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Like several have already said, I went through a period where I couldn't get, or didn't even look for, rewards cards. I thought the 1% US Bank CashPerks card I had was just great, didn't even notice much about the Freedom 5% categories.
Then in early 2013 I did a bunch of travel for work, got Silver status on Delta, started looking around at the possibilities, and got a $2k Delta Gold AMEX.
In 2014, looked closer at travel cards, and got the Diners card thinking that would be enough.
During 2015, however, I think 95% of my spend that could go on credit cards earned some form of reward, often a sign up bonus, usually a particular spend category.
All of the cards that I've paid AF on, there has been some combination of benefits that makes the AF worthwhile.
Each of the cards I use in any given day typically has some form of reward, of several types:
1) Obvious spend points / miles
2) Special Merchant discounts like snacks on the plane, 10% at Starbucks, 10% at Five Guys Burgers...
3) Sign Up Bonus spend
and those that don't, don't get used very often, or are working diligently to carry Balance Transfer offers at zero APR. Saving interest cost is another form of "bonus". Of course, one could avoid the need for BT low APR offers by not loading up on CC debt, but I did, so I take advantage of the lowest rates I can find. One principal of BT: You must have at least two cards in order to balance transfer.
As those BT payoffs get closer to zero, the age of those non-reward cards makes them difficult to give up, especially since the old ones worked through the credit crisis with me. They get points, value, for that, and I'm finding that even those cards come through with spend offers that make them attractive to use.
@Involver wrote:
I can't quite on my phone, but no, it's from an old South Park episode.
Ah thanks
@Anonymous wrote:
@Anonymous wrote:
@beautifulblaquepearl wrote:
@Anonymous wrote:
@mitchblue wrote:
@Anonymous wrote:I noticed a lot of forum members have multiple cards, I mean more then I've seen most people have. Why do have so many? Is to to improve your FICO? Do you spend X amount on each card per month to keep cards active and utilization down? Or do just keep a $0 balance on all/some of them and if so why? You have my ear...
Many reasons, besides the above you gave, rewards/bonuses/utilization are other reasons why someone might have tons of cards. To name a few.
Do you have certain cards for certain expenses? Like one exlusively for gas, one for groceries, one for utilities?
I do streetbob. Each of my cards serve a specific purpose(s): from rewards to balance transfers. It's a good system for me.
As soon as we get this all situated I think this is the route for us. We tried to did this with one card the Chase Disney but we were putting EVERYTHING on one card and I found we were over spending. It was just to easy to do with just one card. It also wasn't helping our utilization.
See, I just got the Chase Disney. THAT card, keep in your arsenal if you're a Disney/Star Wars product person. Use it for Groceries, gas, Star Wars via Disney and Disney spend...theme park, Disney Store etc. I would guess alot of holders are in Cali and Florida, but that's just my assumption. It gives discounts when you're at the theme parks as well.
There's a method to all the madness.
This forum has charts on cash back card combos to maximize rewards, whole bunches of things. Like other's, I have cards for rebuilding, and am now slowly building my final wallet. Each card has it's purpose for me. Rewards for spending my money. Even on bills. Example, I use my Playstation card for my cell phone bill and that sucker has already rewarded me with another controller for my PS4....just by paying my cell phone bill with a playstation rewards credit card.
Was planning on keeping that card, as we're Disney seasonal passholders. it also gives great shopping perks, as well special meet & greets I love the idea of getting rewarded for money I'm spending anyway...can't wait to get the scores up so we can go this route.
This is an extremely common topic. Please do not overlook the countless prior threads on number of cards. There are various reasons but number of cards should be an efect, not a cause. That said, there are certainly those whe collect/hoard cards. It really doen't matter why other have X cards. You need to use your needs/wants to select what works for you.
@Anonymous wrote:Is to to improve your FICO?
Consider:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@Anonymous wrote:Do you spend X amount on each card per month to keep cards active and utilization down?
No. I have a lot of cards that sit at 0 with no activity for months at a time. Spending X doesn't keep utilization down. It just provides activity. One can keep an account active and have it report 0.
Each needs to determine their creditors' specific policies on closure due to inactivity and ensure that minimum activity is met to avoid closure.
@Anonymous wrote:Or do just keep a $0 balance on all/some of them and if so why?
Consider the standard advice on revolving utilization and find a solution that suits you. Whether or not a given card of mine has a 0 balance depends on whether or not the given card was useful to me for a given cycle. Some follow the "allow only one balance to report" advice but it's up to each person to deternine if that is desired. I don't bother with it. I've had up to 8/12 balances reporting with FICO 8's over 800 so it's not worth the hassle to me. YMMV.