How many credits cards you carry? I like to have a VISA credit card since it's accepted to almost anywhere. I like to have an American Express too since I always buy at Costco in bundles and it will give me cashback every year. Do you think it's too much?
2006-06-27 06:00:18 · 11 answers · asked by kirsten_natalie1985 1 in Business & Finance ➔ Credit
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 stay out of the hole.
2006-06-27 15:48:43 · answer #1 · answered by VinTek 7 · 3⤊ 0⤋
I carry an ATM/debit card attached to my checking that is also a MasterCard. Usually I do not carry the other card unless traveling. Credit cards just add to the temptation to buy more and any rebates or savings are lost in the extra spending for me. The annual fee on an American Express or an accidental late payment would negate any yearly rebate. Get rid of credit cards! Just my opinion!
2006-06-27 06:07:02 · answer #2 · answered by Anonymous · 1⤊ 1⤋
I have one credit card, American Express. It is better to have Visa or Mastercard. They get excepted almost any place. Two credit cards is find. Just in case they don't excepted one of them, you have the other one ready. That's is not the case for me, I have only American Express. Looking forward to have another like you.
2006-06-27 06:08:22 · answer #3 · answered by THINKMAAN 5 · 1⤊ 0⤋
10. I have two Amex, Discover, 3 visa and 4 MC. I only use my Amex though...have to pay it off at the end of the month.
There is nothing wrong with having multiple cards, just be careful and don't go on a spending spree!
2006-06-27 06:30:23 · answer #4 · answered by thecharmedfive 2 · 1⤊ 0⤋
As long as you pay the entire balance every month it is okay to have a few credit cards. Just be careful what you spend.
2006-06-27 06:03:57 · answer #5 · answered by meggiek97 3 · 1⤊ 0⤋
1 credit card
1 debit card
1 store specific credit card
2006-06-27 06:04:48 · answer #6 · answered by mom of 2 6 · 1⤊ 0⤋
I carry six I pay them all off every month
2006-06-27 06:04:23 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I carry (4)..pay them off every month
2006-06-27 06:02:47 · answer #8 · answered by harleyryder42 3 · 1⤊ 0⤋
I have six. Just don't get carried away like me and you are fine.
2006-06-27 06:04:10 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Too many.
2006-06-27 11:51:42 · answer #10 · answered by John H 4 · 1⤊ 0⤋