Comments on: 14% of Americans Carry 10 or More Credit Cards! http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Credit Cards PI http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-81760 Credit Cards PI Wed, 28 Feb 2007 20:08:02 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-81760 10 or more credit cards? I can't believe a credit card issuer would even approve someone with that many open lines of credit! I don't see how anyone could possibly need 10 credit cards. And if they did, they're obviously deep in debt already when they apply for card #8 and #9 and #10. Who would approve someone in that situation? 10 or more credit cards? I can’t believe a credit card issuer would even approve someone with that many open lines of credit!

I don’t see how anyone could possibly need 10 credit cards. And if they did, they’re obviously deep in debt already when they apply for card #8 and #9 and #10. Who would approve someone in that situation?

]]> By: Quang http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79901 Quang Sat, 24 Feb 2007 08:35:26 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79901 Sad but true... I only have 3, but my parents at one point I think had more than 20- Sad but true… I only have 3, but my parents at one point I think had more than 20-

]]> By: gagan http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79632 gagan Fri, 23 Feb 2007 13:10:24 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79632 Its always nice to have some credit cards, 2 or 3 generally . You always have the feeling of being able to spend with more purchasing power at your disposal. Its more the case of ease of not carrying csah everytime you step out. I own 4 of them for different uses. And you can always play mix and match between with their payment schedules with multiple cards. Its not about how many you own, its about how well you can manage them. Its always nice to have some credit cards, 2 or 3 generally . You always have the feeling of being able to spend with more purchasing power at your disposal. Its more the case of ease of not carrying csah everytime you step out. I own 4 of them for different uses. And you can always play mix and match between with their payment schedules with multiple cards. Its not about how many you own, its about how well you can manage them.

]]> By: Vlad http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79533 Vlad Fri, 23 Feb 2007 06:34:39 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79533 Let's see... I've got: - 1 Corporate AMEX (requirement for exp. account) - 1 Hilton AMEX (haven't paid for hotel vacations in many, many years) - 1 American Airlines Advantage MasterCard (I rarely pay for airfare when flying for pleasure, too) - 1 MasterCard debit card--strictly ATM use - 1 Citibank Visa--never use this, exists solely so that the wife has a credit card in her name for credit report purposes - 1 Lowe's consumer credit card--paying off a 20K+ purchase at 0% - 1 Chase Visa that I've been planning to cancel for a couple of years ... but keep forgetting ===================== TOTAL: 7 Wow! I guess I can see how 10 may be average then. At first I was baffled at the number: I really carry 3 credit cards in my wallet, plus the ATM/Debit card. Let’s see… I’ve got:

- 1 Corporate AMEX (requirement for exp. account)
- 1 Hilton AMEX (haven’t paid for hotel vacations in many, many years)
- 1 American Airlines Advantage MasterCard (I rarely pay for airfare when flying for pleasure, too)
- 1 MasterCard debit card–strictly ATM use
- 1 Citibank Visa–never use this, exists solely so that the wife has a credit card in her name for credit report purposes
- 1 Lowe’s consumer credit card–paying off a 20K+ purchase at 0%
- 1 Chase Visa that I’ve been planning to cancel for a couple of years … but keep forgetting
=====================
TOTAL: 7

Wow! I guess I can see how 10 may be average then. At first I was baffled at the number: I really carry 3 credit cards in my wallet, plus the ATM/Debit card.

]]> By: Foobarista http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79392 Foobarista Thu, 22 Feb 2007 20:48:06 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79392 We have a card through our credit union that we use for internet purchases and auto-debits, and another card with some bells and whistles that we use for travel. That's it. We use our debit card for most daily purchases, except for gas, where we use cash; there are several gas stations in our area that have lower prices for cash than credit/debit. We have a card through our credit union that we use for internet purchases and auto-debits, and another card with some bells and whistles that we use for travel. That’s it.

We use our debit card for most daily purchases, except for gas, where we use cash; there are several gas stations in our area that have lower prices for cash than credit/debit.

]]> By: Fox Cutter http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79370 Fox Cutter Thu, 22 Feb 2007 19:13:08 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79370 I have two cards myself, one I use for some fixed purchases (I want to keep a little bit of money on it at all times, but nothing that I can't pay off in one go) and a second card for everything else. This second card is special as well. When I first got the card it didn't offer any credit, I could charge however much I want on the card, but I had to pay it 100% at the end of the month. I've had it for three years now, and I've turned down offers to actually have credit on this card because it works better as it is. Why would I want a card with no limit and no credit, well think of it this way. My emergency money is saved outside of my checking account, some of it takes a few business days to get to. If I need to use that money RIGHT now, I can put it on this card without cracking up debt. It's also convenient for trips, I can charge my expenses to the card and if it gets lost/stolen I don't have to worry about having my bank account drained like with a debit card, and with a phone call it will be taken care of. And, because I have to pay it off, I don't throw it around. Every time I use that card it has to be after a lot of thought. I have two cards myself, one I use for some fixed purchases (I want to keep a little bit of money on it at all times, but nothing that I can’t pay off in one go) and a second card for everything else.

This second card is special as well. When I first got the card it didn’t offer any credit, I could charge however much I want on the card, but I had to pay it 100% at the end of the month. I’ve had it for three years now, and I’ve turned down offers to actually have credit on this card because it works better as it is.

Why would I want a card with no limit and no credit, well think of it this way. My emergency money is saved outside of my checking account, some of it takes a few business days to get to. If I need to use that money RIGHT now, I can put it on this card without cracking up debt.

It’s also convenient for trips, I can charge my expenses to the card and if it gets lost/stolen I don’t have to worry about having my bank account drained like with a debit card, and with a phone call it will be taken care of.

And, because I have to pay it off, I don’t throw it around. Every time I use that card it has to be after a lot of thought.

]]> By: Miguel http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79304 Miguel Thu, 22 Feb 2007 14:38:11 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79304 Only 3 CC's: AMEX, VISA, & Corp Card. Wife carries same. Never carry a balance. Love the rewards - have flown Business Class to Europe several times paid for with CC rewards. Only 3 CC’s: AMEX, VISA, & Corp Card. Wife carries same. Never carry a balance. Love the rewards – have flown Business Class to Europe several times paid for with CC rewards.

]]> By: eR0CK http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79296 eR0CK Thu, 22 Feb 2007 13:52:31 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79296 I have 6 credit cards ... 5 personal and 1 corporate card. I started out with one card, but when I found out I was in over my head, I got a new card and did a balance transfer to take advantage of the 1-year 0% APR. The other three credit cards I only got because of their incentives. My Amazon card saved me $30 on a $70 purchase ... well worth it in my opinion (never used again after this). The forth/fifth card I have is for Best Buy & Circuit City ... last I used them was > 3 years ago. I think this is good "fewer Americans — 14% — are using 50% or more of their available credit than in 2004" ... I'm actually surprised, I would have thought that more American's use 50%+ of their credit. I have 6 credit cards … 5 personal and 1 corporate card.

I started out with one card, but when I found out I was in over my head, I got a new card and did a balance transfer to take advantage of the 1-year 0% APR.

The other three credit cards I only got because of their incentives. My Amazon card saved me $30 on a $70 purchase … well worth it in my opinion (never used again after this). The forth/fifth card I have is for Best Buy & Circuit City … last I used them was > 3 years ago.

I think this is good “fewer Americans — 14% — are using 50% or more of their available credit than in 2004″ … I’m actually surprised, I would have thought that more American’s use 50%+ of their credit.

]]> By: bigbuddha http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79188 bigbuddha Thu, 22 Feb 2007 06:35:09 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79188 to THC .. 500mill that's pretty big ... hopefully one day i'll catch up to that, at the moment my client portfolio funds under management is about $50 million ... one day .. one day hehehe Oh and credit cards can be a great cashflow management tool, especially in australia where you can park all your cash in a mortgage offset account and systematically reduce the interest payable on your loan each month whilst utilising the interest free period on your credit card excellent stuff. Only effective if you've totally paid out all your credit card debts though ... you have been warned hehe to THC .. 500mill that’s pretty big … hopefully one day i’ll catch up to that, at the moment my client portfolio funds under management is about $50 million … one day .. one day hehehe

Oh and credit cards can be a great cashflow management tool, especially in australia where you can park all your cash in a mortgage offset account and systematically reduce the interest payable on your loan each month whilst utilising the interest free period on your credit card excellent stuff.

Only effective if you’ve totally paid out all your credit card debts though … you have been warned hehe

]]> By: thc http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/comment-page-1/#comment-79170 thc Thu, 22 Feb 2007 05:23:27 +0000 http://allfinancialmatters.com/2007/02/21/14-of-americans-carry-10-or-more-credit-cards/#comment-79170 JLP: My life has undergone a few changes and I'm very busy. A year ago I left Merrill Lynch to run the financial planning department for a Registered Investment Advisor with about $500mm under management. I'm lovin' it but don't have much time for blogging. There are days when I use a credit card 4 or 5 times and rack up hundreds of dollars in charges. Since much of it is business related, I submit an expense report and get a check back long before I even see the credit card bill. It's great float/cash flow. Go Jayhawks! We got to see them whip Florida in Las Vegas last November. One of the best games I've ever seen! JLP: My life has undergone a few changes and I’m very busy. A year ago I left Merrill Lynch to run the financial planning department for a Registered Investment Advisor with about $500mm under management. I’m lovin’ it but don’t have much time for blogging.

There are days when I use a credit card 4 or 5 times and rack up hundreds of dollars in charges. Since much of it is business related, I submit an expense report and get a check back long before I even see the credit card bill. It’s great float/cash flow.

Go Jayhawks! We got to see them whip Florida in Las Vegas last November. One of the best games I’ve ever seen!

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