how many credit cards do you have?

Question

i have 3 and there all maxed out, but im slowly but surely paying them off one by one!

Answer 1

4 cards.

Citibank Mastercard - no balance. Pays back 5% on gas, supermarket and drugstore purchases, 1% on everything else. I get the maximum $300 cash back out of this card every year.

Chase Mastercard - no balance. Pays back 1% on everything. I usually get $100-200 cash back on this card every year.

Wescom Credit Union Visa - no balance. I only use this card when I travel overseas because it doesn't have a 3% service charge for currency exchanges like the other cards I have.

Chase Visa - carrying an $9K balance at 0% interest (introductory 1st year offer). I took out a $11K cash advance (cost me $75) and put the money into a CD paying 4.75% interest. When the year is up, I'll pay off the card and keep the interest earned. Net gain: $447.50 before taxes.

Basically, once you get out of the hole, credit cards can be a good tool for generating extra money on stuff that you're going to buy anyway. The main thing is to keep tight control on your spending. If you can't afford to pay off the card every month, you probably shouldn't buying the item.

Most people make the mistake of believing that credit cards stretch their money because they can buy things they can't normally afford. But that's a mistake. The reality is that you not only have to pay for whatever you purchased, you also have pay interest on top of that.

Credit card companies offer deals to lure people in. The key is to make those deals work for you, instead of falling into their trap. The company will lose money on you, but they don't really care because they'll more than make up their losses on you by profiting from those who get can't control their spending. So take control of your life and get yourself out of the hole. You can do it and once you do, you'll be amazed at how much extra money you'll have because your earnings are not being dragged down by interest payments.

There a bunch of us money geeks who discuss this stuff all the time, so much that one guy started a Web site for such discussions. There's no membership, no fees to pay, nothing being sold. Just a bunch of people talking about how to save money and invest. Check out the link below and if you have questions, don't be shy. Feel free to ask anything you like.

Answer 2

2

Answer 3

At one point, we had 1 card with $13,500 on it (there were others, too, but all much smaller - total was about $16,000). Then we paid everything off, got rid of ALL the cards and now go cash only (or use our Visa check card that takes the money directly out of our checking account).

Get them paid off, starting with the lowest balance. But once it's paid off, put that money towards the next lowest balance so that your debt reduction payment stays the same. Then put all that money you were paying into a savings account. When you need a home loan, no bank will refuse you if you have over $10,000 in savings.

Answer 4

thats dumb. pay off the lowest first and make the biggest payments to that one and pay the minimum payment on the other ones until the lowest one is payed off. you may try to get a balance transfer if ur rate is ripping you off as well dont do this to often thoough its not great for ur credit if done too many times it might lower the number of credit card paymernts you have to make as well if the credit line is high enought to put more than one of your balances on your. you must manage ur spending and debt- income ratio the best you can it will affect your credit and housing sitiutation and if ur credit is good then it will actually make u elligiable for lower rates and thoough its stupid in michigan car insurance rates are going to be affected by credit scores.
if you dont follow this advice and still get in trouble later there are credit agencies that try to help people....

Answer 5

The previous answer which used swear words was disgusting and distasteful---I hope that person gets over his/her depression soon because the answer is a classic symptom of depressed, self-hating personality.

Anyway, I have two---all you need is a good visa or mastercard from a major bank. No need to have store cards, or gas cards.

You are doing good---keep it up and get out of debt soon. Remember, next time you want to charge something---let it be of lasting value, and worth the 18% you will pay on the finance charge

Answer 6

Once they're paid off, don't keep more than 1 or 2. Pay off the cards with the highest interest rates, first.

Answer 7

1 but it is under my bf's name

Answer 8

7, totaling at 19,500.

Answer 9

ten how many do you have