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Established Member
Carrie_in_Pa
Posts: 284
Registered: ‎06-10-2014

Re: How many credit cards do you think is too many?

I have 8 cards, 4 credit and 4 store cards. I pretty much just use one and pay it off when it posts. The rest are in case of emergency or in case of some really good store discounts or card rewards.

 

If you can't easily keep track of your cards and balances then you have too many.


Starting Score: 382 - 418 (2005) -- Current Score: 628 (TU08) -- 661 (Beacon 5.0) -- Goal Score: 750+
Into the Garden 6-15-2014 -- Digging in the dirt until 6-2015
Valued Contributor
One7
Posts: 1,819
Registered: ‎07-24-2013

Re: How many credit cards do you think is too many?

[ Edited ]

I have MANY as you can see by my signature,  in a year I'll be getting rid of fingerhut, my cap 1 secured  and my three comenity cards, they helped my credit out tremendously and will have served their purpose.  I use my phone's calendar to keep track of them, very easy.

 

Edit: Typo

MyFico Current Scores: EX 758 EQ 787 TU 723 (All 3 starting scores were mid 500s 2/18/13 )
Diners Club WEMC 15k | Citi AA Exec WEMC 11k | BofA Trav Rwds Sig 10k | BofA Cash Rwds Sig 5k | Merrill+ Sig 5k | Hawaiian Air WEMC 7k | JP Morgan Ritz Carlton Sig 5k | Chase Frdm 5.4k | Chase CSP Sig 5k | Marriott Premier Sig 6k | Amex PRG: NPSL | Amex SPG 3k | Amex Costco 1.2k | Citi TYP Sig 5k | Barclay Rwds 5k | Total Rwds Sig 8k | Cap1 QS Visa 3k | SG Rwds 8k | GM WEMC 3k | Wlmart MC 4k | Discover It 1.4k | Dillards Amex 2k | NASA 30k | US Bank Plat 300 | Lowe's 5.5k | Jared 5.1k | Kay 5.1k | J Deere 5k | CareCredit 6.6k | Home Depot 14k | Amazon 2.3k | PayPal SC 4k | Chevron 1.8k | Macy's 1.5k | J Crew 5.6k | +4 Cards
Super Contributor
longtimelurker
Posts: 7,323
Registered: ‎04-22-2013

Re: How many credit cards do you think is too many?

As others have said, you have too many when you think you have too many and find it hard to keep track   Also, you have too many when you are spending unnecessarily to meet minimum spend, to max out a bonus category, or because "I'll buy two because I get 4% back" type stuff.  But in those cases, 1 might be too many!

 

Now a lot of people with multiple cards will say that each has its purpose, which is all true, but often not very significant.    Once major spend categories and award types get covered, additional cards get (maybe slightly) better rewards in increasingly small areas of spend.   So a card that gives a massive 5% rather than 1.5% on a spending category of $50 a year (blue books in Flemish) increases your earning by $1.75 a year.  Worth it?  Depends on how much extra effort dealing with that card would be.  (OK, it's in fact not worth it!).

 

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex, NASA Plat Cash
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Regular Contributor
SomeGuyOnTheWeb
Posts: 136
Registered: ‎01-11-2014

Re: How many credit cards do you think is too many?

I have three and I couldn't really imagine ever having more than that. I would dump my 5/3rd card but it's my oldest line :smileysad:

EX - 753
EQ - 695
TU - 726
Super Contributor
longtimelurker
Posts: 7,323
Registered: ‎04-22-2013

Re: How many credit cards do you think is too many?


SomeGuyOnTheWeb wrote:

I have three and I couldn't really imagine ever having more than that. I would dump my 5/3rd card but it's my oldest line :smileysad:


You can't even imagine having four?  But I know what you mean.

CSP, Freedom, Chase Amazon, Cap One QS (x2), Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus, Fid Amex, NASA Plat Cash
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Established Contributor
Membersince2013
Posts: 543
Registered: ‎04-27-2014

Re: How many credit cards do you think is too many?

I have 22, I haven't missed a single payment yet.

Paypal Smart Con $900| JCP Store card 1.7k| Chase Slate 1K| Amex Delta Skymiles 1K| BillMeLater 1K| Macys Store card 1.2K| Amex True Earnings 1.2K| Barclaycard Rewards Mastercard 1.3K| Quicksilver Mastercard 1.5K| Citi Double Cash 1.6k| Amtrak Visa 2k| CapOne Journey 2.3k| Citi Diamond Preferred 2.6K| Chase Freedom 3k| Virgin Atlantic Mastercard 3k| AMEX PRG Hard Limit of 3k| Amex BCE 4.5K| Amex Hilton Honors 4.6K| Venture 5K| Fidelity Amex 6k| Discover It 6.6k| Chase Sapphire Preferred 7K| VentureOne 7K| BOA Cash Rewards 7K| BOA Travel Rewards 7.5K
I left some cards out..
Established Contributor
Dw4250
Posts: 621
Registered: ‎03-04-2013

Re: How many credit cards do you think is too many?

I am currently at my self-imposed maximum of 10 cards.  So if I add another, I will have to get rid of one.  

 

Ideally I'd like to be in the 6-8 range....

REGULAR ROTATIONSMELLS LIKE SOCKS
Frequent Contributor
PandiferBear
Posts: 258
Registered: ‎05-09-2014

Re: How many credit cards do you think is too many?

I have 7, but I also manage my husband's 5.  I use Excel to manage it all.  At this point, I will only just get a few more for me, and a couple more for him.  At the same time, I would close out 1 or 2 for each of us.  I find that managing this amount of cards between the two of us, is plenty for my plate.  I also do not want to stretch the rewards around too much, so they add up faster.  I also made sure to just get cards I would use along the way


Doing my best to garden until December 2015!
EX 689 (9/15/14) TU 691 (8/29/14) EQ 671 (8/29/14)
Amex PRG: NPSL | Amex Everyday: $6000 | Cap 1 QS1: $3750 | Cap 1 QS 1: $2500 | CareCredit: $5000 | Amazon Synch: $2600 | Walmart Synch: $1400 | Three other mini cards that do not get to be mentioned unless they grow
Established Member
MyWorthiness
Posts: 118
Registered: ‎05-01-2013

Re: How many credit cards do you think is too many?

Well looks like you have a nice line up there! Would you mind telling how I can add photos of my credit cards under my profile please? I've asked several people but no one has given me a response. Thanks in advance.

Established Member
MyWorthiness
Posts: 118
Registered: ‎05-01-2013

Re: How many credit cards do you think is too many?

You seem to have a great system! I have all of mine oragnized very well too. 


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