06-27-2014 07:53 PM
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.
06-27-2014 07:56 PM - edited 06-27-2014 07:58 PM
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.
06-27-2014 08:22 PM
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!).
06-27-2014 08:39 PM
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
You can't even imagine having four? But I know what you mean.
06-27-2014 08:43 PM
I have 22, I haven't missed a single payment yet.
06-27-2014 09:00 PM
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
06-27-2014 09:00 PM
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.