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No. of Recommendations: 4

I may be in a minority here, but my first reaction is “keep all of them”, but either shove them in the freezer (slip into ziplock bag and freeze in a Tupperware container full or water) or give them to your FIL to hold for you. (Anything to make them very hard to use.). Here is my rationale. Please note that I have four credit cards:-

1). I have one card that I use exclusively for overseas travel. (I live in Britain, so everywhere is “overseas”.). Unlike most cards, it does not charge a fee when used in a foreign currency nor do they load the exchange rate used for conversion.

2). Card 2 is my everyday card. It’s the one I use for travel “in country”, for internet purchases, for any big spends and for purchasing fuel for our cars. It is issued by a major supermarket chain and gives “loyalty points” for every spend. These translate into money off vouchers every 2 months, which I can either use at the supermarket or at one of their partners. Every time I buy something on this card, I log into my bank’s app and transfer the payment over immediately, so it never carries a balance.

3). Cards 3 and 4 regularly offer 0% balance transfers, sometimes for as long as 24 months. Not a big deal when you don’t have debt to pay down BUT instead of taking out car loans, I have used/abused Card 2 to purchase two vehicles over the years and then utilised a 0% balance transfer. Yes, a 0% balance transfer comes with an upfront fee, usually 3%. However, I can’t get a loan for 3% per annum, so this is by far the cheapest way for me to borrow for a major purchase when I don’t have sufficient savings. Also, I maximised the points earned on card 2. (NB: my last car was written off by a numpty driver while parked on the street. The “Car Fund” only had a couple of grand in there at that point, so I utilised Card 3’s 0% offer for 18 months, paying off as much as possible in that time, before transferring to Card 4 on another 0% offer.)

You mentioned in another post that you have worked out a repayment schedule with your FIL and have cut cable, etc, in order to pay off your debt to him. Please post your budget. One thing the CC board is really good at is picking apart budgets. They’ll find you some extra pennies to save as well as picking up on things you may have forgotten to include.


- Pam
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