Credit cards

if they don't give me proper credit, I JUST WALK AWAY

  • I have multiple credit cards

  • I have a credit card and use it regularly

  • I have a credit card but rarely use it

  • I don't have a credit card

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Jark

Jark

PLUMP and RIPE
Joined
Oct 27, 2007
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I have been using one from my Dutch bank for a year or two now... I spend about €500 a month on it on average, and pay back within the interest-free window (3 weeks from statement date). so quite harmless. however... there is a KLM/Air France FLYING BLUE card that I'm thinking of switching to for the Miles - I could rack up about 600-800 Miles a month, or up to 10k a year, which can pay for a return flight within Europe. but it costs 16 quid a month. not sure if it's that easy or if it's really worth it.

are credit cards the devil, or your harmless personal shopping assistant? confide in me!
 
I got my first credit card this year which spiralled very quickly out of control after the first month :D So we’re taking a break :)
 
I have AMEX BA (for points) - I stick almost everything on there (where AMEX is accepted) and make sure I clear it every month. I don’t think I would use a credit card for deferring payment over a longer term unless absolutely essential. Not least because there are usually more affordable credit alternatives if needed (but I am quite frugal anyway).
 
I have an Amex with cashback on everything that I do as much of my spending on as possible, and a virgin bank credit card for where places don't accept amex. Both I usually pay off in full each month, though will let it slide if I'm short of money one month.

I also have a balance transfer card that is currently loaded with all my holiday debt of the year that I have a monthly direct debit on to pay it off in the interest free period.

With credit cards my goal is to never pay interest really, I don't see them as some evil thing at all.
 
I always said I'd never get one, but then a few years ago I did so I could get cashback and pay it off every month. That went well until I moved last year, and there were too many times I had to rely on it during that process so now I'm thousands of pounds in debt :(
 
I use it like a debit card, pay for everything with it and then first thing when I get paid I pay it back. I get points which are always good for a $100 gift card at least twice a year.
 
I put everything on my credit card (for the points and the credit). I try to only pay it off twice a month, when I get paid, but if it gets too high it stresses me out, so I pay more often
 
It is in Canada, I have limited understanding but from what I get is that it’s based on % of utilization (and obviously paying it back).
 
Jark said:
are credit cards the devil
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:o

I have one and use it regularly for Amazon, Uber, flights etc and then pay it off at the end of each week or month if I’ve bought like something towards payday. Don’t think I’ve ever paid interest on it, but I really should get an Amex or even a Sainsbury’s(!) one that gives points but it seems a FAFF to cancel this one and get a new one if points aren’t that much overall (are they?).
 
Credit scores are wild. I currently have six cards total, three of which are sat at 0, purely so my utilisation remains low.

My credit score is excellent though.
 
Phoenix said:
It is in Canada, I have limited understanding but from what I get is that it’s based on % of utilization (and obviously paying it back).
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I don't really understand it either (I think its meant to be intentionally confusing) but I was taught to put everything on the credit card and then pay it back quickly for good credit
 
I've just got the BA Amex as well and got my 12,000 welcome bonus :disco: Then a Tesco one (gives you Clubcard points) for places that don't take Amex, and a Barclaycard with fee-free foreign transactions for travelling.

All paid in full each month OBVS!
 
RJN said:
I don't really understand it either (I think its meant to be intentionally confusing) but I was taught to put everything on the credit card and then pay it back quickly for good credit
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Same. I only have the one and it has a stupid high limit so my monthly expenses aren’t more than 10% of my limit.
 
While I said I have multiple cards, that’s technically true but I have 2 with zero balance. One was my original one with my bank which just keeps being renewed. I just signed up to a different better scheme with more rewards attached to be my daily one for regular purchases.

The other was just so I had a Mastercard instead of Visa in case there was a problem. It’s given me a ridiculously high line of credit when I didn’t ask for it. I never use it.

I’ve never paid a single penny of interest and pay it all off every month. It gives good protection and I have to do a chargeback request at the moment due to some ridiculous events company adding stupid charges for something THEY cancelled, and refusing to adhere to their policy just because they can’t be bothered to work out how to process partial refunds.
 
I got my first ever credit card about 2 years ago. I use it regularly but I also pay it off regularly. Usually I have about £350-500 on it at a time.
 
Kate said:
I've just got the BA Amex as well and got my 12,000 welcome bonus :disco: Then a Tesco one (gives you Clubcard points) for places that don't take Amex, and a Barclaycard with fee-free foreign transactions for travelling.

All paid in full each month OBVS!
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Oooh I have a Barclaycard, are they all fee free for foreign transactions?
 
I use it for larger transactions where chargeback rights wouldn't go amiss or for no UK purchases because your credit card will give you better protection than Paypal.
 
I work in finance and don’t consider them evil at all. I consider them essential for significant purchases in terms of protection, though debit cards do have good protection too. I don’t use them for day to day living.

The issue was years ago banks lent a little irresponsibly and likewise customers spent (in some cases) irresponsibly rather than against budget but there is far stricter criteria these days, in the UK anyway, about what kind of limit you are eligible for and what is deemed likely manageable.
 
Devil said:
:o

...but I really should get an Amex or even a Sainsbury’s(!) one that gives points but it seems a FAFF to cancel this one and get a new one if points aren’t that much overall (are they?).
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this is where I'm at. I think I'm gonna get the black flying Amex and start accruing points since I'm spending anyway and even one "free" flight within Europe per year would be worth it. and then keep my current one for the places that don't take Amex. Minor hassle but worth it I feel!
 
I'm trying to work out the best thing to do regarding my debt, can I take out another card that has an interest free period and transfer my balance over (so it'd be easier to pay off, at least in theory)? I see people talking about these things but I don't really understand how it works in practice, plus a solution that involves getting ANOTHER CREDIT CARD feels a bit backwards somehow...
 
COB said:
I'm trying to work out the best thing to do regarding my debt, can I take out another card that has an interest free period and transfer my balance over (so it'd be easier to pay off, at least in theory)? I see people talking about these things but I don't really understand how it works in practice, plus a solution that involves getting ANOTHER CREDIT CARD feels a bit backwards somehow...
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Yes! Do a balance transfer to a new card with an 0% interest period. It's a good option, honest. Again, Martin Lewis is the man
 
Also, if you don't get it paid off before the interest-free period wears off, you can get another balance transfer card to buy you more interest free time. You can literally bounce debt around 0% interest cards until it is paid off if you need to.

It took me about 5 years to pay off all the furniture I bought when I broke up with my first boyfriend and moved out, and I didn't pay interest once.
 
It’s almost like you can avoid paying interest at all completely. Why don’t more people do this?

Do people also still take out those store cards where they’d charge 25% interest or something like that? Pre- smartphones and apps, I used to have one for Dorothy Perkins back in the day and would only ever use it when they were offering a major discount to pay for goods using it. Then I’d walk in the next day and pay it off.
 
Ellie said:
It’s almost like you can avoid paying interest at all completely. Why don’t more people do this?

Do people also still take out those store cards where they’d charge 25% interest or something like that? Pre- smartphones and apps, I used to have one for Dorothy Perkins back in the day and would only ever use it when they were offering a major discount to pay for goods using it. Then I’d walk in the next day and pay it off.
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I think it affects your credit rating if you keep doing that.
 
Amex for everything because points. If it doesn't take Amex, I use a debit card because i can't be bothered with too many accounts to clear.

I also have a Halifax Clarity for overseas spending but now that a few app-only debit accounts do fee-free transactions i don't really use it anymore.
 
I just have a Barclaycard but I haven't spent on it for years. It had a £20-odd thousand balance owing on it and I've been paying it down for years and it's down to the last £600 now. There's a £7000 limit on it so I've kept it just in case of emergencies as the only other cards I have are debit cards.
 
COB said:
I'm trying to work out the best thing to do regarding my debt, can I take out another card that has an interest free period and transfer my balance over (so it'd be easier to pay off, at least in theory)? I see people talking about these things but I don't really understand how it works in practice, plus a solution that involves getting ANOTHER CREDIT CARD feels a bit backwards somehow...
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This can also depend how disciplined you are in sticking to a payment schedule. I see lots of people doing this and whilst it’s a good idea if you are genuinely paying it off interest free I see plenty of people who think oh I’ll pay less this month and put some purchases on it because it’s 0%. Depends on the individual. Sometimes a loan is better if you can get a decent rate (for some) as although it charges interest it means a fixed amount is taken each month and your balance is cleared by a set date if you’re looking to clear yourself of debt.
 
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Having irregular but reasonable income and being accustomed to the finer things in life means I'm an absolute monster with credit cards, always have been, always will be.
 
That said, I keep getting my balances raised and have a couple of decent limit ones sat at zero for emergencies. One day I'll max them all and fake my death just for the lols.
 
floppet said:
I just have a Barclaycard but I haven't spent on it for years. It had a £20-odd thousand balance owing on it and I've been paying it down for years and it's down to the last £600 now. There's a £7000 limit on it so I've kept it just in case of emergencies as the only other cards I have are debit cards.
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20 grand? I feel better now, but I could easily do that 😂
 
COB said:
I'm trying to work out the best thing to do regarding my debt, can I take out another card that has an interest free period and transfer my balance over (so it'd be easier to pay off, at least in theory)? I see people talking about these things but I don't really understand how it works in practice, plus a solution that involves getting ANOTHER CREDIT CARD feels a bit backwards somehow...
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The trick is to close the old card as soon as you've cleared it. But make sure you call them and close it because it'll just sit there otherwise and the amount of available credit can have an impact, even when it's not in use.
 
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BoysForSeles said:
This can also depend how disciplined you are in sticking to a payment schedule. I see lots of people doing this and whilst it’s a good idea if you are genuinely paying it off interest free I see plenty of people who think oh I’ll pay less this month and put some purchases on it because it’s 0%. Depends on the individual. Sometimes a loan is better if you can get a decent rate (for some) as although it charges interest it means a fixed amount is taken each month and your balance is cleared by a set date if you’re looking to clear yourself of debt.
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I took out a purchases card to pay for some musical equipment - I set the direct debit to the amount needed to pay it back within the 0% period and that was that. I almost felt like a proper grown-up.
 
octophone said:
I took out a purchases card to pay for some musical equipment - I set the direct debit to the amount needed to pay it back within the 0% period and that was that. I almost felt like a proper grown-up.
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That’s the best way to do it if you’re able to and stick to your plan.

What musical equipment? I didn’t know you played/composed?
 
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