How many Credit Cards do you have?

[samas]

*Amex Platinum Edge (for Groceries and Fuel) - points transferred to velocity when they have a 20-30% transfer bonus promo.
*Velocity Amex Platinum - used for all other purchases.

**Myer Visa used wherever Amex not accepted.
**BankWest More MC, used for a car purchase at 0% for 6 months. I wanted to pay on amex but that's another story..
**I plan to cancel both of these cards before the annual fee falls due again and replace with Virgin Flyer VISA

*28 degrees MC, overseas travel and overseas online.

Except for the BankWest all cards pay themselves off automatically in full every month.

So 5 now, and 4 after consolidation is complete.

Although if you include my work NAB Visa and my mum's Coles Group Mastercard which I don't pay the bills for it's 7.
With a Visa debit and MC debit there's a total of 9 cards in my wallet that have either the MC, Visa or Amex logo...

 

[harvyk]

Ye gods, all those points foregone!

Yes, but the interest I'm saving by not having a CC more than makes up for it...
I'm not saying that they don't work for some people, I'm not one of them and I can get myself into a whole lot of trouble owning one. (let alone 2 when I actually had them)

 

[cove]

Not everyone can handle credit cards and the idea of getting a bill where if you make minimum payments it will be a zero balance just after your 113th birthday could alarm many.

 

[Beta4Me]

Yes, but the interest I'm saving by not having a CC more than makes up for it...
I'm not saying that they don't work for some people, I'm not one of them and I can get myself into a whole lot of trouble owning one. (let alone 2 when I actually had them)

Not everyone can handle credit cards and the idea of getting a bill where if you make minimum payments it will be a zero balance just after your 113th birthday could alarm many.

Other than the BT to the Citi card which just allows me to pocket interest from money sitting in a high-interest savings account...I use all my credit cards as charge cards with an interest free period. So, in reality, my credits cards are making me money by allowing me to hold onto money for longer (44-55 days) and get the interest on it before paying off the cards and, through the purchases, I've earned points too. If you can resist the temptation to max them out (which isn't a problem for me at all), then it's very much win-win!

 

[harvyk]

Other than the BT to the Citi card which just allows me to pocket interest from money sitting in a high-interest savings account...I use all my credit cards as charge cards with an interest free period. So, in reality, my credits cards are making me money by allowing me to hold onto money for longer (44-55 days) and get the interest on it before paying off the cards and, through the purchases, I've earned points too. If you can resist the temptation to max them out (which isn't a problem for me at all), then it's very much win-win!

There is the problem, I never re-paid the amount during the interest free period, despite my best intentions (and 1 x bank error)

 

[Beta4Me]

There is the problem, I never re-paid the amount during the interest free period, despite my best intentions (and 1 x bank error)

Ah. Well I can see how that would make having a CC not worthwhile.

 

[cove]

Mrscove has a David Jones Amex, a 28 Degrees Card for overseas use , a Citi Select for Qantas, a Westpac Platinum Kris Flyer Amex, a Westpac Platinum Plus Altitude Amex, a Bankwest Platinum Visa and then a couple of store cards and minor credit cards.
If I am out of the picture it means that Mrscove has developed her own credit rating and credit file and I will be doing the same in the UK and US where she has HSBC and US Bank credit cards.
We don't leave balances nor do we bother using the low interest rate offers as life has enough twists and turns already.

Now I left out an Amex Velocity and a 28 Degrees card off my list.

 

[Beta4Me]

Mrscove has a David Jones Amex, a 28 Degrees Card for overseas use , a Citi Select for Qantas, a Westpac Platinum Kris Flyer Amex, a Westpac Platinum Plus Altitude Amex, a Bankwest Platinum Visa and then a couple of store cards and minor credit cards.
If I am out of the picture it means that Mrscove has developed her own credit rating and credit file and I will be doing the same in the UK and US where she has HSBC and US Bank credit cards.
We don't leave balances nor do we bother using the low interest rate offers as life has enough twists and turns already.

Now I left out an Amex Velocity and a 28 Degrees card off my list.

That's a lot cards! I guess if you're churning enough through then it'd make it worthwhile.
Just curious: why would you have a Citi Select for QFF? There's cheaper MC/Visa cards for $1:1 point.

 

[cove]

Citi has been really good at unlimited points making and they have been trouble free for earning 7 numbers in points a year.
$749 is incidental when we use the points for QF JASAs quite regularly. Let's say 20 return flights are $60,000 so it makes the $749 look pretty good.
I use Woolies but I have to re-load it more often due to the lower credit limit. At $89 I save but I have to do more BPays in a year so if I value my time Citi looks ok.
Most folks would be happy with Woolies but if there is an account problem HSBC can turn a bit tiresome and ugly.

 

[Beta4Me]

Citi has been really good at unlimited points making and they have been trouble free for earning 7 numbers in points a year.
$749 is incidental when we use the points for QF JASAs quite regularly. Let's say 20 return flights are $60,000 so it makes the $749 look pretty good.
I use Woolies but I have to re-load it more often due to the lower credit limit. At $89 I save but I have to do more BPays in a year so if I value my time Citi looks ok.
Most folks would be happy with Woolies but if there is an account problem HSBC can turn a bit tiresome and ugly.

1M points :O That's a lot of mula...
I can see how more reliable service and a higher limit could be appealing. HSBC must scarily bad if they are worse than Citi...

 

[k3nnis]

Hi guys,

I have Amex plat edge,reserve,charge
Also westpac altitude plat MC and Amex. Probably will trim down my collection next year. Thinking seriously on only having plat edge and upgrading to westpac altitude plat plus. But my issue will be the poor earning MC.

Cheers,
K.

 

[smit0847]

1. AMEX Velocity Gold to use wherever its accepted without a surcharge;
2. Virgin Flyer Visa to use where AMEX is not accepted or there is a surcharge;
3. 28 degrees for overseas use.

Only have the first 2 cards for the points and the 3rd card to avoid fx fees. Pay off all balances in full each month.

May get rid of/replace the Virgin Flyer card depending on where they land with the new conditions of the 2-4-1 offer with the Sabre system as everythings very up in the air at the moment with the offer - there's no real other benefits to having the card.

 

[Beta4Me]

May get rid of/replace the Virgin Flyer card depending on where they land with the new conditions of the 2-4-1 offer with the Sabre system as everythings very up in the air at the moment with the offer - there's no real other benefits to having the card.

Yeah, that'll sway whether I bother having one of the parents get it.

 

[Keith009]

Cards I actually use:
Westpac Singapore Airlines Platinum
AMEX Platinum Edge (now a free companion card to the Gold charge card)
Virgin Flyer (free through work)

Dormant cards:
AMEX Gold Charge card (use only for pre authorisation holds)
ANZ Platinum (came as part of ANZ Breakfree package for home loan)

Some backpeddaling here. Despite misgivings about Citibank, cove's and others' posts on here have finally encouraged me to bite the bullet. Now the proud new holder of a shiny new Citibank Signature VISA card. It will now be my back up card for local spend wherever AMEX isn't accepted or attracts a surcharge and primary card for overseas spending - transfer to Velocity or SQ (1 real mile or point/$ for local spend and 2.67 real miles or points/$ for overseas) . Just in time for a trip to Hawaii over Easter.

Activation for the travel insurance that comes with the Signature card (same as the policy attached to the Select) is also pretty flexible if traveling on redemptions - transfer 15 000 miles and redeem within 1 month of transfer but I've yet to go through the rest of the PDS in detail so there may well be unacceptable gaps. In any case I won't get to use it for a while as we still have a retail annual trip policy.

Still in my post-AMEX Plat Charge transition, so this is a bit like a restructuring. I will see how I go after a year especially when the full annual fees kick in (currently paying half fee for Westpac SQ and $199 for Citi rather than $395). Initial projections point to a pretty good cost per Point even on full fees though.

I've cancelled the Gold Charge card - after much confusion AMEX finally confirmed that I'd need to pay a Membership Rewards fee on top of the $130 annual fee, so only holding the Platinum Edge with AMEX that costs $149 (though this too may go if I don't manage to use the free flight, and taking out the free flight my groceries/fuel spend is nowhere enough to justify the incremental annual fee). The combined credit limits of my other active cards now make hotel pre-authorisations a moot point.

Now wish me luck as I dip my toes into Citibank... may consider the Select in future but still nervous about making any Citibank product my primary card and the Select is way too expensive as a 'back up' card. The application process is way more straightforward than I recall (last time I gave up after receiving 5 separate calls all asking for the same thing) so that bodes well but I'm aiming to never have to talk to the call centre.

 

[yo yo ma]

DJ AMEX - 2.25 QFF points / $ at supermarkets and petrol stations
CBA Diamond AMEX - 1.5 QFF points / $ for other AMEX purchases
JQ Platinum MasterCard - 1 QFF point / $
HSBC Platinum Visa - 2 QFF points / $ (overseas purchases)
CBA Diamond Mastercard - never used due to poor earn but companion with CBA Amex

All purchases put onto cards and all cards paid in full each month.

 

[Warks]

1 x Visa Platinum via our bank
1 x Mastercard Gold CBA (since 1988)
1 x Mastercard Woolworths EDR QFF etc
1 x 28 Degrees MC for OS ATM use (hope it stays free forever)

The Visa gets used by Mrs Warks as it's the only one we have two cards.
The CBA MC was used for my business but I have switched most of that to the EDR MC. Still comes out when paying ATO bills when the high ($25K) credit limit is needed.

It takes a bit of juggling to manage them all but with online banking it's not that hard. I've had credit cards since about 1984 and have never deliberately paid any interest on them. The only occasions were errors in payment dates which didn't cost that much in the end.

I sometimes consider not having any cards but then I can't see it changing spending habits and really it would just be amazingly inconvenient. I don't know how you secure a hotel reservation, or a car for that matter. I guess you can pay for your tickets via direct debit.

If you've always got the money then there's no real risk with the credit cards. It seems the ones who worry the least, spend the most and rack up the biggest interest bills are the ones that shouldn't have them but they are the customers the credit card companies want! They pay for the rest of us interest-free cheapskates.

 

[Keith009]

. I don't know how you secure a hotel reservation, or a car for that matter. I guess you can pay for your tickets via direct debit.

Scheme debit cards offered by VISA and MC are very common these days. Trouble is they don't earn Points - you might as well get something back for the stuff you have to spend on anyway.

 

[fewings85]

Westpac Singapore Airlines Platinum Visa & American Express cards.

and

ANZ Corporate Visa card (my work one)

 

[aupirate]

Velocity visa high flyer with companion card for my better half. Visa Gold as emergency, I try to fly Virgin exclusively ( mainly domestic business and trans Tasman private) all our points are channelled to my Velocity account for free flights and to retain status Gold by booking flights. Monitoring the 2 for 1 at the moment and concerned that it could disappear or be watered down. Hoping to travel further afield this year so will also look into a 28 deg card. I find it easier (or possibly I`m just lazy) to have the one card and a back up for emergencies which I needed last month when Virgin cancelled my card due to an online purchase from a site that had been hacked. And no it wasn`t a dodgy you know what site!

 

[Beta4Me]

Velocity visa high flyer with companion card for my better half. Visa Gold as emergency, I try to fly Virgin exclusively ( mainly domestic business and trans Tasman private) all our points are channelled to my Velocity account for free flights and to retain status Gold by booking flights. Monitoring the 2 for 1 at the moment and concerned that it could disappear or be watered down. Hoping to travel further afield this year so will also look into a 28 deg card. I find it easier (or possibly I`m just lazy) to have the one card and a back up for emergencies which I needed last month when Virgin cancelled my card due to an online purchase from a site that had been hacked. And no it wasn`t a dodgy you know what site!

No Velocity Amex?