How many credit cards do you have?

pathtofreedom

I have 2 right now. 1 is for purchases to get the cash back and is paid off in full each month. 1 is 0% which I could pay off but the cash is better kept in my offset reducing my mortgage interest instead. My total debt is less than 10% of my yearly salary - not including mortgage debt - all of which I could pay off with savings if I couldn't get another 0% card later for some reason.

Scrounger

planteria wrote: »

... i wouldn't bother with either Tesco or Sainsbury's. i would just go the Amex Cashback and earn cashback spending with either of those retailers, rather than more Clubcard or Nectar points, which i would collect at the same time.

Tesco CC is still useful for double Clubcard points on Tesco fuel. :beer:
Scrounger

Johnnytwostep

A lot more than the proles.

DD265

I currently have two.

Barclaycard was an original balance transfer offer (from a Lloyds Bank credit card, now closed). I then did a balance transfer to my Halifax credit card which is still on 0%, ending in May so I'm focused on paying that down (it's the last credit to go, excluding car finance and student loan).

Once I had paid down the Barclaycard I negotiated a 0% on purchases offer for 12 months (by threatening to close the account) which has since expired.

Barclaycard keep giving me balance transfer offers so I plan to transfer some back from the Halifax card as I don't think I'll have paid that off completely by May.

Once both cards are clear I'll probably close the Halifax one.

Superscrooge

w00519772 wrote: »

I am thinking about registering for three credit cards:

1) Tesco Bank - for supermarket purchases
2) Sainsburys - for supermarket purchases
3) American Express Credit Card - for a few big purchases e.g. new PC

I can afford everything outright i.e. the balance on each credit card will be £0 at the end of every month.

Is it a bad idea to have three credit cards? How many credit cards do you have? How is your credit card rating affected? Do you pay everything off at the end of each month?

If you currently have no credit cards I wouldn't immediately try and get three credit cards. Just try for one and set up a DD to pay the full balance each month. Then after a couple of months apply for another. Build up your number of credit cards gradually.

If you apply for three at once there is more chance of being rejected.

chattychappy

Superscrooge wrote: »

If you currently have no credit cards I wouldn't immediately try and get three credit cards. Just try for one and set up a DD to pay the full balance each month. Then after a couple of months apply for another. Build up your number of credit cards gradually.

If you apply for three at once there is more chance of being rejected.

You might be right, but I take a different view.

Well, searches are recorded as are details of opened accounts. I would apply for two at the same time. On applying for the second card, the search in respect of the first one will be seen, but a single search is not a problem. There won't have been enough time for any opened account to show.

On the other hand, if there is a gap between the first application and second, and the first was successful, the chances of getting the second are (perhaps) reduced because OP will be seen as having a certain amount of credit already, but no history of managing it.

Superscrooge wrote: »

and set up a DD to pay the full balance each month.

This will have no impact on the OP's ability to obtain credit. Payment methods aren't recorded. The main thing is to avoid missed payments. If the OP needs a DD to avoid that, then the OP should check that in the case of the first bill, the DD has been set up in time.

planteria

agreed Scrounger. i actually use a defunct Tesco Current Account debit card for that purpose now.. two tank fulls today:cool:

DD265 wrote: »

Barclaycard keep giving me balance transfer offers so I plan to transfer some back from the Halifax card as I don't think I'll have paid that off completely by May.

i took advantage of a 0% on purchases deal that they offered me on a card that already had a 0% on BTs deal running.. but i don't find their current repeat BT deals appealing at all. my guess would be that you'd be better of applying for a card from a different provider..MBNA being the most obvious candidate. i bagged a nice 32m deal from them last month.. or alternatively shorter&cheaper deals: took advatange of interest and fee free accounts from Lloyds and Nationwide last month too. it's all about playing the game.

20aday

I currently have the following credit cards:

1. Santander 123 with another 14 months' interest free.
2. Barclaycard Initial. No longer interest free but I always pay the statement balance in full so the card's APR is of no "issue" to me.
3. Tesco Bank Clubcard credit card.

Did consider closing the Santander card when the monthly account fee comes into effect from April 2016 (card anniversary) but given the fact travel is capped at £9 per month instead of £3 I'm going to keep the card running until Santander bring customers like me into line with card holders who took the product out since September 2015.

No_6

Me plus OH, with her permission, did have 11 cards, nearly all
0% purchase rate cards, as I HATE having to spend our own money, for any type of purchase. Now down to 8 and will reduce soon.

We have cards for food, cards for holidays/flights, cards for money back at different stores etc. Clarity card for holiday purchases.

All are paid by minimum DD's when a intro period is running. Or paid in full by DD's for the money back cards.

When the 0% period ends, I close the cards or try to find a BT card with a small BT fee, like my recent Barclay card 1.3% fee for transfers, to use.

All are covered by our saving accounts and tracked by my MS money program.
Free money for a few hours work a week.

lexia

I have four.

Barclaycard Simplicity - £0, not using this one, lifetime APR 7.9%. This is the 'just in case' card.
Halifax Clarity - £0 used exclusively when travelling abroad, always paid in full
MBNA platinum - £0, not using anymore; I might close it soon, not sure yet
Tesco Clubcard - got it for balance transfers; currently all my debt is parked here at 0% until 2017. I will definitely cancel this one once I pay it off (hopefully by Christmas)