How many credit cards do you have?

Discussion in 'Money Management & Banking' started by MTR, 1st Mar, 2018.

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  1. MTR

    MTR Material Girl Premium Member

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    Thought this would be frivolous and fun.
    Any specific reason why you use a particular card.... benefits?

    I have 2 credit cards
    AMX and Virgin

    Got Virgin because it provided 4 free flights in Australia pa, this has since been squashed... damn

    AMX platinum - no idea partner sorted this one, sure there must be some logic behind it, rarely use this one. I think it also provides a free flight PA in Australia??

    MTR:)
     
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    1, 4k limit. I dont need anything more
     
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    No personal ones
    1 business one to pay software subscriptions with
     
  4. Otie

    Otie Well-Known Member

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    we have 1x 1k limit. Don't use it except for rental car deposits and things that you need a real credit card for etc.
     
  5. MTR

    MTR Material Girl Premium Member

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    I would have expected most people to have at least 2 credit cards. Interesting.
     
  6. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I have 1. 15K limit have it linked to my FF account 1 point per $. Paid off in full every month.
     
  7. Kassy

    Kassy Well-Known Member

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    I have zero. My husband has one for $8k (lowest possible limit), I have a secondary card. We pay it off every statement period...
     
  8. hammer

    hammer Well-Known Member

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    Now 1 (4k) here...for paying PPOR bills only...also get free (reasonable) travel insurance which works for us.
     
  9. MTR

    MTR Material Girl Premium Member

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    This is an eye opener.

    What about the strategy of paying everything/living expenses using the good old credit card as a strategy, to accumulate points and place income/wage on debt ie mortgage.
    At the end of each month you pay back credit card???

    Just wondering if anyone does this
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    $6k limit as that was the minimum we could have as part of our home loan package.

    A second card with another lender from when we banked with them. $1k limit. I could close it but having something on the side can be useful if your bank cancels your main card due to a problem. Give you access to money for the few days it can take to replace the main card.

    I've also got a business card, but my business and personal stuff are very separate.


    @MTR the live through credit card and pay it off each month to save money is a bit of a con in my opinion. It does work if you're very disciplined about your spending, but most people will simply spend something close to the limit. They save a couple of bucks interest on the home loan (pay it off in 29 years instead of 30), but spend more day to day.

    The problem with credit (and even debit) cards is people become disassociated from their money. They don't keep track of what they're spending when it's a simple swipe.

    I think the best way to save is to use cash. Even walking to the ATM means you're doing some work to understand your spending habits. (No chance that I follow this advice myself).
     
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  11. Peppas

    Peppas Well-Known Member

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    I have a few credit cards, I need to sort them out. At the moment I have 4 cards, 2 I've had for a few years with no fees, one with a smaller limit (2k) I use with paypal, the other is a card I use for travel or international purchases as it has no international fees. Otherwise I usually do most of my spending on a single card which I cycle through for points, in particular points bonuses. Currently in between cards though so will cancel one of those cards soon.
     
  12. MTR

    MTR Material Girl Premium Member

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  13. Air_Bender

    Air_Bender Well-Known Member

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    None. Never had one and I don't believe I'll ever need one.

    No disrespect intended to anyone who does use one but personally if I can't buy it with cash then I won't buy it at all. I am grateful to be earning good coin so can't really say I've ever been in a position where I was short on cash and considered getting one. Friends keep reminding me about how much FF points I'm missing out on but I'm not really that fussed. :)
     
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  14. TMNT

    TMNT Well-Known Member

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    5 cards

    2x amex
    Nab
    Cba
    Anz

    I play the points game
     
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  15. TMNT

    TMNT Well-Known Member

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    I interepteed that article to be "use your credit card as a cash advabce deposit"
    Can you even buy a deposit bond with credit card? You potentially only save 1 month of interest anywY
     
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  16. MTR

    MTR Material Girl Premium Member

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    Now I feel better;) is it working:p
     
  17. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Been doing this for 20 years (got first cc at 18, same card 20 years later). Circa $1200pm goes onto the card, paid in full each due date, collect points.

    Every 6-12 months I will zero my rewards balance buying a few things, ordered a nice 8 piece Global knife set and and a chromecast last time
     
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  18. twobobsworth

    twobobsworth Well-Known Member

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    MasterCard/Amex both linked through CBA with diamond points, don't carry cash so all expenses put through on them. Points paid for our airfares for last holiday.

    Also have WPC Visa as an emergency in case CBA account compromised or over limit....:eek:
     
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  19. KinG3o0o

    KinG3o0o Well-Known Member

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    i am shocked too..

    i have technically have 5 credit card. from 3 different countries i dont like to pay transaction fees when overseas.

    this get me in to a lounge in every single airport i visit when i fly cattle class

    i play the point game and i love it.. who dont like free stuff ?

    everything that leaves my account goes through my credit card.. online i use paypal..

    10 years since my first credit card.. paid zero in interest. :).

    dont spent what you cant afford.. why people feel that if they have a credit card they will lose control ?
     
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  20. Kassy

    Kassy Well-Known Member

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    We’ve bought 2 houses with credit card deposit. First was $500 deposit with rest of deposit paid once contract was unconditional (2004 old PPOR), second was for house and land and was $500 deposit for the land and $500 for the build (2009). Both properties in Brisbane. Didn’t realise it was rare.