I miss having a single credit card...

[thelethargicage]

I remember the good old days when I only had my BCP and my debit card...everything was so much simpler. I didn't have to constantly try to figure out which card to use depending on what I was purchasing. I mean, you'd think that would be second nature by now, but sometimes my mind just goes blank. I think I should trim my portfolio a bit. I'm not too attached to my Cash+, I just hate using it, and I'm not too sure that getting my Discover It was such a great (I only got a $6K limit on it, so I guess that's a sign to start "gardening"...).

[drkaje]

I feel the same way and will be thinning the herd next year.

Only having 2-3 cards is the long term plan. Seven is too many for me.

[longtimelurker]

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@thelethargicage wrote:

I remember the good old days when I only had my BCP and my debit card...everything was so much simpler. I didn't have to constantly try to figure out which card to use depending on what I was purchasing. I mean, you'd think that would be second nature by now, but sometimes my mind just goes blank. I think I should trim my portfolio a bit. I'm not too attached to my Cash+, I just hate using it, and I'm not too sure that getting my Discover It was such a great (I only got a $6K limit on it, so I guess that's a sign to start "gardening"...).

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One interesting exercise (for everyone!) is to see how much extra rewards they made last year compared to using just one card.  (Probably ignore sign up bonuses for now).   At least for some, it may not be all that significant (small amounts of 5% spending don't add all that much for example).   Then, if you are like the OP, you can decide if the increase is worth the added pain....

[CreditScholar]

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@longtimelurker wrote:

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@thelethargicage wrote:

I remember the good old days when I only had my BCP and my debit card...everything was so much simpler. I didn't have to constantly try to figure out which card to use depending on what I was purchasing. I mean, you'd think that would be second nature by now, but sometimes my mind just goes blank. I think I should trim my portfolio a bit. I'm not too attached to my Cash+, I just hate using it, and I'm not too sure that getting my Discover It was such a great (I only got a $6K limit on it, so I guess that's a sign to start "gardening"...).

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One interesting exercise (for everyone!) is to see how much extra rewards they made last year compared to using just one card.  (Probably ignore sign up bonuses for now).   At least for some, it may not be all that significant (small amounts of 5% spending don't add all that much for example).   Then, if you are like the OP, you can decide if the increase is worth the added pain....

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+1. This is a very good idea!

[Fico2Go]

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@drkaje wrote:

I feel the same way and will be thinning the herd next year.

Only having 2-3 cards is the long term plan. Seven is too many for me.

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I was used to my Papal 1.5% cashback for ten years.  Just restarted my CC journey last month and I"m already starting to get the CC fatique syndrom.  I might not wait more than another year to start cutting down on # of plastic --- after I create some meaningful transactions for higher CLs. . 

FIVE HIGH LIMITS SEEM TO BE ENOUGH.  One visa. One master.  One Amex.  One Discover.  Even that seems excessive at times. 

I currently don't see any value in having more than four since the current FICO and credit industry have a system in place that can shut down accounts at the first sign of problems.  Many believe having more cards will lower their credit utilization ratio when in fact the emphasis is still on PIF every month which can be resolved with ONE charge card. 

[NotUsher]

My card holder only has room for 3 CCs and my driver's license, so it's always been a bit of a process for me to make sure at any given point I don't really need any more than that to carry.

After my two new cards come in, I've basically got my bases covered. My plan is to mainly use Cash+ (for restaurants and fast food - effectively a 5% dining card), Sallie Mae (for gas/groceries/Amazon), and anything that falls outside of that the Fidelity Amex at 2%. When I need to stop using any card so that everything can post, I can pay, and the statement cuts, my goal is to have a backup card for that ~weeklong period. My Arrival becomes the dining card for that period, Penfed becomes gas/groceries. USAA (rather lackluster rewards) gets my [USAA] insurance payment and Nordstrom gets anything from Nordstrom and my recurring Netflix charge.

Is it a perfect system? No. But with the caps and rewards, it works well for my (single 25 y/o male) spending habits and isn't too complicated. I'm thinking about applying for the BCE at the end of the year to get my foot in the door with Amex for future backdating purposes and to serve as my backup card for groceries.

I think it's all a matter of making sure that you're managing the cards and they aren't managing you.

[B335is]

Single card?  No way, I love my babies cards.  I actually enjoy managing multiple accounts (the Underwriters usually laugh at that, but it's true).

[FinStar]

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@B335is wrote:

Single card?  No way, I love my babies cards.  I actually enjoy managing multiple accounts (the Underwriters usually laugh at that, but it's true).

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LOL.  And, yet there are those who are attached to them

[samm90]

I use three, and it is simple enough for me. If I get to a high enough spend level I'll probably just put everything on an amex spg and carry a backup visa/mc

[longtimelurker]

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@NotUsher wrote:

My card holder only has room for 3 CCs and my driver's license, so it's always been a bit of a process for me to make sure at any given point I don't really need any more than that to carry.

After my two new cards come in, I've basically got my bases covered. My plan is to mainly use Cash+ (for restaurants and fast food - effectively a 5% dining card), Sallie Mae (for gas/groceries/Amazon), and anything that falls outside of that the Fidelity Amex at 2%. When I need to stop using any card so that everything can post, I can pay, and the statement cuts, my goal is to have a backup card for that ~weeklong period. My Arrival becomes the dining card for that period, Penfed becomes gas/groceries. USAA (rather lackluster rewards) gets my [USAA] insurance payment and Nordstrom gets anything from Nordstrom and my recurring Netflix charge.

Is it a perfect system? No. But with the caps and rewards, it works well for my (single 25 y/o male) spending habits and isn't too complicated. I'm thinking about applying for the BCE at the end of the year to get my foot in the door with Amex for future backdating purposes and to serve as my backup card for groceries.

I think it's all a matter of making sure that you're managing the cards and they aren't managing you.

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This is good, but remember, if you aren't really apping, then you never need to worry about posting and paying before the statement cuts.  Just use your three main cards all the time.