Credit Card Choice
18 August 2007, 07:29 PM
#1
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Credit Card Choice
Just wondering ................ what is the Credit Card to aspire to?
In the 80's it was the Gold Card - then they opened that to folks earning less than £30,000 .... so, it became common as muck.
Quote:-
"The banks have suddenly noticed that the so-called mass affluent, that is those earning more than £50,000 a year, is growing at the rate of 1.5% a year. They currently represent 6% of the population, or 3.6 million. Furthermore, there's an even larger number, 7.5 million, who have more than £30,000 to invest"
What is the current Credit Card 'to be seen with'?
In the 80's it was the Gold Card - then they opened that to folks earning less than £30,000 .... so, it became common as muck.
Quote:-
"The banks have suddenly noticed that the so-called mass affluent, that is those earning more than £50,000 a year, is growing at the rate of 1.5% a year. They currently represent 6% of the population, or 3.6 million. Furthermore, there's an even larger number, 7.5 million, who have more than £30,000 to invest"
What is the current Credit Card 'to be seen with'?
18 August 2007, 07:33 PM
#2
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IMO its a means of paying for items online and abroad.
No status attached to it.
My sister was unemploed a while back due to having 2 kids, and in the 3 years off work, managed to get credit card allowances up to the sum of £17k
Pointless troublesome things that need to be better controlled
Vanquis is who I have a card with, simple card, useable to pay for things, job done
No status attached to it.
My sister was unemploed a while back due to having 2 kids, and in the 3 years off work, managed to get credit card allowances up to the sum of £17k
Pointless troublesome things that need to be better controlled
Vanquis is who I have a card with, simple card, useable to pay for things, job done
18 August 2007, 07:46 PM
#4
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I have a Barclays Premier Account and its accompanying CC ......
Just wondering what the Chavs aim for these days? Chavs were called Yuppies, back in the day .......
Just wondering what the Chavs aim for these days? Chavs were called Yuppies, back in the day .......
18 August 2007, 09:47 PM
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Amex centurion is the one to be seen with...if you like that sort of naff status.
however, AMEX Uk is not issuing any invites currently (yes its invite only) and the fee is (IIRC) around £2500+/yr. You need to be spending a minimum of £250k/yr on other amex cards to even be considered to be invited for one.
Better bet is the amex platinum charge card- £300/yr- but the benefits are numerous- especially if you travel frequently...
Also has no preset spending limit....
however, AMEX Uk is not issuing any invites currently (yes its invite only) and the fee is (IIRC) around £2500+/yr. You need to be spending a minimum of £250k/yr on other amex cards to even be considered to be invited for one.
Better bet is the amex platinum charge card- £300/yr- but the benefits are numerous- especially if you travel frequently...
Also has no preset spending limit....
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18 August 2007, 10:21 PM
#9
There is no status with credit cards at all anymore, arguable if there ever was. (maybe in the olden days when you actually had to jump through hoops to get one and have an interview with the bank manager for a £500 limit)
19 August 2007, 12:21 AM
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I have an Amex Black - you don't need to be spending silly money to get one. You just need to be invited and demonstrate your income. When you get the invite you are promised that it will open doors..... bollox. No-one takes Amex any more anyway, and the only people who appreciate your Amex Black are other Amex Black holders (and they are probably people who can actually afford to bung 250k on their card in a year and not worry about it, so if you are going to enter a flash spending competition, don't show your Amex Black)
Did use it once to secure a test drive on a 75' sunseeker in St Maxim, but the guy wanted 2k for fuel before we left, so I 'forget' to show up for the booking
Did use it once to secure a test drive on a 75' sunseeker in St Maxim, but the guy wanted 2k for fuel before we left, so I 'forget' to show up for the booking
19 August 2007, 09:22 AM
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19 August 2007, 10:12 AM
#13
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If you stay in credit, then the card to aspire to is the one that gives you the best return on your spending. I had an MBNA Platinum Sonycard and when I took it out I got a 1gb/Walkman and then enough points for some other toys.
I'm just about to swap it for a Capital one as it seems to give 4%. Have a look: Best Cashback Credit Cards: Get £4 back per £100 spent...
Steve
I'm just about to swap it for a Capital one as it seems to give 4%. Have a look: Best Cashback Credit Cards: Get £4 back per £100 spent...
Steve
19 August 2007, 10:40 AM
#14
I have a Standard Tesco Visa, nothing on it and use my Switch card for everything else, that is a Natwest one and its blue, the credit card is purely for situations when I cannot use Switch or Cash.
Why is there any 'status' involved with a card that just lets you borrow money off a financial institution.
Makes me laugh, people jiggling money on cards, earn it, spend it, if you have not got it, do without !
That said, I bought a set of Sofa's yesterday, quite happy and able to pay the full amount, could not get anything off for cash, the place was so geared to interest free we took that, we have it for a year interest free and 2 grand stays in our bank earning interest, so we save a hundred quid, they rely on people just getting the good interest free, spending the cash on something else in the meantime and then ending up on 28.8 APR after the interest free period.
Quite clever really.
Why is there any 'status' involved with a card that just lets you borrow money off a financial institution.
Makes me laugh, people jiggling money on cards, earn it, spend it, if you have not got it, do without !
That said, I bought a set of Sofa's yesterday, quite happy and able to pay the full amount, could not get anything off for cash, the place was so geared to interest free we took that, we have it for a year interest free and 2 grand stays in our bank earning interest, so we save a hundred quid, they rely on people just getting the good interest free, spending the cash on something else in the meantime and then ending up on 28.8 APR after the interest free period.
Quite clever really.
19 August 2007, 10:45 AM
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Steve
19 August 2007, 01:25 PM
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Just wondering ................ what is the Credit Card to aspire to?
In the 80's it was the Gold Card - then they opened that to folks earning less than £30,000 .... so, it became common as muck.
Quote:-
"The banks have suddenly noticed that the so-called mass affluent, that is those earning more than £50,000 a year, is growing at the rate of 1.5% a year. They currently represent 6% of the population, or 3.6 million. Furthermore, there's an even larger number, 7.5 million, who have more than £30,000 to invest"
What is the current Credit Card 'to be seen with'?
In the 80's it was the Gold Card - then they opened that to folks earning less than £30,000 .... so, it became common as muck.
Quote:-
"The banks have suddenly noticed that the so-called mass affluent, that is those earning more than £50,000 a year, is growing at the rate of 1.5% a year. They currently represent 6% of the population, or 3.6 million. Furthermore, there's an even larger number, 7.5 million, who have more than £30,000 to invest"
What is the current Credit Card 'to be seen with'?
Les
19 August 2007, 05:27 PM
#18
i have got a morgan stanley cash back card. i use it for everything were i would usually use my debit card and then pay the bill as soon as it comes through.
although i only get 1% for the first £2k a year then 0.5% there after so i may have to change it soon to a higher rating card.
although i only get 1% for the first £2k a year then 0.5% there after so i may have to change it soon to a higher rating card.
19 August 2007, 05:42 PM
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This is one of the most stupidly ignorant things that Ive heard you say Pete: apart from when you are talking about cars.....
19 August 2007, 05:58 PM
#21
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i hate cards credit etc, up until getting a new telly i didnt owe anyone a bean, (didnt have apot to **** in mind)
i tried to get credit on my telly and they declined me so i did a check on my self and it came back 997 out of 1000 (1000 being the best)
its mad isnt it, need it cant have it dont need it get offered it (unless you intend paying them back)!
i tried to get credit on my telly and they declined me so i did a check on my self and it came back 997 out of 1000 (1000 being the best)
its mad isnt it, need it cant have it dont need it get offered it (unless you intend paying them back)!
19 August 2007, 06:47 PM
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I've just done my credit report.
820/1000 - fair.
How's is this when all my checks came back with green 'O's ?
I did notice a few old cards that had been settled 2-3 years ago still showing a 'U' in the last 2 months.
I have ALWAYS cancelled a card when I'm done with it but they seem to be still showing after all these years. But I've never had a problem getting a mortgage or car loan and I've NEVER defaulted on a payment to anyone.
820/1000 - fair.
How's is this when all my checks came back with green 'O's ?
I did notice a few old cards that had been settled 2-3 years ago still showing a 'U' in the last 2 months.
I have ALWAYS cancelled a card when I'm done with it but they seem to be still showing after all these years. But I've never had a problem getting a mortgage or car loan and I've NEVER defaulted on a payment to anyone.
20 August 2007, 03:20 AM
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U means no info available. You work out your score by adding up all the numbers you can find. Mines crap -its all zeros. For anyone who thinks credit cards are a mugs game..... learn to manage your money properly..... buy everything on visa and keep your cash in an offset account. Clear the balance on day 54. If you work it properly you can make/save serious cash. I had Egg, MBNA and Barclays service a 150k Woolwich offset mortgage entirely for two years. You have to dig a little deeper since they started adding balance transfer charges, but you can still make a bit.
20 August 2007, 09:56 AM
#25
Those credit scores are absolute rubbish, usually designed to make the credit reference agencies money. they have absolutely no relevance to lenders whatsoever.
Each lender makes their own assessment and has their own criteria for credit scoring - they don't use the ones from the credit agencies at all. They only use the data from your credit history.
Each lender makes their own assessment and has their own criteria for credit scoring - they don't use the ones from the credit agencies at all. They only use the data from your credit history.
20 August 2007, 10:39 AM
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Bear in mind an proper AmEx centurion/platinum is a Charge card, not a credit card. There is a difference.
Anyone earning over £21,000 can get a AmEx credit card.
The Amex Platinum charge card has all sorts of fringe benefits the credit card doesn't.
Anyone earning over £21,000 can get a AmEx credit card.
The Amex Platinum charge card has all sorts of fringe benefits the credit card doesn't.
Last edited by PeteBrant; 20 August 2007 at 11:30 AM.
20 August 2007, 11:12 AM
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Thats the one I was talking about... I have one and It paid for itself in savings on my first trip with it due to the benefits
Plus, as its a charge card (albeit with no preset limit) it has to be paid every month so it stops you going nuts and leaving it on the slate.
20 August 2007, 12:57 PM
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20 August 2007, 05:09 PM
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