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  • FIRST POST
    • MSE Naomi
    • By MSE Naomi 7th Oct 19, 10:00 AM
    • 324Posts
    • 73Thanks
    MSE Naomi
    MSE Poll: Do you use credit cards?
    • #1
    • 7th Oct 19, 10:00 AM
    MSE Poll: Do you use credit cards? 7th Oct 19 at 10:00 AM
    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?
    Did you vote? Are you surprised at the results so far? Have your say below.

    If you haven't already, join the forum to reply.

    Thanks!
Page 1
    • NaughtiusMaximus
    • By NaughtiusMaximus 7th Oct 19, 1:20 PM
    • 2,173 Posts
    • 5,382 Thanks
    NaughtiusMaximus
    • #2
    • 7th Oct 19, 1:20 PM
    • #2
    • 7th Oct 19, 1:20 PM
    Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.
    • WeWereOnABreak
    • By WeWereOnABreak 8th Oct 19, 10:06 PM
    • 12 Posts
    • 113 Thanks
    WeWereOnABreak
    • #3
    • 8th Oct 19, 10:06 PM
    • #3
    • 8th Oct 19, 10:06 PM
    Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.
    Originally posted by NaughtiusMaximus
    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
    • By Kernowshep 8th Oct 19, 10:07 PM
    • 2 Posts
    • 0 Thanks
    Kernowshep
    • #4
    • 8th Oct 19, 10:07 PM
    • #4
    • 8th Oct 19, 10:07 PM
    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
    • By NaughtiusMaximus 8th Oct 19, 10:43 PM
    • 2,173 Posts
    • 5,382 Thanks
    NaughtiusMaximus
    • #5
    • 8th Oct 19, 10:43 PM
    • #5
    • 8th Oct 19, 10:43 PM
    It kind of is implied where you have debt of 1,000+ on 0%. At least that's how I interpreted and answered it.
    Originally posted by WeWereOnABreak
    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
    • By molerat 8th Oct 19, 10:57 PM
    • 21,611 Posts
    • 15,846 Thanks
    molerat
    • #6
    • 8th Oct 19, 10:57 PM
    • #6
    • 8th Oct 19, 10:57 PM
    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.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • jamesd
    • By jamesd 9th Oct 19, 2:38 AM
    • 23,514 Posts
    • 15,841 Thanks
    jamesd
    • #7
    • 9th Oct 19, 2:38 AM
    • #7
    • 9th Oct 19, 2:38 AM
    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
    • By amal83 9th Oct 19, 11:14 AM
    • 8 Posts
    • 1 Thanks
    amal83
    • #8
    • 9th Oct 19, 11:14 AM
    • #8
    • 9th Oct 19, 11:14 AM
    Considering there's a whole MSE board dedicated to it, I'm surprised stoozing isn't listed as a possible response.
    Originally posted by NaughtiusMaximus
    I didn't even know there was such a thing as stoozing! I had to look up what it meant. #amateur
    • NaughtiusMaximus
    • By NaughtiusMaximus 9th Oct 19, 11:39 AM
    • 2,173 Posts
    • 5,382 Thanks
    NaughtiusMaximus
    • #9
    • 9th Oct 19, 11:39 AM
    • #9
    • 9th Oct 19, 11:39 AM
    I didn't even know there was such a thing as stoozing! I had to look up what it meant. #amateur
    Originally posted by amal83
    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
    • By anita116 9th Oct 19, 8:36 PM
    • 41 Posts
    • 33 Thanks
    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
    • By borkid 9th Oct 19, 8:49 PM
    • 2,232 Posts
    • 4,758 Thanks
    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.
    • JillieA
    • By JillieA 10th Oct 19, 1:25 AM
    • 19 Posts
    • 37 Thanks
    JillieA
    What about someone like me who has the majority of older debt at 0% but also a current card which I usually pay off each month (unless I forget)? The ALWAYS and NEVER and ALL in the questions mean any reply I gave would be inaccurate, so I would be willing to join in as I usually do, but I couldn't because I would mess up the results. Probably quite a lot more like me.
    • Gordon the Moron
    • By Gordon the Moron 13th Oct 19, 8:45 PM
    • 1,463 Posts
    • 742 Thanks
    Gordon the Moron
    What about someone like me who has the majority of older debt at 0% but also a current card which I usually pay off each month (unless I forget)? The ALWAYS and NEVER and ALL in the questions mean any reply I gave would be inaccurate, so I would be willing to join in as I usually do, but I couldn't because I would mess up the results. Probably quite a lot more like me.
    Originally posted by JillieA
    I've got 3 cards that I pay 0% balance transfer offers on (I needed to borrow some money for about 6 weeks, I took the best value lengthy 0% offers I could lay my hands on and the money is now sat in savings offsetting the fee before I repay just before the offers end. I wouldn't exactly call it stoozing as I'll virtually break even on the fee, just very cheap short term borrowing) I also have a cashback card I always repay in full.

    I voted 1000+ at 0%.... I didn't think that was inaccurate as I don't always repay ALL my cards in full.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
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