To ask how much you owe on credit cards ?

[anxiousmotherof1]

Getting to the end of maternity leave and i just realized i owe quite a bit on credit cards ! Dont think is that much but my husband is of the opposite opinion !
So how much you currently owe ?

@Ta1kinpeece Fab spreadsheet! just at the right time too. Just planning on taking active steps to clear my credit card.

I am genuinely sat at my laptop right now looking at all these hundreds of ££ I am missing out on

I’m looking at all the different types on money supermarket and they all have set time limits on the special offers of % cashback that expire. Or you have to spend vast amounts to qualify (over £5k to get the better deal of 1%). Then all the others are rewards tied to partnerships (like nectar)

If I used a CC to pay for my food, Xmas over a year, and averaged it out that may be £5000 a year, paid off every month then with American Express the most I would ever likely earn in the first 3 months is £25 odd. Then after that I would earn 0.5% which is just pennies. I am now aggrieved I wasted any of my time on what I already knew. Perhaps a Tesco credit card I can see the point as I shop there, and could earn myself clubcard points. Or air miles if I flew a lot. These credit card schemes, as I already knew is only beneficial to people who process larger transactions as the entire point is to make you spend more on their cards. This is why they are bloody pointless to most ‘normal’ people. Having minimal benefits and a scary APR is much more likely to keep people’s spending in check than having to spend £20k a year on a card to earn £200 on American Express. I don’t think my maths is that bad that I can’t work these out. So what can you see that I can’t?

What about the rewards one you can get money back from Harrods? Does that seem reasonable?

You can get a free pee in Harrods with an account there - used to be able to. Otherwise it was a pound. Always free at Fortnums and better facilities.

I make credit cards work for me as everything is paid for on the credit card and then paid off in full every month. When you use it for everything it adds up in collecting rewards. Instead of numerous entries on a bank statement, I have similar payments on a credit card. Today I used it for the online weekly shop, petrol, train fare, coffee on the way to work, lunch, some birthday cards and flowers to be delivered for my friends birthday. I only collect air miles as they benefit us as all our family live abroad so we fly a lot.

I am genuinely sat at my laptop right now looking at all these hundreds of ££ I am missing out on

I didn't say that you would earn 100s of pounds with credit cards. I said that I do. Taking Amex though, I don't know what your income is but if you took the card out now, I'm pretty sure that as it will be Christmas within the next three months, many people will spend about £3,000 over three months if all their spending apart from mortgage and utilities went on the cards if the first three months is at 5% then that would be £150 cashback then if you spent £500 a month for the next nine months at 1.25% that would be another £67. Take away the £25 pound charge and you would get £192 which is not a pennies. If you spent less than that amount then you would get less obviously but if your spending is that low you are probably on a low salary so surely even £75 is worth the effort of opening a card.

Perhaps a Tesco credit card I can see the point as I shop there, and could earn myself clubcard points.

You don't have to shop there to earn the club points and you don't have to shop there to spend them.

This is why they are bloody pointless to most ‘normal’ people. Having minimal benefits and a scary APR is much more likely to keep people’s spending in check than having to spend £20k a year on a card to earn £200 on American Express. I don’t think my maths is that bad that I can’t work these out. So what can you see that I can’t?

I'm a bit confused. Are you saying that £200 is "pointless" to most "normal" people.

I could not achieve the £200 Cashback in a year, its not pointless to me it’s logistically impossible! I am very happy for the people who have £20k to play with and get their £200 odd back. I am afraid my utilities and Xmas spending also do not tot up to £3000 am I doing something horribly wrong?

Also, a Tesco clubcard accumulating points usually is more attractive to someone who shops at the store. I hate Sainsbury’s - don’t want their nectar points and don’t want a nectar partnered card for instance. I am quite aware I wouldn’t need to shop at Tesco every time.

you are probably on a low salary so surely even £75 is worth the effort of opening a card.

Oh I see. I am low rent/small fry in this cashback game aren’t I

I could not achieve the £200 Cashback in a year, its not pointless to me it’s logistically impossible! I am very happy for the people who have £20k to play with and get their £200 odd back.

I the example I just gave the spending would be 7k, not 20k. It's not that big a sum if the card if used for the majority of payments apart from mortgage and utilities.

I am afraid my utilities and Xmas spending also do not tot up to £3000 hmm am I doing something horribly wrong?

It would be all spending over the next three months not just Christmas spending. Even if you only spent £1,500 over the next three months you would get £75.

How on earth can you continue to keep giving me financial advice when you do not know my outgoings? You are just spouting random figures at me. I have already told you what the amount would be - £5k approx over 1 year. And I worked out percentages - again, I know how to do that too! It would be about £20 - after I’ve paid the fee

Jesus Mary and Joseph

Zero. I don't have a credit card but I know that's a foolish move as a debit card doesn't provide the same level of protection.

How on earth can you continue to keep giving me financial advice when you do not know my outgoings? You are just spouting random figures at me.

Because I'm not giving you financial advice. I'm just countering your assertion that only high earners will gain more than "pennies" from using cards. £7k is not a huge amount for a family to spend in a year if nearly all spending goes on the card.
Obviously if your spending is very low then it would be best to use a card that doesn't charge a fee but even then it is worthwhile using the card especially as cards such as John Lewis, M&S, Tesco give vouchers or extra points when you open the card.

How much I have earned from top cashback in 16 months.

And I’m not a mega earner!

I just shop around and make sure I always purchase through top cashback.

Money for nothing

Tesco card paid in full every month. Collect the vouchers that have over time enabled me to get a washing machine, games console thingy for the kids, i pods, magazine subscriptions and cinema tickets. I don’t shop at Tesco. If I did I’d have even more vouchers.

Please stop bickering chaps and chapesses

just make sure that everybody you know who is struggling with unsecured debt learns about the Standing Order trick

What’s the standing order trick? I just discovered the spreadsheets the other day and haven’t read the full thread about them yet.

@ta1kinpeace I’ve my own spreadsheet but just seen yours - it’s not as great as yours! It’s fab thank you. Reaffirms my 22k debt is kind of under a degree of control. Interest rates are key.

Icebear
read the opening post in the spreadsheets thread and then play with putting your numbers into the spreadsheet

tortoise
glad you like it
I wrote it for a real world tax client who was about to put £1500 on a min repayment credit card to buy a bugaboo for their grandchild
I reminded them that the child would be 18 before they had paid the bill
they are no longer in debt

About £8k but only because it is 0% and I have been saving the equivalent repayment each month so earning interest.