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How many credit cards do you think is too many?

Established Member

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
Message 11 of 25
Valued Contributor

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

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

EX 810 EQ 805 TU 792 Diners WEMC 15k Chase United Club VS 15k | Hyatt VS 25k | Ritz VI 5k | Frdm VS 6k | CSP VS 5k | Mariott VS 6k | Amzn VS 16k Citi ExecAA WEMC 18k | TYP VS 7k | Costco VS 9k | Hilton Reserve VS 6k | Best Buy Visa 5k BofA Travel VS 30k | Cash VS 41k | Merrill+ VS 46k Barclay Rwds WMC 6k | Hawaiin WEMC 10k | JetBlue WEMC 8k | Aviator S WEMC 6k Amex Plat: NPSL | BCP 8k | SPG 3k WF Rwds VS 9k | Propel World Amex 25k | Dillards Amex 2k BBVA NBA Amex 10k Cap1 GM WEMC 8k | QS Visa 3k | Saks WEMC 9k NASA 30k Discover It 7k | US Bank Cash+ VS 15k | Flex Perks VS 20k ||| Total Rwds VS 12k | SG Rwds 11k | Walmrt MC 8k | Lowes 17k | Bowflex 9k | J Deere 15k | TJ Max 4k | Care 15k | HDepot 20k | Amzn 5k | PPal Extras 8k | Chvron 10k | Macys 15k | JCrew 18k | Marvel 8k | Stash VS 8k | Cabelas 10k | Statefarm 12k | Nordstrom Visa 10k \\\\Gardening since January////
Message 12 of 25
Super Contributor

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!).

 

Message 13 of 25
Regular Contributor

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 Smiley Sad

EQ - 727
TU - 752
EX - 774
Message 14 of 25
Super Contributor

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 Smiley Sad


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

Message 15 of 25
Valued Contributor

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

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

Arrival+ | Barclaycard Rewards Mastercard | Citi Double Cash | CapOne QS (2) | Citi Diamond P | Freedom | Fidelity Amex | Amex Plat | Old Blue Cash | PRG | SPG | BCP | HHonors Surpass | Cap1 Venture | Discover | CSP | Cap1 Venture1 | BOA CR&TR (2) | Ritz Carlton | Southwest Rapid Rewards | Hyatt (2) | US Airways Mastercard (2) | Wells Fargo Rewards Visa | Marriott Premier (2) |

Fico Scores as of 2/21/15 - EX: total crap, TU: total crap, EQ: total crap
Message 16 of 25
Valued Contributor

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....

Message 17 of 25
Frequent Contributor

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

EX 793 (06/29/16) TU 787 (07/03/16) EQ 711 (06/30/16) Goal: 780 across the board
Amex Everyday: $25,000 | Venture: $15,000 | Chase Hyatt: $12,000 | Discover IT: $11,700 | Barclay Ring $7,500 | Quicksilver: $7,750 | CareCredit: $5,000 | Amazon Synch: $5,000
Message 18 of 25
Established Member

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.

Message 19 of 25
Established Member

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. 

Message 20 of 25