Which Credit Card

Peter Parker · #1 (**permalink**) 05-29-2010, 02:38 PM

Hi all

I have a LLoyds card, M&S card, Asda card and a Virgin card

We are paying these off at the moment, and even though its a while away I got to thinking once they are paid off, how many should I keep and which ones?

Asda rate is shocking 24% but thought if I kept this one to do my shopping at asda on (which is where I do my food shopping) you get points on it and then asda vouchers once a year

Virgin rate is 15% I think off the top of my head, I read somewhere if you book a virgin holiday on a virgin card you get 10% discount? not sure if that is true lol but if it is great cos we want to go back to new york when we are debt free and I love virgin planes so we would go with them

Lloyds 17% I think, no benefits to it

M&S I think the rate is about 15% again you get M&S vouchers for spending on the card, but I dont live that close to a M&S so am rarely there?

I was thinking of keeping two? the virgin card and the asda card? i know the asda rate is high but if I pay it off each month and only do my shopping on it then the rate doesnt matter does it?

samruba · #2 (**permalink**) 05-29-2010, 05:21 PM

Probably the two I'd keep too. MBNA cards have a history of repeat offers, and if you apply for any other MBNA card in the future, you can transfer your limit across from the Virgin card.

C9Consulting · #3 (**permalink**) 06-06-2010, 02:58 PM

I'd get rid of them for the time being and then think about getting one after you can control your spending habits. Maybe one with a low credit limit. Usually having a credit card after paying off CC debt, tempts people to go back to spending more money than they have.

altheloanguy · #4 (**permalink**) 08-04-2010, 07:26 PM

I just called Capital one and renegotiate my card rate down to 8.99%. I think you should do too. Threaten them that you are not doing good financially and if they don't lower it then you will stop paying.

goodyphilips · #5 (**permalink**) 08-13-2010, 12:22 PM

Quote:

Originally Posted by Peter Parker

Hi all

I have a LLoyds card, M&S card, Asda card and a Virgin card

We are paying these off at the moment, and even though its a while away I got to thinking once they are paid off, how many should I keep and which ones?

Asda rate is shocking 24% but thought if I kept this one to do my shopping at asda on (which is where I do my food shopping) you get points on it and then asda vouchers once a year

Virgin rate is 15% I think off the top of my head, I read somewhere if you book a virgin holiday on a virgin card you get 10% discount? not sure if that is true lol but if it is great cos we want to go back to new york when we are debt free and I love virgin planes so we would go with them

Lloyds 17% I think, no benefits to it

M&S I think the rate is about 15% again you get M&S vouchers for spending on the card, but I dont live that close to a M&S so am rarely there?

I was thinking of keeping two? the virgin card and the asda card? i know the asda rate is high but if I pay it off each month and only do my shopping on it then the rate doesnt matter does it?

Exactly if your pay your balance with in the "interest free" period that rate of interest does not matter. I think should keep those cards which you can afford to pay for either completely or alteast an amount which is greater than your minimum amount to be paid.

mikefinance · #6 (**permalink**) 09-25-2010, 12:28 PM

Try to find one with a 0% APR for purchases..this will help you eliminate the interest..and then pay off your highest current % card.

translucent · #7 (**permalink**) 12-05-2010, 12:04 PM

discover cards are impossible to get thats all i know. they're success rate has gotta be low right now

low apr is key

krantcents · #8 (**permalink**) 12-12-2010, 12:20 PM

It is not a question of which card, it is controlling your spending. Establish a strategy to avoid overspending first. Credit cards need to be a convenience, a way of keeping a record of your purchase, and other advantages.

financegenie · #9 (**permalink**) 01-12-2011, 02:04 AM

I would suggest you go for a college credit card or cards designed for people with no credit history. The site below lists both of these types of cards that you can do your research at and apply online. Don't try to apply to any other type of credit cards because it has gotten very difficult to get approved for one in this economy. I hope this helps!

Connelle · #10 (**permalink**) 01-12-2011, 02:26 AM

The card with 0%APR , and the card which is highly acceptable in your whole country .
Many cards offer 0%APR but are low acceptance rate in the country .

ralphegermain · #11 (**permalink**) 02-09-2011, 03:30 AM

Quote:

Originally Posted by C9Consulting

I'd get rid of them for the time being and then think about getting one after you can control your spending habits. Maybe one with a low credit limit. Usually having a credit card after paying off CC debt, tempts people to go back to spending more money than they have.

This makes a lot of sense. Credit cards does not upgrade your social status not does it make you look rich, it just makes you feel the moment of spending without cash. And in time when it catches up on you, then it's too late.

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