I have 4 credit cards I pay on each month for a total of $250/mo.
Is this above or below average?
#asknostr
Discussion
The balance or number of cards?
I’d say your balance is way below average and 4 cards is probably very close to the average.
You guys are american i guess 🤣
Do other countries not use credit cards?
I have 1. My best friend never had a credit card.
Mostly only debit..
Yes I never used a credit card. Only debit always.
Why is that? I’ve found that if and when any issues or fraud arise, it’s very difficult to get help/reversals with a debit card. Not true with credit.
While I wouldn’t recommend a credit card to someone who isn’t responsible financially, they can be very useful as long as you pay off your entire balance.
For me, the ammount of cards seems overkill. Why 4? Isn't 1 enough?
I only use 2. One I keep strictly for recurring purchases and the other I use for everything else. I separate for the case of fraud so my recurring doesn’t get impacted (has happens to me a couple times).
Plus the benefits on both cards are different.
Not enough information to tell. What is the total balance outstanding across the four cards, and is what you pay the minimum amount due?
Around $9000 in total. Yes that 250 is making the minimum payment each month.
At 20% interest rates $150 of your $250 payment is going by toward interest charges. Probably take 5 to 6 years just to pay it down (guessing) if you don’t add more to it, so I think you are on the high end of what is normal