Choose When Out and About

toastinbowl

I don't know if this has been suggested before, but I have a little tip for credit card users. When you're out and about and you have a few cards, choosing which one to put your purchases on can be difficult. You might know the APR but it could be useful to know the monthly interest rate too. When you've got a few cards, it can become too much to remember so here is my tip:

1. Get an old plastic card (something disposable like a top-up card or a 50p CD-WOW voucher card).
2. Label it with your card limits, APR's, monthly rates - I use a Dymo LabelPoint 150 (like a Dymo LabelWriter, just the new model). If you've not got something like that, use an Avery inkjet label!
3. Put the card in your wallet/purse and consult it when purchasing.

Seems kinda silly but it's very very handy! And it saves you from having it all scribbled down on scraps of paper - it'll be nestled in with your cards! Remember: You will be able to find the monthly interest rate on your credit agreement!

Hope it's helpful. Probably not so much for long-time card users but for newbies it could be handy

David

grumbler

toastinbowl wrote:

I don't know if this has been suggested before, but I have a little tip for credit card users. When you're out and about and you have a few cards, choosing which one to put your purchases on can be difficult.

It was suggested many times that it is not a good idea to carry a lot or cards in your wallet. Why to have a few of them? To have them lost or stolen all at once? I never have more than one debit and one credit card in my wallet. In your case it is worth chosing the card with the lowest APR and leave all other cards at home.
Also, if you have a few cards (not 0%) with balances that you don't pay in full it is time to think about posting at 'Debt-Free Wannabe' board. Sorry.

toastinbowl

Firstly:
Few people take the advice not to carry many cards with them. There's not much point in deluding yourself over that one. Besides, all card providers suggest you write down the helpline numbers and also store them in your phone so if someone stole your wallet it's easy enough to cancel your cards. And if it's that much of a worry, use a service such as the one Mint offers: register all your cards (from other providers) with them and if anything it stolen you can block them all with one phone call, while reporting your drivers license and passport missing at the same time!

Second:
There are many reasons to have a few cards with balances on them: Students who get bursaries paid a few times a year, people paid wages on a monthly basis, people making large purchases, people with 6-month introductory rates, people who intend to pay off their cards within the 54 day period..

Now you've got to admit that you're comment wasn't really in keeping with the board's general feel. Not that I don't see the merits of what you're trying to say, but there are much nicer ways to say it. Besides it was just a useful tip, nothing more. You don't even need to take all your cards with you, but having that information readily accessible without searching through credit agreements if never a bad idea!

Dave

grumbler

toastinbowl wrote:

Now you've got to admit that you're comment wasn't really in keeping with the board's general feel. Not that I don't see the merits of what you're trying to say, but there are much nicer ways to say it

You are right and I want to apologize again. I did my best to make my post as gentle as possibe, but it looks like I failed.

Few people take the advice not to carry many cards with them.
... if someone stole your wallet it's easy enough to cancel your cards

Yes, and I used this opportunity to remind them that this is a mistake. Pepple with thick wallets with dozens of cards inside always amaize me. I alway suspect that they think this is a sign of prestige. Am I mistaken? I have many cards too, but I keep them at home. A friend of mine had his wallet stolen recently with all his cards. Do you think that making phone calls was the main problem for him?

And if it's that much of a worry, use a service such as the one Mint offers

Almost all cards offer this service, but it costs more than £20 p.a. and AFAIK is not free with Mint too. £20 is not a small amount for those who cannot aford to pay balance in full.

There are many reasons to have a few cards with balances on them: .... people with 6-month introductory rates, people who intend to pay off their cards within the 54 day period..

I made it very clear that I meant only non-0% cards and cards with balances not paid in full.

M_Thomson

toastinbowl wrote:

I don't know if this has been suggested before, but I have a little tip for credit card users. When you're out and about and you have a few cards, choosing which one to put your purchases on can be difficult. You might know the APR but it could be useful to know the monthly interest rate too. When you've got a few cards, it can become too much to remember so here is my tip:

1. Get an old plastic card (something disposable like a top-up card or a 50p CD-WOW voucher card).
2. Label it with your card limits, APR's, monthly rates - I use a Dymo LabelPoint 150 (like a Dymo LabelWriter, just the new model). If you've not got something like that, use an Avery inkjet label!
3. Put the card in your wallet/purse and consult it when purchasing.

Seems kinda silly but it's very very handy! And it saves you from having it all scribbled down on scraps of paper - it'll be nestled in with your cards! Remember: You will be able to find the monthly interest rate on your credit agreement!

Hope it's helpful. Probably not so much for long-time card users but for newbies it could be handy

David

It isn't really a good idea to put credit card limits in your wallet with your cards. If a fraudster stole your wallet they would know which cards to use first.