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    This time last year, when I was 22, I had 3:

    - Halifax - £2,000
    - M&S - £1,500
    - Tesco - £2,000

    I got them because they had 0% so I did my spending on them and put the equivalent money in a high interest savings account, so made quite a bit off it, plus got £20 of M&S vouchers (which I spent on food) and £20 of Tesco vouchers just from spending up to the credit limit.

    Now I only have my Tesco one, but the limit has been upped to £2,600. I do all my spending on it to get Clubcard points and pay it off as soon as I get home from the shop. I never spend money that I don't have, and never anticipate my salary. The interest free period has just ended, but interest only starts to be added after 50 days or something like that, so obviously my balances never stay there for long enough.

    I get lots of vouchers from Tesco because I'm a credit card holder, but will only shop in there for things that I know are cheaper than any other store. There are some things that fall into this category, particularly when there are offers. Recently I got 4 vouchers for £10 off when you spend £30, so I went in and joined this up with the product specific coupons I had, and ended up paying £9 for £30 worth of shopping that would have been cheaper than in Asda anyway.

    It used to take quite a while to work out but I was a student so it was an excellent form of procrastination, but now I know what I'm doing so it's easy.

    I currently earn around £20 a month in Clubcard vouchers at least, much much more after the period that included Christmas, which I trade in for restaurant vouchers so get £80 worth of those - it's a meal out a week for my partner and I for free, so nothing to complain about really!
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    (Original post by donutaud15)
    the cashback on the s123 account is for utilities.
    Yep, I intend to get that account when I'm paying my own bills I just have never been the bill-paying housemate at uni. I know it also pays out for mobile phones but isn't that like 1%?
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    (Original post by Huskaris)
    Yeah it was. Got it when I was a student to build a credit rating, started at like £600, but then I requested an increase to £1k after like 6 months which was granted, and then about a year later they sent me a letter informing me they were doubling it.

    Clearly using it to build a credit rating worked as Sainsburys offered me the 4.5k straight off the bat.

    Its really good for nectar points and adds up to about a fiver a month, for buying what you would buy anyway.
    You may as well have applied to Tesco instead as Clubcard points tend to be worth more-especially when you can double/quadruple them to spend on things such as Pizza Express,etc.!
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    (Original post by a729)
    Yes I know, even Redspottedhanky.com too lol!

    The interest and DD cashback more than pays the 123 account fee!
    yeah definitely. i mean my cashback last month was something like £12 and the fee was £2, it's nothing really.
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    (Original post by scrotgrot)
    Yep, I intend to get that account when I'm paying my own bills I just have never been the bill-paying housemate at uni. I know it also pays out for mobile phones but isn't that like 1%?
    Cashback - on household bills paid by Direct Debits:

    1%cashback on water, council tax bills and Santander mortgage payments (up to maximum monthly mortgage payments of £1,000).
    2% cashback on gas and electricity bills.
    3% cashback on mobile phone, home phone, broadband and paid-for TV packages.

    Interest - on your current account balance:

    1% AER/gross (variable) on balances from £1,000.
    2% AER/1.98% gross (variable) on balances from £2,000.
    3% AER/2.96% gross (variable) on balances from £3,000 and up to a maximum of £20,000.

    thought i may as well post the whole thing. mobile phone is 3%, adds up if you have like broadband package etc.
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    (Original post by xoxAngel_Kxox)
    This time last year, when I was 22, I had 3:

    - Halifax - £2,000
    - M&S - £1,500
    - Tesco - £2,000

    I got them because they had 0% so I did my spending on them and put the equivalent money in a high interest savings account, so made quite a bit off it, plus got £20 of M&S vouchers (which I spent on food) and £20 of Tesco vouchers just from spending up to the credit limit.

    Now I only have my Tesco one, but the limit has been upped to £2,600. I do all my spending on it to get Clubcard points and pay it off as soon as I get home from the shop. I never spend money that I don't have, and never anticipate my salary. The interest free period has just ended, but interest only starts to be added after 50 days or something like that, so obviously my balances never stay there for long enough.

    I get lots of vouchers from Tesco because I'm a credit card holder, but will only shop in there for things that I know are cheaper than any other store. There are some things that fall into this category, particularly when there are offers. Recently I got 4 vouchers for £10 off when you spend £30, so I went in and joined this up with the product specific coupons I had, and ended up paying £9 for £30 worth of shopping that would have been cheaper than in Asda anyway.

    It used to take quite a while to work out but I was a student so it was an excellent form of procrastination, but now I know what I'm doing so it's easy.

    I currently earn around £20 a month in Clubcard vouchers at least, much much more after the period that included Christmas, which I trade in for restaurant vouchers so get £80 worth of those - it's a meal out a week for my partner and I for free, so nothing to complain about really!
    It's normally 56 days interest free- with you not paying interest as long as you pay the balance in full before the due date!

    I plan to 'stooze' as you have. A bad thing about that card is you only get points for spending in increments of £4 so make 50 purchases for £3.99 and you get no points lol!
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    23 and have never had one. Though am tempted.
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    (Original post by a729)
    You may as well have applied to Tesco instead as Clubcard points tend to be worth more-especially when you can double/quadruple them to spend on things such as Pizza Express,etc.!
    Yeah I agree in theory, and I know they have an identical card, however unfortunately my nearest tesco is about a 20 minute drive away and not a great one at that to be honest, whereas my local sainsburys is 2 minutes away and is so good its the one they have on their homepage haha!
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    (Original post by a729)
    It's normally 56 days interest free- with you not paying interest as long as you pay the balance in full before the due date!

    I plan to 'stooze' as you have. A bad thing about that card is you only get points for spending in increments of £4 so make 50 purchases for £3.99 and you get no points lol!
    True; but it all adds up quite quickly. Plus I get all my fuel from Tesco so that gets loads.

    Do you use TopCashback at all? You can convert money earned there into Clubcard points & I tend to earn quite a bit there when buying gifts for people. So can get the Cashback then quadruple it by cashing in the points at a later date. I see money & savings as a bit of a hobby as sad as that sounds lol.
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    (Original post by xoxAngel_Kxox)
    True; but it all adds up quite quickly. Plus I get all my fuel from Tesco so that gets loads.

    Do you use TopCashback at all? You can convert money earned there into Clubcard points & I tend to earn quite a bit there when buying gifts for people. So can get the Cashback then quadruple it by cashing in the points at a later date. I see money & savings as a bit of a hobby as sad as that sounds lol.
    Of course! I use quidco as well- I normally just choose cash as I rarely have any need to redeem my Tesco points
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    23 Halifax clarity £2300
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    38

    Hold the following cards :-

    Nordea Premium Visa NOK100k credit limit. I get 3 months interest free and 1.2% cashback. Only use it in Norway though as the charges to use it elsewhere is quite high.
    HSBC Premier Visa £35k credit limit. Love this card as it is 9 months interest free and zero annual fees.
    POSB Everyday Card MasterCard S$120k credit limit.

    I only use Credit Cards for transactions. Debit Cards are only used when it comes to cash withdrawals as CCs provide for better fraud protection.
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    (Original post by donutaud15)
    I've just switched an account to TSB and so far like them. customer service seems better than Barclays amyway.





    the Santander card seems good to be honest. would probably get that if at some point my credit rating gets better.


    Posted from TSR Mobile
    As the above get the TSB account which gives you 5% at up to £2000 so long as you deposit £500/month

    (Original post by a729)
    I'm keeping hold of my oldest card (student card) till I'm no longer eligible for it as it has the 2nd highest limit

    I applied for Barclaycard (3 months 0%) and the Xtra on Monday

    I've had the C1 classic complete since December which stops been 0% next month.



    I remember Aqua- I couldn't get the card at the time but ahh well

    I only use £'s and I'm not too keen on travelling abroad so exchange rates don't bother me!



    Halifax reward pays £6.25 a month if your not a tax payer or £75 a year!

    I have 9 bank accounts- I plan to switch to First direct when they offer a £125 switching bonus again

    I wanted to switch to Halifax for the £100 bonus but they only offered me the easycash account! So I'll just switch later in the year


    If only all students were as financially savvy as us lol!
    Meh. I got rid of my oldest card because it didn't give much benefits. I got my other cards pretty recently after so that's not bad I guess

    I quite like having the ability to do that and I do pay in USD often. I also have a Norwich and Peterborough account which I deposit £500/month in to to get the preferable exchange rates and also get free sentinel gold cover for me and any one in my house over the age of 18

    Hmmm it appears I might have to get an HSBC account because I can't get a Santander student account (123 account holders are not meant to be students ) and I don't fancy getting a Halifax student account purely because a non student account is better (And I can move the money from Halifax straight in to Santander 123 for more monies )

    (Original post by MancStudent098)
    What idiots give a 19 year old student that many credit cards?

    I'm 25, I have two cards. Total limit is about £9k, although I never have any reason to use more than a tiny percentage of it.
    Lloyds gave me one... And there are plenty of financially savvy 19 year olds and plenty of financially clumsy 50 year olds

    I see a lot of reason to use my cards. I use them almost daily. For the reason that they make me money

    (Original post by a729)
    If you get the Classic + you get 5% AER on your balance up to £2k!

    However you get £100 for switching to First Direct, Co-op or Halifax



    The best thing for me is the 3% cashback on TfL travel!
    Also I'd recommend getting the S123 bank account as you get a refund of the 123 CC's £24 pa fee if you hold the 123 account too!
    I got the same thing from Halifax. I was not impressed. I'd advise you to push through £750/month in/out to increase your chanced of getting the ultimate account ie: to meet their requirements as it were

    I'm tempted to push through my charity direct debit and a savings account direct debit already so I'm in a position to fully meet the minimum criteria

    (Original post by scrotgrot)
    All this sounds like a hell of a lot of work for an extra couple of hundred quid a year. Personally I never buy anything so there's no point doing this cashback dance.
    It sounds complicated but it isn't. Moving money around takes no more than an hour (More like 20 minutes) to set up (automatically )

    For an hours work, its pretty good money

    Cashback credit cards aren't complicated at all. You use them like an ordinary debit card. Don't spend more than you can afford to and pay it back at the end of the month. You get your cashback and say you spent £2000 a month by card and you have a card that pays 0.5% cashback

    And say you have a Santander 123 account (the lowest interest rates of the big ones)
    £2000*0.005 = £10 OK £10 isn't much but its a phone bill

    Now also consider that Santander pays 3% AER(or 0.25% month)

    Now say you have £4000 in your account. That's making money and because you haven't paid your card off early (ie: waiting till you NEED to) that's another £5 you're making

    Ie: £2000*0.0025

    If you have club Lloyds that'd be £6.60 extra

    If you have TSB current+ that be £8.33 extra

    What I intend to do with Halifax is in effect getting a 3.2% return over the year (After tax) Before tax it'd be around 3.3% though I think my maths of off here

    Because I did £5/£187.50 and £6.25/£187.5
    And 3.3% isn't 20% more than 3.2%

    As a side note I am going to use this as proof of "attention to detail" in interviews
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    (Original post by de_monies)
    As the above get the TSB account which gives you 5% at up to £2000 so long as you deposit £500/month



    Meh. I got rid of my oldest card because it didn't give much benefits. I got my other cards pretty recently after so that's not bad I guess

    I quite like having the ability to do that and I do pay in USD often. I also have a Norwich and Peterborough account which I deposit £500/month in to to get the preferable exchange rates and also get free sentinel gold cover for me and any one in my house over the age of 18

    Hmmm it appears I might have to get an HSBC account because I can't get a Santander student account (123 account holders are not meant to be students ) and I don't fancy getting a Halifax student account purely because a non student account is better (And I can move the money from Halifax straight in to Santander 123 for more monies )



    Lloyds gave me one... And there are plenty of financially savvy 19 year olds and plenty of financially clumsy 50 year olds

    I see a lot of reason to use my cards. I use them almost daily. For the reason that they make me money



    I got the same thing from Halifax. I was not impressed. I'd advise you to push through £750/month in/out to increase your chanced of getting the ultimate account ie: to meet their requirements as it were

    I'm tempted to push through my charity direct debit and a savings account direct debit already so I'm in a position to fully meet the minimum criteria



    It sounds complicated but it isn't. Moving money around takes no more than an hour (More like 20 minutes) to set up (automatically )

    For an hours work, its pretty good money

    Cashback credit cards aren't complicated at all. You use them like an ordinary debit card. Don't spend more than you can afford to and pay it back at the end of the month. You get your cashback and say you spent £2000 a month by card and you have a card that pays 0.5% cashback

    And say you have a Santander 123 account (the lowest interest rates of the big ones)
    £2000*0.005 = £10 OK £10 isn't much but its a phone bill

    Now also consider that Santander pays 3% AER(or 0.25% month)

    Now say you have £4000 in your account. That's making money and because you haven't paid your card off early (ie: waiting till you NEED to) that's another £5 you're making

    Ie: £2000*0.0025

    If you have club Lloyds that'd be £6.60 extra

    If you have TSB current+ that be £8.33 extra

    What I intend to do with Halifax is in effect getting a 3.2% return over the year (After tax) Before tax it'd be around 3.3% though I think my maths of off here

    Because I did £5/£187.50 and £6.25/£187.5
    And 3.3% isn't 20% more than 3.2%

    As a side note I am going to use this as proof of "attention to detail" in interviews
    Posted from TSR Mobile
    I worked out how I'd do it recently if I could be bothered, getting an effective 3.9% interest rate on all my savings. But this would only represent £300 extra a year on top of what I get now or under £1 a day. I can probably beat that by simply cutting out my habit of buying Coke from the vending machines at uni.

    What's more I am now coming to the end of my studies so everything's going to be up in the air and I'm potentially going to be spending lots of money on things like rent deposits and Masters courses.

    Also I know what will happen, as soon as I set it all up they'll raise the base rate, the market will be completely shaken up and the gains we are so enthusiastic about will look like chicken feed. I know it's all relative to some extent, but personally I'd rather worry about this when the big returns can be made from it.

    It's a pretty horrific chore going to the bank to open new accounts, and also they might think you're too much of a pleb and not allow you to have them, and I wouldn't be able to spend anything at all because I'd be worrying it would destabilise the system and leave me with, say, not enough money to pay into one account that month to give me the juicy interest rate.

    Surely, I think, one's time would be better used networking for a better job...
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    (Original post by scrotgrot)
    I worked out how I'd do it recently if I could be bothered, getting an effective 3.9% interest rate on all my savings. But this would only represent £300 extra a year on top of what I get now or under £1 a day. I can probably beat that by simply cutting out my habit of buying Coke from the vending machines at uni.

    What's more I am now coming to the end of my studies so everything's going to be up in the air and I'm potentially going to be spending lots of money on things like rent deposits and Masters courses.

    Also I know what will happen, as soon as I set it all up they'll raise the base rate, the market will be completely shaken up and the gains we are so enthusiastic about will look like chicken feed. I know it's all relative to some extent, but personally I'd rather worry about this when the big returns can be made from it.

    It's a pretty horrific chore going to the bank to open new accounts, and also they might think you're too much of a pleb and not allow you to have them, and I wouldn't be able to spend anything at all because I'd be worrying it would destabilise the system and leave me with, say, not enough money to pay into one account that month to give me the juicy interest rate.

    Surely, I think, one's time would be better used networking for a better job...
    Well, you could "beat that" but then by doing that, AND not getting coke, you'd "make" around £600 or so

    That's true I guess, but you can still make them make money

    Well, once you've got the standing orders in place, it takes 2 minutes to change them. Where the hassle comes in, is when you change your man bank account and have to centralise the standing orders again. And the small returns are as good as the big returns

    Also, consider this:

    With Nationwide, Norwich and Peterborough, and Halifax, I have a "set" amount in there every month

    ie: I keep £187.50 in Nationwide
    £125 in N&P
    £187.50 in Halifax

    (I keep the amount I move backwards and forwards, after an incident with Lloyds and N&P (Though I did get £40 out of it )

    Now, consider, that Halifax gives £5/month for pushing £750 through there, and 2 direct debits

    Consider that I'd push my charity donation, and a £1 direct debit in to a savings account (Which is losing money, technically, because it's lower than inflation - most savings accounts are)

    So every month, I have:£190.50 in my Halifax account

    Before tax, this makes £6.25, so 3.29% (per month)
    I'd put this in a Santander 123 account, making this: £6.44/month (which is 3.38% per month)

    After tax,this makes £5,so 2.62% (per month)
    In a Santander 123 account, this makes £5.15/month (which is 2.70% per month)

    And then bear in mind, these are monthly rates, so, over a year, that's around 40.56% AER before tax, and around 32.4% AER, after tax

    Other (better) top accounts:

    £6.25 becomes £6.50 at Lloyds club (AER 40.94%)
    £5 becomes £5.20 at Lloyds club (AER 32.75%)

    £6.25 becomes £6.56 at TSB current+ (AER 41.33%)
    £5 becomes £5.25 at TSB current+ (AER 33.07%)

    THat's pretty good going. Though this becomes less impressive if you had £10,000 saved at Halifax

    And besides, it doesn't take long to set things up

    Though I do need three more savings account - though I might pick another charity, and two more saving accounts... I at least need another one that takes direct debits of small numbers.Im thinking Nationwide limited access savings

    Besides, the way I see it, say you have £10,000

    Pop
    £2000 in TSB
    £5000 in Lloyds
    £3000 in Santander 123

    Interest
    £100 at TSB
    £200 at Lloyds
    £90 at Santander 123

    MINUS a fee of £24 for using the Santander 123 account

    That's £366/year on £10,000 which is 3.66% before tax (Not that impressive, but not bad)

    OR: You COULD Put
    £2000 in TSB
    £8000 in Zopa (loans)

    Interest:
    £100 at TSB
    £400 at Zopa (Though you won't be able to use your Zopa money for five years.. )

    MINUS a fee of £24 for using Santander 123, so a total of £476

    Which is 4.76% before tax

    Now, lets say you have the following bills via direct debit, saying you're a typical student, with a house of four (This could also be applied to a typical family tbh, except you'd have more people with pay monthly contracts)

    £23.75/month broadband (Virgin media) 3% cashback
    £12/month mobile contract (Mines with virgin) 3% cashback
    £50/month leccy 2% cashback
    £60/month gas 2% cashback
    £40/month water 1% cashback

    (Total

    If you use the non Zopa route, and keep 3K in your account, then total returns are: £499 before tax (so 4.9% AER)

    If you use Zopa, and don't keep 3K in a Santander account, thats a total of £520 before tax (5.2% AER)
    Oh and instead of putting £3000 in Santander, you could get 0.1% more (assuming a 20p tax payer) with a NAtionwide ISA at 2.5% AER

    So all in all, around 4.9% - 5.3% AER depending on how you do things

    Though taken in to isolation, £5 on around £190.50 is quite something! (I did forget to calculate in the £12 at the 1.25% rate,but it is pennies,and I'd put that £12 in to a top account)

    I would never "switch" in the normal sense ie: I don't want an inferior account taking over my main account which gives me better perks

    Oh and you could also "drip feed" the account ie: keep £3000 at Santander. 3% at 20% tax is 2.4%

    The best easy access ISA is Nationwide's regular saver at 2.50%

    Consider you have £3000 at Santander
    That's £90/year

    Put £7.50/month in to a nationwide regular saver, so £90 over the year

    That gives you: £92.25

    So you make EVER so slightly more by throwing that interest money and re-investing it, in an ISA

    Or whatever other account you might have
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    I only have one with a £500 limit. I only started using it recently as I just used my debit card for everything.

    -

    (Original post by de_monies)
    x
    Wow you like to talk about credit cards...
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    (Original post by scrotgrot)
    I worked out how I'd do it recently if I could be bothered, getting an effective 3.9% interest rate on all my savings. But this would only represent £300 extra a year on top of what I get now or under £1 a day. I can probably beat that by simply cutting out my habit of buying Coke from the vending machines at uni.
    I thought you'd be happy to get interest at the bank's expense by 'stoozing' lol!
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    Aged 18. Got a Nationwide Select Credit Card about 3 months ago, limit on which is £3,200.


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    (Original post by hughsey)
    Aged 18. Got a Nationwide Select Credit Card about 3 months ago, limit on which is £3,200.


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    Wow. Thats a decent limit! I wonder if I could perhaps up my limit to £2500
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    (Original post by hughsey)
    Aged 18. Got a Nationwide Select Credit Card about 3 months ago, limit on which is £3,200.


    Posted from TSR Mobile
    I assume you have the Flexdirect or Flexplus account as well?
 
 
 
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