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I just swapped credit cards for the first time in a decade.


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So, casually browsing my expenses on by online bank portal I decided to open a link about credit cards. It's not something I've bothered with before, I've had my CC for years and allways try to pay it off in full, sometimes I maxed it between contracts as a means to bridge the gaps, and ever since corona started I've brought it down to near zero.

My APR was 23.54%, so doing a check to see what was available I had options of 0% for 12 months followed by 19.99% or, 9.9%.

I thought this couldn't be right so I called them but no, I could swap my CC for the cheaper version. 

 

How many years have I been paying super high interest rates I wonder?

 

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Cosmic Apple

What, you keep a balance on a CC and don't have a Direct Debit to pay off the statement balance each month?

GTFO!

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leonardratso

Ive paid exactly zero pence interest on my goldfish card, well it started life as a goldfish card, but then got bought out by someone else then got bought out by barclaycard etc etc, i do use it all the time but always pay it off and basically just collect the points which are worth less and less as time goes on, but i reckon ive had it 20 years and paid exactly £0.00 in fees or interest.

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SpectrumFX
4 minutes ago, leonardratso said:

Ive paid exactly zero pence interest on my goldfish card, well it started life as a goldfish card, but then got bought out by someone else then got bought out by barclaycard etc etc, i do use it all the time but always pay it off and basically just collect the points which are worth less and less as time goes on, but i reckon ive had it 20 years and paid exactly £0.00 in fees or interest.

I think I've cancelled my barclaycard twice, only for them to buy up the company I switched to and turn my new card into a barclaycard.

xD

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leonardratso
3 minutes ago, Loki said:

What's a credit card?

its a way to become rich for a month, then run off.

If they cant get hold of you for 6 years then they cant do anything i believe.

Edited by leonardratso
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9 minutes ago, leonardratso said:

its a way to become rich for a month, then run off.

If they cant get hold of you for 6 years then they cant do anything i believe.

I can see that catching on you know

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Lightscribe

I’ve cycled my cards and played the game for some years. Manufactured spend, point bonuses, flights, hotels, status upgrade perks etc.

Pay in full every month, plus some other nice added bonuses with Amex like retailer cashback promotions and local businesses promotions like shop small.

Then for the places where Amex isn’t accepted I’ve got a Hilton Barclaycard (not available for new applications anymore) which is good for hotel redemptions for weekends away, upgrades, free breakie and lounge entry (free booze)

 

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Say you have no debt and don’t intend to need any again. What’s to deter you loading up with as much unsecured debt as you can then sticking 2 fingers up to the lender(s)? As far as I can tell there’s nothing they can do other than hassle you and trash your credit rating.

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Frank Hovis
4 hours ago, RWJ said:

Say you have no debt and don’t intend to need any again. What’s to deter you loading up with as much unsecured debt as you can then sticking 2 fingers up to the lender(s)? As far as I can tell there’s nothing they can do other than hassle you and trash your credit rating.

Generally they can take you to court for that.

This was a while back, 1980s, a friend's sister ran up something like £20k or maybe £60k (both a lot of money in those days - £20k could buy you a flat) on several credit cards and then went abroad for several (IIRC five or six) years.  By the time she returned nobody was chasing these debts which likely meant that they had been written off.

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15 hours ago, leonardratso said:

but i reckon ive had it 20 years and paid exactly £0.00 in fees or interest.

I had a Wet Nast card for years to save Air Miles and ultimately they have turned out to be pretty worthless. All you can really do with them is having already paid for a normal flight you can upgrade from Serf Class to Pleb Class i.e. a seat 3 rows further forward. On several occasions I got hit with fees when I just forgot to pay it one month.

Now everything goes on Revolut for no particular reason other than I like the app and it's easy to manage.

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leonardratso
57 minutes ago, Funn3r said:

I had a Wet Nast card for years to save Air Miles and ultimately they have turned out to be pretty worthless. All you can really do with them is having already paid for a normal flight you can upgrade from Serf Class to Pleb Class i.e. a seat 3 rows further forward. On several occasions I got hit with fees when I just forgot to pay it one month.

Now everything goes on Revolut for no particular reason other than I like the app and it's easy to manage.

thats revoluting.

If id paid a single cent in interest, i would have been on a lifelong mission to screw barclaycard out of as much as i possibly could by whatever means necessary.

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18 hours ago, Cosmic Apple said:

What, you keep a balance on a CC and don't have a Direct Debit to pay off the statement balance each month?

GTFO!

I have a DD to pay minimum and I usually pay the balance myself manually on the ap because I want to track how much I spend.

 

Fuck you too

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1 hour ago, Frank Hovis said:

Generally they can take you to court for that.

This was a while back, 1980s, a friend's sister ran up something like £20k or maybe £60k (both a lot of money in those days - £20k could buy you a flat) on several credit cards and then went abroad for several (IIRC five or six) years.  By the time she returned nobody was chasing these debts which likely meant that they had been written off.

Yeah I think there's a statute period around 6 years if my memory serves me, after which you can't be pursued.  I wasn't aware you could go to court for non payment of unsecured debt, that's obviously a deterent.

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23rdian
On 18/03/2021 at 08:05, RWJ said:

Say you have no debt and don’t intend to need any again. What’s to deter you loading up with as much unsecured debt as you can then sticking 2 fingers up to the lender(s)? As far as I can tell there’s nothing they can do other than hassle you and trash your credit rating.

Nothing really. As long as you are not doing it in a fraudulent premeditated way ;)

Credit cards are great though . At one point I had a very high five figure sum being borrowed at 0pc and put in a bank account earning about 6pc. Good times.

Edited by 23rdian
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17 hours ago, 23rdian said:

Nothing really. As long as you are not doing it in a fraudulent premeditated way ;)

Credit cards are great though . At one point I had a very high five figure sum being borrowed at 0pc and put in a bank account earning about 6pc. Good times.

I wish I had taken the 10k from the gov at the beginning of the pandemic and yolo-ed it into stocks. Would have repaid it all and have between 10-15k in gains.

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