How many credit cards do you have?
I keep a few credit cards open that have had zero balance for years. This boosts my credit score by keeping the available credit ratio high and by boosting the average age of credit accounts. I probably have a total of 10 credit cards. How many credit cards do you have?
I, too, have a few cards that are always at zero balance. I've got about nine credit cards right now if my memory is correct (I didn't go through my files). None of them are store-issued cards that can only be used at specific stores, although some are Visa or MasterCards issued in partnership with certain retailers so a discount or extra points apply when shopping at those businesses. I pay off all my cards immediately so I do not pay interest on any of them, and each card has a specific purpose intended to maximize my savings or rebates.
With one card, I get free shipping, monogramming, and $10 coupons for my favorite clothing and outdoors retailer. With another, I get twice the rebate points when shopping at the chain (also an outdoors retailer) and I can either cash in the annual check or use it for gear. Yet another card is through a national horse breeders association, and it offers a great annual cash-back program as well as specific discounts on horse-related goods and services (which I'm prone to use quite a bit). One card is an AmEx -- specifically so I can get cash back on CostCo purchases. There are three generic cash-rebate cards, one for my business and two that I use regularly. Finally, there's a card on my husband's credit card account that I use if I'm picking something up for him -- we keep our finances largely separate.
One advantage to multiple cards is that if I sign up for the quarterly "bonus savings" programs, I will nearly always have one card with double points back on grocery stores or gas, another that has double points back on hardware stores, and so forth. I routinely sign up for those extra savings, and I make a note that I carry with each card to remind me which one to use for those purchases for the quarter.
I get a considerable amount of money back every year in cash rebates. I'm a big believer that credit cards make wise financial sense as long as they're paid in full, on time, every month -- and as long as the carrier has the discipline to avoid impulse purchases just because they have a high enough limit on their cards.
MJennifer, it sounds like you are coming out ahead the way you are using credit cards. I often hesitate to get another one, but it is hard to pass up the discounts and special offers. I think I'll close a couple to make room for some new ones soon.
None. I rid myself of them a few years ago and never looked back. I own my home so I am pretty sure credit would be easy enough to get if I had to, but I choose not to keep a card.
I have a recipe box full of them and need to close some of them. I have two I use and pay off monthly so the rest are just an annoyance. I probably have 10 or 12 including gas cards.
by Uneducated opinio 6 years ago
Try and refrain from using a credit card for any purchases that are not a necessity. Things want should he paid in full to avoid getting stuck in ungodly amounts of debts. I learned this lesson a little late but I did learn it ha. Try to be smart with your money. Also try to look for coupons online...
by Lgali 4 years ago
Credit cards make you spend more yes or no
by Davinagirl3 7 years ago
My husband and I are looking to buy a house in the upcoming year. We have run into some trouble looking for a lender because our credit is, for lack of a better term, crap! I am looking for ideas on how to raise our scores. We pay our bills on time, so that isn't the...
by Ultimate Hubber 7 years ago
How many credit cards do you have?
by Gous Ahmed 7 years ago
If you pay off credit cards by getting a loan out, aren't you in the same position still?Maybe a loan won't have interest increase like credit cards, but what is the best way to get out of this situation for good?
by Rajan Singh Jolly 6 years ago
Don't credit cards lead to unnecessary buying?
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