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03-05-2013 09:27 PM
I honestly got to ask... what's the point of getting tons of credit cards? and for what?
I know it's good to have a good category cards to save you money on cash back, getting 5% on everything, getting points, and sign up bonuses etc.
but there are wayyyyyyyyyyy too many people who just get subprime cards with no real function or benefits that leaves me bewildered... is it just to see how many banks will approve you? Personally I don't see any point if there's no real benefits (credit card bonus, program rewards etc)
Personally I don't see any reason to get any cards other than these
Any airline, hotel, or cash back cards I can understand
but people are getting store cards to places they don't even shop, and with banks and credit unions that offers no rewards and subpar limits and higher interest rates.
03-05-2013 09:34 PM
03-05-2013 09:35 PM - edited 03-05-2013 09:41 PM
Someone asked a similar question a couple weeks ago. You may be interested in checking it out:
Edit: Also, while I don't have 10+ cards, I'd like to chime in on the rewards issue. I think there's more to credit cards than simply the rewards they offer. There are a couple institutions who have treated me very well over the years and who I will go out of my way to do business with. My personal opinion is that you just can't replace good customer service. That also goes both ways; there are a couple companies I've considered who offer cards that have great rewards structures, but whose customer service has made me swear them off as viable options.
03-05-2013 09:55 PM
03-05-2013 09:58 PM - edited 03-05-2013 10:00 PM
I have about twenty and each serves a purpose and I use them all. I got most for sign up bonuses and others I got for the zero interest periods in case I needed to carry a balance for business. I couldn't care less about interest rates, so I will never get a card that has no rewards at all.
I think some people just see "approved" and get excited, so they apply for a lot of cards they don't need, just to see "approved" again. It seems this happens more with people with bad scores and what they don't get is applying and opening multiple accounts is going to make them look worse to future lenders.
There are a few more cards I think may be good for me, so I don't think there is such a thing as too many cards.
03-05-2013 10:00 PM
03-05-2013 10:28 PM
It's sad to admit that, but I realize after reading these threads that I'm not alone in my debt and rebuilding journey. I also know that despite the fact that I have significantly improved my spending habits and urges to live beyond my means, I know that if I were given a cc with a ridiculous limit, I would HAVE to burn it, or I would be too tempted to go blow it. I don't have that great of willpower, but I'm getting better!
lol it's tempting since I have over 100k in limits, but in the end the rewards are more worth it for me in the long run of maintaining a good credit profile, and is if things pan out it's a must have for my 5 year plan. If successful I'll be able to live comfortably and potentially retire way before 40 =)
If things go to hell......
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