How many credit cards do you have?

Discuss Canadian Credit Cards here.
FinancialAdmin
Site Admin
Posts: 9
Joined: Thu May 22, 2008 2:43 pm

How many credit cards do you have?

Postby FinancialAdmin » Tue Jun 03, 2008 2:01 am

Many people in western countries have lots of different credit card and excessive amount of credit card debt. How many credit cards do you have? Do you use them responsibly or you are an impulsive spender?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: How many credit cards do you have?

Postby spencer » Tue Jun 03, 2008 5:57 pm

I keep only 2 credit cards - American Express and Visa. I also repay everything spent on the 2 card every month and I never carry balance. I've never considered myself to be an impulse spender, but I have a few friends that will qualify :).

sunshine
Posts: 23
Joined: Tue Jun 03, 2008 5:55 pm

Re: How many credit cards do you have?

Postby sunshine » Tue Jun 03, 2008 6:12 pm

I have AMEX, Master Card and Visa. I used to have Sears Store Credit Card but I closed it 2 years ago. The only problem is that all my cards have very high interest rate 18%. Can I negotiate the rate with them? I pay my bills every month and have no outstanding credit?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: How many credit cards do you have?

Postby spencer » Tue Jun 03, 2008 6:17 pm

sunshine wrote:I have AMEX, Master Card and Visa. I used to have Sears Store Credit Card but I closed it 2 years ago. The only problem is that all my cards have very high interest rate 18%. Can I negotiate the rate with them? I pay my bills every month and have no outstanding credit?


There are Canadian credit cards with lower than 18% interest rate for sure, but you always have to read the fine print, because usually it says that they can increase your rate if you fail to make or are simply late even with a single monthly payment. Also if you want to borrow then there are cheaper ways to do that. You can always ask your bank for personal line of credit for example, which will have lower interest rate for sure.

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: How many credit cards do you have?

Postby theway » Tue Jun 03, 2008 6:52 pm

I don't think it matters how many credit cards one has. What counts is not having any credit card debt. I've seen many forums where people discuss various scenarios how to move their credit card debt to a 0% credit card or low interest credit cards. I honestly think that this just postpones their imminent bankruptcy.

sunshine
Posts: 23
Joined: Tue Jun 03, 2008 5:55 pm

Re: How many credit cards do you have?

Postby sunshine » Tue Jun 03, 2008 7:43 pm

spencer wrote:There are Canadian credit cards with lower than 18% interest rate for sure, but you always have to read the fine print, because usually it says that they can increase your rate if you fail to make or are simply late even with a single monthly payment. Also if you want to borrow then there are cheaper ways to do that. You can always ask your bank for personal line of credit for example, which will have lower interest rate for sure.


Thanks for the reply. I will call my bank but I always postpone it, because I usually get very frustrated when I talk to them. They keep transferring me from person to person and I have to tell my story over and over again....
I usually pay my bills on time so I guess it doesn't matter what the interest rate is for now...


Return to “Credit Cards”



Who is online

Users browsing this forum: No registered users and 1 guest