How many do you have?

You hear statistics that the average person has 3 credit cards, or whatever. Why? I have one, and don't feel a need to have another. So why would you have more than one credit card?

2, one for regular use and one for catastrophe's.

I have one, but the account is no longer active and it's darn near paid off. I doubt I'll ever get another one again.

2, one for regular use and one for catastrophe's.

Why wouldn't you use your regular one for catastrophes?

Why wouldn't you use your regular one for catastrophes?

To keep from getting credit locked if I had to put a big charge on it.

2 and if either one tells me their interest rates are going up or they are putting in more fees.....right through the shredder it goes. Still have one bank sending me crap to get another card from them since I shedded the last one. Did it right over the phone for the nice lady that called. "Hear that sound?" "That was your card going through my shredder."

I couldn't even tell you what the interest rate is on my card. It's never mattered to me because I pay it off every month.

I couldn't even tell you what the interest rate is on my card. It's never mattered to me because I pay it off every month. So do I, but it's the principle. They give you a credit card and then tell you that they're adding addition annual fees, etc. Pizzes me off.

How many do you have?

You hear statistics that the average person has 3 credit cards, or whatever. Why? I have one, and don't feel a need to have another. So why would you have more than one credit card?

If you have an issue with one credit card, you have a backup. Say your card number was somehow stolen and someone charges on it and maxes your credit card while you're on vacation. You go out to dinner and they reject your card. You have another one to use in the meantime while you figure out what the heck just happened.

I've already had an instance where a bank shut down my card because the information was "compromised". They sent me a new card but I think they told me to stop using my current card, so I had a few days where I really didn't have that card. I know other people who have been without a card longer than that, so it's nice to have a backup.

My case happens to be that I'm young, so nobody wants to give me TOO much credit yet. It's helpful for me to have a little more spending power than I would with just 1 card, especially since I can afford it. Visa is always a good backup card since they're accepted everywhere, but for rewards and some of that other stuff, I don't think they're the best...so I go outside of Visa for my primary card.

That's all I can think of, anyway.

I couldn't even tell you what the interest rate is on my card. It's never mattered to me because I pay it off every month.

Capitol One sent me some checks that had a 1.9% interest rate.
Used that to buy my car :biggrin:

Haven't paid it off completely just yet. Any new charges would be at the regular 9.9% rate and all payments would be applied to the 1.9% purchase untill it's paid off.

So I'm using a back up

Just 3 huh, I really don't wanna say how many wifey has. :cds:

Just 3 huh, I really don't wanna say how many wifey has. :cds:

good luck on your credit.

good luck on your credit.

Last checked it was doing pretty good. I pay my bills. :shrug:

Last checked it was doing pretty good. I pay my bills. :shrug:

Lots of credit cards (above 4?) drops credit, regardless of whether they're paid off. Look it up. If they're under her name then maybe it's just hosing hers and that only hurts in joint purchases. That includes dumb cards for each store and other things like that.

Last checked it was doing pretty good. I pay my bills. :shrug:
There are 1.3 billion payment cards - including credit cards, debit cards and store cards - in circulation in the United States. The average American home has 13 payment cards.

Americans make over 1.5 trillion dollars worth of credit card purchases annually.
The typical credit card purchase is 112% higher than if using cash.
Over 40% of US families spend more than they earn.

There are 1.3 billion payment cards - including credit cards, debit cards and store cards - in circulation in the United States. The average American home has 13 payment cards.

Americans make over 1.5 trillion dollars worth of credit card purchases annually.
The typical credit card purchase is 112% higher than if using cash.
Over 40% of US families spend more than they earn.

Americans carry, on average, $8400 in credit card debt. If one were to make a 2% payment every month at an annual APR of 15%, it would take about 30 years to pay off and include about $13,000 in interest.

There are 1.3 billion payment cards - including credit cards, debit cards and store cards - in circulation in the United States. The average American home has 13 payment cards.

Americans make over 1.5 trillion dollars worth of credit card purchases annually.
The typical credit card purchase is 112% higher than if using cash.
Over 40% of US families spend more than they earn.

Not really, I have set limits on most of the stupid cards, they get paid off most of the time every month. I only have two regular cards like Pete, one for regular stuff and one for major catastrophes like the water heater blowing out or the washer dying. Which happens, what once in a blue moon. So I never said I wasn't being smart about them.

I got rid of my 2 credit cards, years ago. I have a debit/ATM card only. I checked with my bank, and it does have a credit rating up to $3,000. That's enough for a few Big Macs - or a new plasma HDTV; I have used the card for both! :lol: The heck with paying off the interest on credit cards........

Americans carry, on average, $8400 in credit card debt. If one were to make a 2% payment every month at an annual APR of 15%, it would take about 30 years to pay off and include about $13,000 in interest.

Ugh - I hate interest and avoid it whenever possible. The only thing I pay interest on is my house, and it ticks me off every time I look at my payment breakdown. Practically every extra dollar I have each month gets put toward principle so I can get it paid off ASAP and don't have to look at that interest crap anymore.

Not really, I have set limits on most of the stupid cards, they get paid off most of the time every month. I only have two regular cards like Pete, one for regular stuff and one for major catastrophes like the water heater blowing out or the washer dying. Which happens, what once in a blue moon. So I never said I wasn't being smart about them.

When experiencing a major catastrophe I recommend not adding to the problem by taking on debt to solve it. I recommend 3 to 6 months of living expenses set aside in an Emergency Fund. This is not a fund to be used for Christmas, vacations, daily living. This is for true emergencies only.

Taking on debt to take care of a problem compounds the problem.

I got rid of my 2 credit cards, years ago. I have a debit/ATM card only. I checked with my bank, and it does have a credit rating up to $3,000. That's enough for a few Big Macs - or a new plasma HDTV; I have used the card for both! :lol: The heck with paying off the interest on credit cards........

are debit/ATM cards as safe as credit cards? I wouldn't want one of those stolen and have a tougher time recovering my money. Credit cards are far safer in that aspect I would think. You just need to be smart and not spend more money than you have.

Obviously you don't want to spend more than you have, so using the debit card keeps you from spending extra. On the other hand, I usually try to keep as much $$ as possible in savings accounts to increase my interest. I transfer money, if necessary, to a checking account to pay off credit cards and other bills. Bouncing on a debit account wouldn't be good. More to keep track of.

I got rid of my 2 credit cards, years ago. I have a debit/ATM card only. I checked with my bank, and it does have a credit rating up to $3,000. That's enough for a few Big Macs - or a new plasma HDTV; I have used the card for both! :lol: The heck with paying off the interest on credit cards........

Same here. And if I need a higher limit I just call and they will give me one.

The debit card also comes with the same protections as a credit card. Did not used to be that way a few years ago and there are some that still make that argument against them.

The only thing a credit card provides you that a debit card does not is debt. A debit card does not let you spend money that you do not have. A debit card makes you spend your money and not someone elses. A debit card requires us to earn our money first, then spend it. A debit card, and spending money that is ours, changes our way of thinking considerably.

Same here. And if I need a higher limit I just call and they will give me one.

The debit card also comes with the same protections as a credit card. Did not used to be that way a few years ago and there are some that still make that argument against them.

The only thing a credit card provides you that a debit card does not is debt. A debit card does not let you spend money that you do not have. A debit card makes you spend your money and not someone elses. A debit card requires us to earn our money first, then spend it. A debit card, and spending money that is ours, changes our way of thinking considerably.

If someone steals my card and makes charges, you're saying the money doesn't come directly out of my account? If that's the case it would be like a credit card. Otherwise, that's money lost until it can be recovered, if ever.

are debit/ATM cards as safe as credit cards? I wouldn't want one of those stolen and have a tougher time recovering my money. Credit cards are far safer in that aspect I would think. You just need to be smart and not spend more money than you have.

Obviously you don't want to spend more than you have, so using the debit card keeps you from spending extra. On the other hand, I usually try to keep as much $$ as possible in savings accounts to increase my interest. I transfer money, if necessary, to a checking account to pay off credit cards and other bills. Bouncing on a debit account wouldn't be good. More to keep track of.

I don't know the answer to your question; I've had my debit/ATM card for 7 years, with no problems. I do check on the funds/tranfers from my checking account every couple of days, via my upstairs PC. This laptop I am replying with, is not used for official transactions, ie., online bill pay.

So far, the only person using my debit/ATM card - is me!

Now, I have heard that your debit/ATM password can be compromised, however, my card can be used in either the debit OR credit card mode, so I very rarely have to insert the password. Most places now, you don't even have to sign a credit card slip, if the amount spent is under $20.00.

If someone steals my card and makes charges, you're saying the money doesn't come directly out of my account? If that's the case it would be like a credit card. Otherwise, that's money lost until it can be recovered, if ever.

If someone steals your credit card/number they rack up charges. You catch on and/or are alerted. They freeze the card and eventually the charges are cleared.

If someone steals your debit card/number and they rack up charges the money begins to come out of your account. My bank (I called them to check this out) upon being notified (i.e. I catch on and/or am alerted) will immediately suspend the card and replenish my account with the money until the matter is resolved.

If you are interested in going this route I highly suggest contacting your bank to investigate their policy on this matter. Most are pretty much the same especially if your debit card comes with the VISA logo on it.

An agrument against this could be that if my card is frozen how do I get to the replenished money in my account? I keep cash tucked away safely. I learned this from some friend in Hurricane Country. They are told to tuck away a few hundred in their hurricane survival kit. Reason being is the ATM's don't work if the power goes out anyway.

I teach preparedness. I have a couple of ways set up to workaround situations created by the choices I have made when it comes to personal finance. And personal finance is just that. Personal. Forums such as this allow for the sharing of ideas which is great. I'm not in the "convincing" business.

One more note to add. I do check my account daily. It was suggested by a member of the FBI's Computer Crimes Unit to maintain daily vigilance on any/all on-line accounts one might have regarding credit (and now debit) type arrangements.

Only takes a moment and I assume he knows what he is talking about. I also fall back on the saying, "I would quit being so paranoid if everyone would stop trying to get me."

The key is to live within your means. Credit cards are not evil until you abuse them and start racking up debt buying stuff you don't need and can't afford.

The key is to live within your means. Credit cards are not evil until you abuse them and start racking up debt buying stuff you don't need and can't afford.

exactly. having credit cards is a smarter way to go if you are responsible with them. if you can't trust yourself, then go debit. but then you are putting more trust into the thieves that try to hijack your accounts. sure once you notice then the money may be put back, but it requires more vigilance than a credit card that has 1 monthly payment and is probably more of a pain to deal with. I trust myself enough to use credit cards responsibly. :smile:

2, one for regular use and one for catastrophe's.

Same here. :patriot:

One debit card, one personal credit card, one corporate card. I only use the credit card for convenience when I don't want to deplete my checking account, but it gets paid off every month.

On a slightly different topic, I saw a news report of people having the interest rates on credit cards jacked up because of changes in their spending habits. An example was someone shopping at high end stores, then suddenly switching to Walmart or discount stores to save money. The credit company sees this change, lowers your credit limit significantly and raises the interest. Don't remember which news report it was or I'd post it.....

One debit card, one personal credit card, one corporate card. I only use the credit card for convenience when I don't want to deplete my checking account, but it gets paid off every month.

On a slightly different topic, I saw a news report of people having the interest rates on credit cards jacked up because of changes in their spending habits. An example was someone shopping at high end stores, then suddenly switching to Walmart or discount stores to save money. The credit company sees this change, lowers your credit limit significantly and raises the interest. Don't remember which news report it was or I'd post it.....

I saw that, too. Don't remember the source, but I think it was a Yahoo article.

A credit company extends credit to the consumer and assigns a rating (interest rate) that equates to their determination of the risk of loaning money to that consumer. High use, low use, high end to low end stores, or vice versa all are behavior changes that are analyzed by specialized personnel in the credit companies to make judgements as to whether or not the risk rating needs to be adjusted.

In this instance someone going from high to low type stores would be a red flag the consumer is concerned about their finances. Hence, the credit company figures they better jack up the rate and get some more while the getting is good.

Of course we here on this forum would argue the consumer in question saw the light and decided to get the same value for less at WalMart. But you need to rememember this is a game of stat's and numbers. The stat's and numbers say seven out of ten are living paycheck to paycheck, have $8K - $10K in consumer debt and have an average of 10 loans per household. So the credit card companies play the numbers and the numbers say this person is in trouble.

There are many who have plenty of money in the bank, don't borrow, own what they have (yes even the house) and have no (as in none) FICO score. These folks are dinged by the insurance companies who view no to low scores as an indication that this person is more likely to file a claim than someone who has a high FICO score. Again, they play the seven out of ten game and a low to no score tells them there is trouble afoot. In most cases the higher premium that comes with no score is minimal and those that have no score choose not to participate and this is a small price to pay. Besides, a small premium increase is not felt much by the no-debt (at all) person as you can imagine.

Fascinating how the numbers run things and how the consumer gets caught up in it with little to no knowledge we are being judged, analyzed and in a lot of cases played.

I have a bunch I should get rid of, as I never use them. JC Penney, Belk, those little ones that never get used, ever. I guess it is smart to cut them up/close the account? Or does it matter since they aren't used? I get confused oh whether this hurts or helps my credit. :shrug:

Big ones - I have one and it's hardly ever used and, when it is, it is paid off immediately.

I have a bunch I should get rid of, as I never use them. JC Penney, Belk, those little ones that never get used, ever. I guess it is smart to cut them up/close the account? Or does it matter since they aren't used? I get confused oh whether this hurts or helps my credit. :shrug:

Big ones - I have one and it's hardly ever used and, when it is, it is paid off immediately.

I have a Penney's card as well...27.99% interest on that thing. BUT, if you keep it paid off every month, there are some nice perks if you like shopping at Penney's. I just got two new pair of jeans for $29.99 including tax.

I have 3 cards, though 2 are not active...need to get rid of the one.

I have a bunch I should get rid of, as I never use them. JC Penney, Belk, those little ones that never get used, ever. I guess it is smart to cut them up/close the account? Or does it matter since they aren't used? I get confused oh whether this hurts or helps my credit. :shrug:



"They" say you're not supposed to close your oldest acct. The longer your credit history, the better. At the same time, having lots of credit could potentially hurt you, too. If your credit takes a ding because you close an acct, it'll probably bounce back w/in 60 days. So even if you did plan on closing some accts, I wouldn't worry much.

I have a bunch I should get rid of, as I never use them. JC Penney, Belk, those little ones that never get used, ever. I guess it is smart to cut them up/close the account? Or does it matter since they aren't used? I get confused oh whether this hurts or helps my credit. :shrug:

Big ones - I have one and it's hardly ever used and, when it is, it is paid off immediately.

I'm not sure if those get canceled by inactivity like major cards do. I know that canceling cards reflects poorly on credit (which is stupid IMO). I'd just leave them to rot. Have they been inactive for a long time?

I have a Penney's card as well...27.99% interest on that thing. BUT, if you keep it paid off every month, there are some nice perks if you like shopping at Penney's. I just got two new pair of jeans for $29.99 including tax.

I have 3 cards, though 2 are not active...need to get rid of the one.

Same with my Best Buy card, it has perks with the 18 month free interest and such. But that's all it gets used for and paid off before the free interest ends.

27.99% interest

This is why I'll never be tempted to get a store credit card.

This is why I'll never be tempted to get a store credit card.

I got it a LONG Time ago, back when interest rates were less than 10%. It just jumped to 27.99% this past year. I got them all paid off before they started jumping though. *whew*

Only thing I'm paying interest on now is the house. Even got 0% on the new truck. :dye:

I have a Discover card (lower interest and cash back) and Cle has his own credit card. I pay my bill and he pays his bill.

We have two. One I use all the time and for everything. We get good air miles on it and I just got 3 free tickets back up north! We pay it off every month. The other one is just in case where ever I am dosen't take my primary one.

How many do you have?

You hear statistics that the average person has 3 credit cards, or whatever. Why? I have one, and don't feel a need to have another. So why would you have more than one credit card?

I only have 2. The first one because it was the first one I got. Then the 2nd was due to the newer mileage points thing was better then the first one. (same CC company, though) I didn't cancel the original one due to it possibly changing my FICO score, which, last time I checked was really high. And I want to keep it that way.

Anyway, I only use one for convenience & the mileage points and I pay it off every month. I don't live beyond my means.