How many credit cards do you have and why? 15 July 2022 at 8:56PM in Credit cards 22 replies 1.5K views

MrFrugalFever

As title suggests. Do you use them all? What’s the best way to stay on top of multiple CC’s? Any benefit in having more?

elsien

3. One Mastercard one that gives me cashback. One Visa to use online, and when I lose the Mastercard. One clarity card to use abroad and when I’ve temporarily filed the previous 2. 

clive0510

I have one credit card. sainsburys banking. when i use it in  sainsburys with my nectar card I get double points. also get offers but most of those are just peanuts really. 
I use because its interest free credit. it gets payed each month direct debit, so I pay no interest. in fact it pays me! so no brainer really.

cymruchris

Currently 9 - all cleared in full monthly by direct debit. I'll be whittling these down over the next twelve months to those that offer me the best benefits. I've moved through a phase of sub-prime cards to regular cards, and although I don't pay interest, from eye-watering APR's to more regular APR's. Working towards getting the best cards with the best deals, something that can't be done overnight. My best regular APR is now 14.9% (Although I know there are better out there) - and my credit limits per card are now in the thousands in comparison to when I got my first card which had just £400 available. 

LateNightHunter

Two.

A Tesco Bank Mastercard that we put all the food on every month and pay off every month

A Barclaycard with a full balance sadly

grumbler

cymruchris said:

I've moved through a phase of sub-prime cards to regular cards, and although I don't pay interest, from eye-watering APR's to more regular APR's.

APRs don't matter if balances are paid in full. One of my most valuable cards is 'sub-prime' - Aqua. It pays 0.5% cashback on all purchases, including abroad where it doesn't have any currency exchange loading. Purchase rate is 35%, but who cares?

This particular Aqua isn't available to new customers, I think.

cymruchris

grumbler said:

cymruchris said:

I've moved through a phase of sub-prime cards to regular cards, and although I don't pay interest, from eye-watering APR's to more regular APR's.

APRs don't matter if balances are paid in full. 

They don’t matter while you can pay your balances off in full - and I intend to do that wherever and whenever possible - however if ever there’s an emergency and I need to spend and incur interest - I’ll want the best deal possible rather than the sky high sub-prime rates. I have no intention of getting into that position but as a safety net - I want to be in the best place possible. 

Jami74

MrFrugalFever said:

As title suggests. Do you use them all? What’s the best way to stay on top of multiple CC’s? Any benefit in having more?

Sainsbury's Card - was my first one and came with an initial nectar points bonus, kept because apparently longevity is important. I use it for occasional larger online purchases (like insurance) and pay it off in full. Pays an extra nectar point per £ spent.
Tesco Card - initially had a 0% purchases promotion so was used for a big purchase and paid off over a few months. Also gives me extra club card points in Tesco even if I use a different card to pay. I use it for a small spend each month because the direct debit counts towards one of my current account requirements.
Barclays Reward Card - was initially 0% purchases so used for a big purchase and paid off over a few months, now used as a back up for small purchases if Amex is not accepted. Pays 0.25% cashback.
Amex Nectar Card - Had an initial nectar bonus offer, plus gives 2 nectar points per £ spent anywhere. 

I keep a spreadsheet, each credit card has its own section. A column for spends, a column for money paid in, a column for how much is owed and a column for available credit. Each one is set to pay by direct debit and they all send me notifications/emails. I don't go anywhere near my credit limits. I got them all about 18 months apart so had a proper handle on each one before getting the next one, I would certainly have got into a mess if I had got loads in a short space of time. 

Se1Lad

I have 3 main cards, paid in full each month:
BA Amex Premium Plus - all UK spend where Amex is accepted
Aqua Reward - remaining UK spend plus any overseas spend at 0.5% cashback up to £20k annual spend*

Barclaycard Reward - remaining UK spend plus any overseas spend at 0.25% cashback if I reach the Aqua limit plus overseas ATM spend*

*I am currently using Chase instead of these cards to benefit from the 1% cashback

I also have 2 cards I use for stoozing:
MBNA and Virgin Money

I also have a Halifax Clarity card which I can use to artificially create a credit card balance for any future stoozing.  They always offer fee free money transfers at 3.9%APR so this is an easy way to quickly generate a credit card balance to use on future balance transfers.

Finally, I have a Sainsburys card from a past balance transfer deal that I should get round to closing, and a HSBC premier credit card which I had used for a bonus Avios sign up offer.

So that’s 8 in total. The combined credit limit comes to £156,000 which is a bit crazy though!  

yorkiechick

I have 2, HSBC card which has a high credit limit. Zero balance and saved for emergencies, came in handy earlier in the year for vet bills for my dog which thankfully was claimed back later from insurance. 
Virgin card for day to day spending, and a long 0% balance transfer deal. Spending paid off in full and the balance transfer amount paying monthly calculated to the end of the deal.

MovingForwards

Two cards.

A dormant sub-prime which originally had a lower interest rate than when I had credit cards years ago. It was always paid in full, but just irked me when they increased the rate after I got accepted for a card with my everyday bank. They do keep offering 0% purchase / balance transfers. Next time they say about reducing the limit, the card will go as I won't use it again.

My second card (only one I use now) is from my bank. Interest rate is the lowest I've ever had and I can spread the cost of big purchases, paying an even lower APR; it's always paid off over 2 paydays if I do that, other spends are cleared monthly when I use the card.

Considered getting a reward type CC, but I prefer my day to day spends as cash or debit card.