT="]Well I initiate this thread as some people are still asking why people need so many credit cards.[/FONT]
[FONT="]Like in this thread[/FONT] post#7
[FONT="]https://forums.moneysavingexpert.com/discussion/4589899[/FONT]
[FONT="]I never say I have two credit cards in fact at the moment I have nine CC. Indeed I got fine for [/FONT][FONT="][FONT="]five day [/FONT]overdraft due to mistakenly used this credit card for purchase in which I did not supposed to use as it almost reached its limit. I burn my finger once and hopefully it will not happen again. But TBH the benefit I have got outweigh the fee as it is a sixteen months zero interest for purchase CC.
[/FONT]
IMHO people should not apply for a new credit card just to add more debt. People using CC in this way will definitely have serious problem with debts as CC is not the cheapest way of getting loan. The exception is of course if it is used for stoozing or take advantage of BT to reduce debt. In reality, I believe you are unlikely to get approved of a new credit card if the banks notice on your credit file that you have used all of your available credit and will be using the new credit cards to run into more debt.
If you see the history of MSE, one of the main reason Martin create MSE is the help people sharing knowledge and information about how to take advantage of the bank offers/products using various loopholes. It is not intended to assist people to run into more debt by taking more credits.What an odd post and strange assumptions to make.
I note from elsewhere that you only have two credit cards. Is getting five a lifetime goal?
Does this mean you are not well informed about how credit cards work and don't have up-to-date knowledge; you desperatly need cash and have maxed out your two credit cards; you have incur fees and pay a lot of interest?
Gosh, these sweeping generalisations are fun.
If you look elsewhere and glance at a few signatures you'll discover there are lots of people around who have five, or more, credit cards and have horrendous debt problems.0 -
That's me, 12 and counting. I wonder if they keep giving me cards because nobody wants to be the first to refuse. Well it's certainly not my income that impresses them.
Completely out of curiosity - when you apply for card number 12 say do you actually tell them you have 11 others?0 -
Moneysaverchris wrote: »Completely out of curiosity - when you apply for card number 12 say do you actually tell them you have 11 others?
It depends if they ask or not?
The last time I applied for a card there were tick boxes saying something like, do you hold a:
Mastercard
Visa card
Store card
They didn't ask how many of each. I hold three Mastercards, all they know is that I have at least one.0 -
They may be beneficial to you but I don't consider getting a card to put money into a bank account to meet minimum requirements a sensible use of a credit card for example.Benefits of having more than five credit cards that I have thought
- Juggling the balance and using it for stoozing (taking advantage of low BT or 0% on purchase)
- Cash back offer on various items and vendors
- Zero fee on foreign transactions
- Using it for switching in a sacrifice account to meet DD requirement of new current account offer.
You will not get all of this perks or advantages if you only have say 2-3 cc (say).
Personally all I want is an American Express Gold for MR (transfer to HHonors at 1 MR to 2 HHonors :beer:) and Virgin Atlantic card for the miles then again I am quite conservative with my spending and pay everything off at the end of the month, I don't like debt although I like the flexibility of credit.
I think if you could get all of what you want in three cards, four if you are doing a BT from a previous card, no need for five.0 -
Do they ask? They can see my credit report.Moneysaverchris wrote: »Completely out of curiosity - when you apply for card number 12 say do you actually tell them you have 11 others?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
But the old ones hang around. 0% cards have 3 months of glory, then mature for a year or two, then become useless.I think if you could get all of what you want in three cards, four if you are doing a BT from a previous card, no need for five.
I've got two cards that I spend on, for cashback, three that are sitting on 0% balances and 8 acquired in the past for various reasons, which I wouldn't miss, though they're handy for setting up spurious DDs.
Of the 8, I think I got 2 for cashback, but they were superseded by better cards. 3 were for stoozing and are now life-expired. One was to oblige the salesperson - I hope it did her some good. One was a website !!!!-up - unintended double application, but they opened two accounts and sent two cards - and one mysteriously rose from the dead.
None of them was for overspending, or to buy anything I wouldn't otherwise have bought, or even for cashflow management. Without them, I'd lose the bit of money they make, and I'd have to use debit cards, which I hate."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
They may be beneficial to you but I don't consider getting a card to put money into a bank account to meet minimum requirements a sensible use of a credit card for example.
Well you must have misunderstood what I have written. I have never said I put money into my bank account to meet minimum requirement. I said to meet DD requirement. It could also be used to meet the switching incentive for opening a new account with high interest of perks.
Some very good bank accounts such as from Halifax rewards, Lloyds TSB Vantage require you to have some active DDs on your accounts. Using DD from credit cards you hardly use will be a good to serve this purpose as it is entirely under your control.
Similarly to get incentive from a new account, some require a switching of at least two DDs, again DD from CC will be good to serve this purpose.
Nowadays is easier than ever to spend/purchase using your CC as you could spend just a few pence on them. Once you get the incentive or perks, you stop spending or just use it once in a month with very minimum spending of a few pence it will depend on what is applicable.0 -
They may be beneficial to you but I don't consider getting a card to put money into a bank account to meet minimum requirements a sensible use of a credit card for example.
Personally all I want is an American Express Gold for MR (transfer to HHonors at 1 MR to 2 HHonors :beer:) and Virgin Atlantic card for the miles then again I am quite conservative with my spending and pay everything off at the end of the month, I don't like debt although I like the flexibility of credit.
I think if you could get all of what you want in three cards, four if you are doing a BT from a previous card, no need for five.
Depending on where you want to stay, you get 3 Club Carlson points for 1 MR point. Club Carlson covers Radisson, Park Plaza etc and their loyalty program is one of the more generous with collecting points.0
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