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Credit Cards


AmericanRam

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You may have a rubbish credit rating because you've never had credit before.

Being proud of never using credit can bite you in the ass in the future.

trouble with high apr cards is low credit limits. Ok for some, but no good for cash flow.

moving address's regular is also a negative. 

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APR?

shouldnt matter if you pay it off everymonth. Look for the other benefits.

a personal loan would be cheaper if you think you need money for some thing specific, at least you know you'll pay it off in a set time frame, with probably less interest.

unles the card offers an interest free period, then it's best to work out the debt over the time period and put the monthly amount in a savings account that you then use to settle the card at the end of the free period.

i hate being grown up, it was so easier being a kid, yet couldn't wait to be an adult ?

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I used to have 4 0% cards. Do all the daily spending on them, max them out, set up the direct debit for min repayment then either transfer the balance to another 0% or pay off in full at the end. I would use the money from income to sit in a high interest account. This was worth the effort pre 2009 when interest rates were good. Not worth time below 5%. Still, you'd get a free season ticket out of it even now.

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I wouldn't be without my credit card to get money.  The Amex card is slim and rigid, ideal for opening doors with Yale locks. Many owners of McCarthy & Stone properties are also deaf and can't run, so that is another tip for those who like the thought of getting easy money.

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I've got a Santander one for the cashback (mentioned above), so I use that for all supermarket shopping and fuel.

Also have Visa and Amex (because just having Amex in the UK would be stupid) from Virgin Atlantic, so I can save up all the lovely points for flight upgrades to USA. You get twice as many points on the Amex card but use the Visa when silly shop keepers don't accept American Express.

I'd say 95%+ of my spending is on credit cards but I have them all on direct debit every month. rarely use cash or even debit cards nowadays.

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I use HSBC and pay it off with in a month. I just buy a take away I have never missed a payment and now got a Mortage etc. Works wonders.

 

What makes me laugh is that a friend of a friend is needing credit. He has applied for a credit card as it's the quickest and best way to get credit.

 

Yet his application has been declined.. Seems legit.

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