Cashback card that blocks overspending...

Lum

So which cards actually do credit your account in a timely manner?

That Amazon one any good?

takman

I don't understand why you lowered your limit to £800?. You should have kept it at £4000 and then just stopped spending when you got to £800 if that is your budget, you then wouldn't have any of these problems now.


Plus spending right up to your limit each month and over it will look terrible on your credit report and will severely limit your chances of getting any other card because it looks like you have financial trouble.


The best thing you can do now is either try and raise the limit again and on this card or get a new card with a higher limit and just stop spending when you get to £800.

Lum

I lowered it because I need that psychological barrier, and also because the card has a thing that texts you when you're getting close to the limit, but you can't set the threshold higher than £250 shy of the limit, not even over the phone.

WillPS

Then surely £1050 would have been a sensible credit limit?

I agree with others - if you can't trust yourself to spend within your limits then a credit card probably isn't the right option; better to accept the opportunity cost of 0.5%-1% and use a 'control' debit card.

Nasqueron

Credit cards don't work the way you want them to, because the shops don't have a "live" payment all the time, spending in a shop may not appear for 2-3 days so the £800 limit isn't a fixed maximum so you'll not be stopped spending. If you can't control your spending then look for some advice on dealing with that

Lum

Tbh I just need to get better at standing up to my partner to deal with that issue. The available balance figure was very helpful in that regard, because that us about her limit of understanding on financial issues (seriously, you think I'm bad, she's very autistic and still in the living in poverty mindset where money is perishable)

I can't currently get rid of the card because while I pay it off in full every month, doing so leaves me with little left. I'd need to gradually chip away at the £800 to go debit card only.

All I really need is a card that credits the account in a timely fashion.

takman

Lum wrote: »

Tbh I just need to get better at standing up to my partner to deal with that issue. The available balance figure was very helpful in that regard, because that us about her limit of understanding on financial issues (seriously, you think I'm bad, she's very autistic and still in the living in poverty mindset where money is perishable)

I can't currently get rid of the card because while I pay it off in full every month, doing so leaves me with little left. I'd need to gradually chip away at the £800 to go debit card only.

All I really need is a card that credits the account in a timely fashion.

I really don't think a credit card is something you should have until you improve your financial managment. In post #6 above you say that you cleared the card then reduced the limit. But if you do not have the money to pay it off in full until your next pay day you have now gotten a month behind so you have effectively gotten into £800 of debt by accident due to the card.


You should always be a month ahead with the card and have the £800 you are planning to spend in your account ready to pay it off. As soon as you start spending money from next payday you are getting into a cycle of debt.

agrinnall

Lum wrote: »

So which cards actually do credit your account in a timely manner?

That Amazon one any good?

I would expect most, if not all, to operate the same two step process, although some may be quicker to show the payment against your card account than others. However, I believe that even if it takes a couple of extra days to show up the majority should post the payment with the date on which it was received - so for instance, if you send the money on the 1st, they recive it on the 2nd, post it against your card account on the 4th but backdated to the 2nd.

Lum

Yeah, Asda don't backdate for money in, but do backdate for money out it seems.

I do plan on going credit card free, that's another reason I set the £800 limit as my income after all fixed bills have gone out is a bit higher than that. The aim is to chip away at it until all borrowing in gone.

This works fine for the most part, but when you both have multiple chronic conditions & disabilities, unexpected costs do happen.

molerat

A credit card should be used as a budgeting tool, something that works for you, and with a limit that allows you to make the best use of it. I have limits way above my 2-monthly spends but I manage how much I spend. There is also something quite satisfying in knowing that I will not be actually paying for my tin of baked beans until 2019