topic Re: Just curious why do people have like 10+ Credit cards? in Credit Cards

Just curious why do people have like 10+ Credit cards?

alpha0meqa — Wed, 20 May 2015 17:17:57 GMT

Hello all,

I'm relatively new to posting and out of curiosity from reading this forum. A lot of folks seem to have 10+ credit cards, I've got 4 and couldn't possibly imagine needing 10. And most of the time the people with 10 don't use but less than 10% of those 10, so what's the point?

Please explain if you don't mind

Thank you

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Wed, 20 May 2015 17:19:48 GMT

@alpha0meqa wrote:
Hello all,

I'm relatively new to posting and out of curiosity from reading this forum. A lot of folks seem to have 10+ credit cards, I've got 4 and couldn't possibly imagine needing 10. And most of the time the people with 10 don't use but less than 10% of those 10, so what's the point?

Please explain if you don't mind

Thank you

Variety of rewards.

Signup bonuses....

More signup bonuses.

Honestly if I had to..and there was 0 incentive to apply for new cards. I could make do with just one card per payment processor.

One AMEX, One Discover, One VISA, One MC.

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Thu, 21 May 2015 17:28:44 GMT

@alpha0meqa wrote:
Hello all,

I'm relatively new to posting and out of curiosity from reading this forum. A lot of folks seem to have 10+ credit cards, I've got 4 and couldn't possibly imagine needing 10. And most of the time the people with 10 don't use but less than 10% of those 10, so what's the point?

Please explain if you don't mind

Thank you

I asked the same question awhile back. Here are the responses;

1. Rewards

2. The thrill of the hunt

3. Some people believe they need that many to fit their life style.

I have 3 cards, maybe it's time to expand my horizons.

Re: Just curious why do people have like 10+ Credit cards?

happypill — Wed, 20 May 2015 17:27:18 GMT

1. AAoA - if you have a bunch of cards, then add another, your AAoA is not affected much. If you only have a few cards and add another card, your AAoA would be greatly affected, impacting your score.

2. Why care about score or AAoA? To get sign-up bonuses for new cards. Sign-up bonuses worth $400 or more are commonplace right now.

3. AA - Lenders sometimes do funny things like reduce credit lines and close accounts - usually they have a reason but sometimes it seems random. If you have cards from a variety of lenders, such things won't bother you as much.

4. Different payment processors - Some places don't take Amex & discover, some places give rewards for using certain cards

5. Some cards have annual bonuses that are worth more than the AF with little or no use. Citi Prestige and Chase IHG are examples where the annual bonuses exceed the fees.

6. The people that frequent this board are crazy for cards. Obviously this is a process of self-selection, but this group here probably isn't representative of normal people.

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Wed, 20 May 2015 17:33:56 GMT

@happypill wrote:
6. The people that frequent this board are crazy for cards. Obviously this is a process of self-selection, but this group here probably isn't representative of normal people.

I was normal before I got here...

Re: Just curious why do people have like 10+ Credit cards?

alpha0meqa — Wed, 20 May 2015 17:36:36 GMT

@happypill wrote:
1. AAoA - if you have a bunch of cards, then add another, your AAoA is not affected much. If you only have a few cards and add another card, your AAoA would be greatly affected, impacting your score.
2. Why care about score or AAoA? To get sign-up bonuses for new cards. Sign-up bonuses worth $400 or more are commonplace right now.
3. AA - Lenders sometimes do funny things like reduce credit lines and close accounts - usually they have a reason but sometimes it seems random. If you have cards from a variety of lenders, such things won't bother you as much.
4. Different payment processors - Some places don't take Amex & discover, some places give rewards for using certain cards
5. Some cards have annual bonuses that are worth more than the AF with little or no use. Citi Prestige and Chase IHG are examples where the annual bonuses exceed the fees.
6. The people that frequent this board are crazy for cards. Obviously this is a process of self-selection, but this group here probably isn't representative of normal people.

While calculating my util, which between my 4 is 8% I had a sudden clarity moment where this made sense, If I added two more cards, my % would go from 8 to probably 5 or less! Niceeee

Funny stuff also, thank you very much for the information --Just noticed, all my cards are Visa, Visa is accepted everywhere to my knowledge so I've never ran into any issues like that. I was thinking very heavily of getting the Discover IT card though just to have something different.

Re: Just curious why do people have like 10+ Credit cards?

Pway — Wed, 20 May 2015 17:41:35 GMT

I have a mixture of store card and major credit cards. My store cards I receive several coupons that I use when I receive them. My major credit cards I use for my everyday spending. It helps me keep a budget and the security of using a credit card versus my debit card. It also help with my utilization when I let a balance report.

Re: Just curious why do people have like 10+ Credit cards?

Runitup — Wed, 20 May 2015 17:46:18 GMT

Short term financing. If you take a substantial amount out in BTs, you probably need that many to keep utilization in check. If the banks are going to give me free or damn close to free money, I'm gonna take it.

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Wed, 20 May 2015 17:45:53 GMT

I was normal before I got here... - Me too!

Nah seriously I agree with Nix. Might have gone a bit nutty this year after realizing how nicely different types of cards would suit me but next year a few of these are on the chopping block. I could do with one of each processor except that would eliminate one of my Sallie's and I won't let her go

My util stays under 10% as a matter of preference and habit. I know what its like to be without money and dont want excessive debt to ever take me back there. But nothing wrong with others taking advantage of 0% offers if you know you can pay it off in a reasonable time. Variety is the spice of life.

Re: Just curious why do people have like 10+ Credit cards?

JSS3 — Wed, 20 May 2015 18:02:10 GMT

1. Maximize rewards

2. Utilization(buffer)

3. Signup bonuses

4. Getting in and growing with different banks(diversity) for higher lines

5. Application addiction brought about by the forums

6. Competition

7. Self-esteem booster

8. Multiple card security

9. Not wanting to feel left out on the forums

10. Love getting shiny new toys.

11. Too much time on ones hands

EDIT:

12. 0% APR/BT periods.

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Wed, 20 May 2015 17:47:24 GMT

@Anonymous wrote:

Honestly if I had to..and there was 0 incentive to apply for new cards. I could make do with just one card per payment processor.
One AMEX, One Discover, One VISA, One MC.

^This. I would always stick to as minimal as I can

Re: Just curious why do people have like 10+ Credit cards?

alpha0meqa — Wed, 20 May 2015 17:50:57 GMT

@JSS3 wrote:
1. Maximize rewards
2. Utilization(buffer)
3. Signup bonuses
4. Getting in and growing with different banks(diversity) for higher lines
5. Application addiction brought about by the forums
6. Competition
7. Self-esteem booster
8. Multiple card security
9. Not wanting to feel left out on the forums
10. Love getting shiny new toys.
11. Too much time on ones hands

This was funny

Re: Just curious why do people have like 10+ Credit cards?

Anonymous — Wed, 20 May 2015 18:04:05 GMT

Let's see..by August 2015 I will have three round trips and one companion pass all for just using my credit card like my debit card. Bought an iPad for fiancé, various restaurant and Disney gift cards for vacation, free hotel stays. That is why I have more than the 5 credit cards I originally had before i started lurking..

Re: Just curious why do people have like 10+ Credit cards?

DrZoidberg — Wed, 20 May 2015 18:07:35 GMT

I travel 90% for work with travel expenses running about $6k a week. Reimbursement is slow and multiple cards are needed for rewards and for not going over the limits.

Re: Just curious why do people have like 10+ Credit cards?

heyitsyeh — Wed, 20 May 2015 18:10:24 GMT

I had two cards (Freedom and Discover) for a good 5 years before discovering this forum and going nuts . What triggered the revolution? Sallie Mae.

Re: Just curious why do people have like 10+ Credit cards?

eddie84 — Wed, 20 May 2015 18:10:56 GMT

I have nothing better to do with my time so I would just mindlessly press the app button (sometimes the luv button) until I get approve..

Seriously I only have 2 or 3 cards until I found myFICO.

Re: Just curious why do people have like 10+ Credit cards?

vanillabean — Wed, 20 May 2015 18:19:52 GMT

@Anonymous wrote:

One AMEX, One Discover, One VISA, One MC.

That about sums it up for me...

Re: Just curious why do people have like 10+ Credit cards?

woodyman100 — Wed, 20 May 2015 18:25:10 GMT

Eventually I will have all the materials I need to build a fort on my side of the best!

Re: Just curious why do people have like 10+ Credit cards?

Sharingan — Thu, 21 May 2015 00:00:06 GMT

Why does Jay Leno or Floyd Mayweather have so many cars when only 1 is needed to get from point A to point B? Why do people pay so much to fly F & J class when Y gets them there in the same amount of time? Why do people have multiple homes when they only need 1?

The list of examples goes on. It's a my want =/= another's need scenario. Nobody likes to be limited, or to have to manage their affairs in accordance with other people's. So to answer the question, I want to have all the cards that I do, and because I find value in them.

Re: Just curious why do people have like 10+ Credit cards?

CreditCuriosity — Wed, 20 May 2015 18:38:30 GMT

I thought about this the other day other than the obvious signup bonus.. The Thrill of the hunt for me