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Established Contributor
Posts: 582
Registered: ‎10-17-2010
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Members be careful juggling too many cards

Uh oh!  I've seen a couple of late payment postings, so members will have to set reminder notices via text message or email to make sure those credit card payments are made in plenty of time.  For those who are juggling too many cards, be very careful!!!  It may appear Fun and Dandy while reading posts from members with a zillion (exaggerating) cards, but keep in mind that they have a system in place to stay on top of things either a spreadsheet and/or reminders.  Plus, it can be a pain in the side over time trying to keep up between working, family, and everyday living.

 

Just be careful.  We don't want to see any members getting dinged on their reports.

Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
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Re: Members be careful juggling too many cards

+1. Also, I would suggest making use of the automatic payment option that many cards offer.
Contributor
Posts: 84
Registered: ‎03-11-2011
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Re: Members be careful juggling too many cards

Amen to that....

Another thing I am doing in addition to email, text msg reminders and a spreadsheet...paying a little over half the minimum payment each week for those cards that I carry a balance on. I kamikaze'd my credit 8 years ago. NOT gonna let anything bad happen again...ever, if I can help it. Yeah, I'm probably overcompensating, but getting married within the last year and having a 6 year old stepson does funny things to your sense of responsibility Smiley Happy


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Regular Contributor
Posts: 124
Registered: ‎12-12-2007
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Re: Members be careful juggling too many cards

I have always had a spreadsheet set up for my cards with my limits, current amount due, due date and their minimum amount for payment.

 

I also put on their my log in name and password - just to make sure I have everything in one place. I usually do my bill paying on the same day of every month.  I check and update the amounts owed, and for what day I have set up my payment for.

 

It might be a pain but it works for me.

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Valued Contributor
Posts: 1,074
Registered: ‎04-24-2008
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Re: Members be careful juggling too many cards

I agree, most online banks will allow you to setup a payment plan for your bills so you don't missed any payments. Also, like OP have posted, you can at least setup the minimum payment for auto-draft so you are always on-time in terms of payment. It's a small price to pay so the negatives don't go on your report. In the end, it's pretty common sense and our responsibility to use CCs wisely.

Valued Contributor
Posts: 1,291
Registered: ‎05-13-2010
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Re: Members be careful juggling too many cards

The real question is, why use so many?  

 

Even if you have a lot, it isn't good to use them all every month, I only use my favorites, I build up rewards better this way, I can track my spending better this way, and it's easier to manage.

 

Sure, I may miss out where I could get extra rewards on a purchase here or there, but rewards are just a nice perk to have, not something I really need to horde, in other words, I don't have cards for rewards, they're just nice.

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Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
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Re: Members be careful juggling too many cards


smc733 wrote:

The real question is, why use so many?  

 


For me, one reason is because I had cards closed and CLs slashed because of inactivity.  I tried the rotating cards strategy - use a couple cards for a few months, then put them on ice and move on to another set of cards, and so on.  However, I found this to be more cumbersome that keeping activity on all of them, mainly because I have a lot of things that get automatically paid with credit card (phone, cell, Netflix, utilities, earthquake insurance, etc.).  Whenever it was time to switch cards, I'd have to go through and change the CC number for all these accounts.  This was always too much hassle, so instead I allow a little bit of activity to show on each card every month - a different card for each bill.  Yes, I get dinged a bit for having too many accounts with balances, but whenever there's a need to apply for new credit, I pull several cards out of circulation or PIF in advance of the statement date.

 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
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Re: Members be careful juggling too many cards

Excellent reminder!

 

Definitely leverage automatic bill pay, eBill reminders & autopayments, the calendar and alarm features on our smartphones, spreadsheets, whatever it takes to remind you to pay, and pay on time!

 

And, don't forget to not get complacent about auto payments. Glitches happen, and banks are not our friends. Check to make certain that your payments have been processed and credited.

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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Members be careful juggling too many cards

I pay the minimim payment immediately after the statement closes.   Then I usually PIF by due date.  

 

I keep track in a spreadsheet.   

 

Very little risk of forgetting and getting a late. 

Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
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Re: Members be careful juggling too many cards


LilMirth wrote:

 

And, don't forget to not get complacent about auto payments. Glitches happen, and banks are not our friends. Check to make certain that your payments have been processed and credited.



Absotively.  I've been on the wrong end of this before (not that there is such a thing as the right end Smiley Tongue).

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