[quote]I think that the £125 a year a pay in total each year (Golg Charge Card is £95 and I get the American Express British Airways Premium Plus Card for £30 because I have another of their cards) is worth it.[quote]
But that £125 would pay your BCard off in one go!
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I get air miles with the BA card (which is good because I go away about 10 times a year) and the Gold Chargecard gives me Membership Rewards.
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But do you get £125 worth of benefits? And you can get BA miles without having an AmEx anyway (or have I misunderstood what you get with AmEx?)
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The service I get from them will never be beaten by any card company
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Just make sure you never miss a payment - they are ruthless.
Ditched my AmEx about 6 years ago and can't say I've missed it.
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I would feel really unsafe without savings.
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But you actually have very little "net worth" once you factor in the debt - you have to deduct your debt from your savings to find out how much you really have.
Think about this ... if you had no debt, how much money would you have each month i.e. add up the total of the repayments you currently make on the cards. Now then, you could add that to your savings account each month, once the debt is paid off, instead of paying it to the card companies.
As you have a student loan due in April, why not use your savings to pay off the cards. Then the loan can go straight to replace your savings.
One more thing .. I thought there was a minimum income requirement for AmEx - as a student, how did you get one (just curious)?
Hopefully, some things for you to think about.
HTH