MSE Poll: Do you use credit cards?

Former_MSE_Naomi

Poll started 7 October 2019

Credit cards are like fire. Used right and they're a useful tool, but get it wrong and they burn. So this week, we want to know if you have a credit card and if you do, how much debt – at 0% or otherwise – do you have on it?

Click here to vote in the poll

Did you vote? Are you surprised at the results so far? Have your say below.

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Thanks!

NaughtiusMaximus

Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.

WeWereOnABreak

NaughtiusMaximus wrote: »

Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.

It kind of is implied where you have debt of £1,000+ on 0%. At least that's how I interpreted and answered it.

Kernowshep

I agree, I have one 1% cashback credit card for uk spending, one 0.5% cashback credit card for overseas use, both of which get paid off in full. Finally, I have loads with balances at 0% with the money stoozed.

NaughtiusMaximus

WeWereOnABreak wrote: »

It kind of is implied where you have debt of £1,000+ on 0%. At least that's how I interpreted and answered it.

Not necessarily.

That COULD mean stoozing but equally it could refer to a person who has a substantial amount of credit card debt they have no immediate means of paying off which just happens to be on 0% cards, two very different situations.

molerat

I have one card with +£1K at 0% plus other cards which I pay in full each month. The poll is obviously not aimed at the savvy MSErs, really should have been multi choice.

jamesd

Hmm, so I have over 50k in card debt, pay interest, generally nil or life of balance deals below my expected investment return. But it's normally cheaper to pay interest on the minimum payment amount of spending than the fee on the whole balance for a new deal. Depends on deal terms and time remaining.

I doubt I can get a new card. Retired, more than ten years to state pension age, so what's my income for an application form that someone who knows nothing about safe withdrawal rates might decide is fraudulent? I understand them and it's still something of a Schrodinger's cat figure. Would an underwriter agree that a figure based on success in 25% of historic cases is appropriate based on Blanchett's work? Would they agree with my life expectancy view based on what I know about myself?

This doesn't worry me, given investments more than five times my total secured and unsecured debt and ample income to meet my needs.

amal83

NaughtiusMaximus wrote: »

Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.

I didn't even know there was such a thing as stoozing! I had to look up what it meant. #amateur

NaughtiusMaximus

amal83 wrote: »

I didn't even know there was such a thing as stoozing! I had to look up what it meant. #amateur

That's fair enough, I'd never heard of it before I discoved MSE either

If you're strict with yourself and have the self control to only buy what you would have bought anyway if you had no credit card at all, it's basically free money.

anita116

I'm really surprised more people don't take advantage of 0% rates. I go for the longest 0% which I max out and put the money in an interest-paying account and then pay off in full before the end of the 0%. Easy way to get some extra cash.

borkid

Always pay by CC, pay back in full every month and get cashback from Nationwide, not a lot but every little helps. Nothing in the poll about cashback cards.