plonkee money an english-er's thoughts on personal finance

December 19, 2007

your flexible friend: share the detail of your credit cards

Filed under: credit and debt — plonkee @ 12:00 pm

BarclaycardI posted the other day about a wonderful credit card offer that I’m not going to be taking up. I’ll spoil the joke by telling you the punchline – it had a typical APR of 183%.

What about the credit cards that I do have though? I’m not really doing very well on the *making as much money as possible* front. I’ve got 4 5 credit cards:

  1. my oldest credit card – a Barclaycard this has an interest rate of about 17.9% and no rewards but it is a gold card. I never use this because I can’t get them to set up autopayment in full properly and I’m prone to forgetting bills
  2. the credit card was using all the time – a Marbles card, this is my primary expenses card, I pay off the balance in full and in theory I claim back the money from work in time. This also has no rewards
  3. random credit card that had an offer on (1) – there was some free voucher from Amazon on this Amazon branded card.
  4. random credit card that had an offer on (2) -I have 11,000 Sony points from applying for a Sonycard
  5. new hybrid credit card (ish) – I nearly forgot about this one from Egg, this does have 1% cashback and you can use it sort of like a debit card, pre-loading it with money, which is how I’m using it in the hope that I’ll spend less cash

In addition to all these credit cards, I’ve got 2 debit cards (for historic reasons, I have 3 current [checking] accounts).

I’m not really using credit cards efficiently. I think the solution that I’d like is:

  1. hybrid card – the new system is working well so far
  2. credit card with cashback – for work expenses only
  3. oldest credit card – just to ensure a nice long credit history

One other important thing is that I need to remortgage in about 18 months when the interest rate resets (this is normal practice in the UK) so I need to ensure that my credit rating is a good as possible this time next year.
My financial restructuring in the new year requires me to:

  1. use these bloomin’ Sony points
  2. close 2 credit cards – Amazon and Sony
  3. apply for a new credit card with cashback – maybe from Capital One
  4. close a 3rd credit card – Marbles

I’m not the only one thinking about getting the best type of credit card, rocketc reckons that if you’re not getting cashback, you’re losing money. Looks like I’ll really have to sort mine out in the New Year.

Does anyone else have a large or unusual collection of credit (or debit) cards?

Image by ElGekoNegro

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