How many cards?

Pickles

I read an article yesterday saying the Goverment is going to limit people to 6 credit cards. Is this going to happen andd when? What is a safe number of cards to have?

Robert_Sterling_3

It is not going to happen IMHO.
Some people claim to have a lot.
The highest I have heard of is 39.
I only have 6 at present.
Any more and you can find yourself in a bit of a pickle.

System

I have no idea whether that is true or not, but if there is even a small part of the truth in that, then this country is sure becoming a joke.

Is there actually anything we are not advised about by the Government any more?

If the Government is interested in earning my money for me, then it can have a say in where it goes.

Otherwise, leave well alone. I only needed advice on things as I was growing up - like all others using the site I can decide for myself how I deal with money.

Rafter

Difficult to tell from the express article whether this has come from the gvt, one of the banks or APACS.

Interesting question though.

Why would anyone need to have more than 6 credit cards open at any one point in time? Store cards yes, but credit cards?

Somebody with more than 6 is either gaming the intro offers or over-indebted surely?

PinkLipstickBabe

Well, I have over 10 active credit cards with a combined available credit limit that is HUGE! They are all empty by the way, I am a debt-free-chick, they just look good in my purse, all that Platinum and Gold sparkles as I open my purse. So yes, lots of people hold more than 10 cards and aren't heavily in debt, or like me, no debt at all. Why close accounts that you may want one day? I like mine open and use them all periodically to keep everyone happy and pay any balance off in full to stay rich and not pay interest ;D
By the way, my latest card I got was a Citi Platinum which I got 2 months ago, so no-one appears to be limiting my cards and I have around 12ish.

Unbelievable_2

Hey P.L.Babe

You could make a lovely exhibit for the Tate with all your cards - or really expensive looking Xmas tree decorations. You may as well put them to some use!!!! ;D ;D

johnllew

By the way, my latest card I got was a Citi Platinum which I got 2 months ago.

Wasn't there a 0% promo with that? Why not use it to make some profit?

Robert_Sterling_3

Only six cards. This could give a new meaning to "A six pack".

PinkLipstickBabe

Wasn't there a 0% promo with that? Why not use it to make some profit?

Hi Hon,
Yes, there is a 0% for six months on my new Citi Card. I can't balance transfer to stooge but what I am doing is doing all my household spending on the card and banking the money I would normally pay it off with in ING. Best I can do to make money with the 0% deal I have. Wish I could stooge thousands like some on here ;D but alas, the best I can do is earn a little interest on the few hundred I spend on it by earning interest on that rather than pay off the card until the 0% runs out
Any better ideas? would love to make some serious money! xx