Speaking of credit cards:

[vraiblonde]

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?

 

[Pete]

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

 

[Cowgirl]

I have one, but the account is no longer active and it's darn near paid off.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.

 

[vraiblonde]

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

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

 

[Pete]

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.

 

[Vince]

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."

 

[vraiblonde]

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.

 

[Vince]

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.

 

[Beta84]

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.

 

[aps45819]

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

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

 

[BuckinRut]

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

 

[Beta84]

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

good luck on your credit.

 

[BuckinRut]

good luck on your credit.

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

 

[Beta84]

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.

 

[ProfMoneyWise]

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.

 

[ProfMoneyWise]

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.

 

[BuckinRut]

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.

 

[Penn]

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! The heck with paying off the interest on credit cards........

 

[vraiblonde]

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.

 

[ProfMoneyWise]

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.