topic Re: How do you manage 10+ personal credit cards? in Credit Cards

How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 12:41:45 GMT

I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.

I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 12:52:42 GMT

Question: How do you manage 10+ personal credit cards?

Answer: Easily.

Why do you care what others are doing when it doesn't affect you?

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

Re: How do you manage 10+ personal credit cards?

wasCB14 — Fri, 01 Jun 2018 12:58:14 GMT

I travel a lot and use the perks and protections. I "cluster" my cards (5 Chase, 5 Amex, 2 Citi...also 1 Discover, 1 Barclaycard) and those first 3 issuers get 90%+ of my spend. I can monitor activity with 5 websites. I have 14 cards but it feels like a lot fewer.

Re: How do you manage 10+ personal credit cards?

tcbofade — Fri, 01 Jun 2018 12:58:50 GMT

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

There are quite a few different questions in there... a GOOD reason... is different for everyone. (and we're all allowed to have our own opinion!)

I manage more than 20 via a simple excel sheet...weekly updates, weekly bill pay.

Why? Again, that's different for everyone and I have at least two different reasons... ten years of supporting two families on one income created some debt....rebuilding a home on plastic created some debt... we're working on it.

So when X bank offers us a zero percent/low percent intro BT offer, we jump on it... transfer balances from higher interest rate cards and do NOT use the old account again....but dont' close it either as that would be detrimental to our credit scores.

We all get to decide what's best for ourselves, and we're all different... there is no "correct" answer here. Please do NOT take on more accounts than YOU feel comfortable with.

Re: How do you manage 10+ personal credit cards?

redpat — Fri, 01 Jun 2018 13:12:24 GMT

It is because I can and get to travel any where in the world for free and I don’t have to pay for a hotel or rental cars if I don’t want to. 9 personal cards and 3 business cards gives me first class travel at a very low cost. I don’t have to manage the cards just apps, Amex, Chase and citi. The only on I go online for is Barclays.

OP, you need to do some research on credit card reward programs and then you would be able to answer that question yourself.

Re: How do you manage 10+ personal credit cards?

UpperNwGuy — Fri, 01 Jun 2018 13:56:43 GMT

I'm currently at 7 credit cards, but I have been as high as 14. The key is that you have 2-3 cards that see regular monthly use, and you use the others (especially the general purpose cards) at least once every 6 months. You can monitor that on a spreadsheet, or if you use personal financial software, you can monitor it that way. I would often go for a year or more not using my store cards just to see how long it would take them to close those accounts for non-use, because I didn't really care about those cards.

Of my current 7 cards, I have good reasons to have 4 (2 for the rewards and 2 for the perks). A fifth card serves as backup to my primary card. The other 2 had their purpose several years ago, but now I keep them around for the credit history (one dates back to 1987) and for my overall credit limit.

Re: How do you manage 10+ personal credit cards?

Blodreina — Fri, 01 Jun 2018 14:00:19 GMT

When I used to have more than 10 cards, it was relatively easy to manage it all with an excel sheet (albeit tedious). I’ve since changed my stance/approach and closed cards that I don’t have much use for. Down to 4 now. Much better, for my use at least.

Re: How do you manage 10+ personal credit cards?

Noctilum — Fri, 01 Jun 2018 14:09:20 GMT

The same way that I manage one credit card. One, five, ten, twenty... it's all done the exact same way. Use them, then pay them off.

Re: How do you manage 10+ personal credit cards?

creditfan — Fri, 01 Jun 2018 14:41:39 GMT

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

I'm not going to show off with you, but I do have more than 20 cards. They all have their own purpose to use.

How am I managed they all? "EASY"

AUTO PAY is always come to mind

Re: How do you manage 10+ personal credit cards?

K-in-Boston — Fri, 01 Jun 2018 15:27:25 GMT

As others have chimed in, I use an Excel spreadsheet sorted by closing statement dates. As soon as the statement closes, I schedule the payment. I have cards for a number of reasons, but primarily in three groups: a.) branded travel cards and cards that earn points that I can transfer to airlines and/or hotels (Amex Membership Rewards, Chase Ultimate Rewards, Citi ThankYou Points), b.) a select handful of store cards that give me 5% or more off or allow very long no/low-interest promotional offers (such as 0% APR for 18 months) at stores I shop regularly, and c.) cards whose sole purpose in life is for promotional balance transfers at 0%, 1.99%, etc. I manage all of the cards in my signature, plus a handful of DW's that I am not an authorized user on.

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 15:16:30 GMT

That was unnecessary and aggressive for literally no reason. Just because someone doesn't understand doesn't mean you have to go on the defensive right away and attack them. Take a lesson from your peers who responded after you who were able to to ask the same question in a respectful and mature way.

I hope you have a great day.

@Anonymous wrote:
Question: How do you manage 10+ personal credit cards?

Answer: Easily.

Why do you care what others are doing when it doesn't affect you?

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 15:31:49 GMT

Just in case you misunderstood; my intent was to be flippant and dismissive but by no means was I "defensive." How I manage my credit and organize my finances doesn't impact the OP in any way. Good luck policing these forums for responses you don't approve of.

You have a great day too.

@Anonymous wrote:
That was unnecessary and aggressive for literally no reason. Just because someone doesn't understand doesn't mean you have to go on the defensive right away and attack them. Take a lesson from your peers who responded after you who were able to to ask the same question in a respectful and mature way.

I hope you have a great day.

@Anonymous wrote:
Question: How do you manage 10+ personal credit cards?

Answer: Easily.

Why do you care what others are doing when it doesn't affect you?

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 15:44:20 GMT

@Anonymous wrote:
Question: How do you manage 10+ personal credit cards?

Answer: Easily.

Why do you care what others are doing when it doesn't affect you?

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary and how do they remember to pay every bill on time and how they even get approved for so many. I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? How do you use all of them enough so a credtior doesn't cancel them?

My question was purely out of curiosity and didn't need your sarcasism. I'd rather you just not have replied at all than to reply to my post with your non orginal stance.

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 15:42:31 GMT

I use excel sheets also, I have a pretty highly detailed one that took me quite some time to make. Has graphs and tracks trends with my spending. I only have 5 cards and it was a lot of work to make for those 5 cards. I guess somone who isn't doing a lot of calucations and data crunching could make one for 20 cards. And again, my post was out of curiousty. No where in my post did I tell anyone what to do or how to live there life.

This forum is for opinions and for people to share there experience. To get such nasty responses to simple questions shows the character of the people who responded in such way. I joined this forum yesterday. Nice to know there are a bunch of sarcastic members. Thought this would be a forum filled with professionalism.

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 15:44:16 GMT

MaizeandBlue - I have absolutely no idea why anyone would want to post a reply and actually intend to be "flippant and dismissive". I've learned a lot from these forums, and I think other people have too. It's the reason people post questions - to get advice, help, guidance, etc. We all started somewhere, even you. Showing a little compassion surely wouldn't ruin your day?

Re: How do you manage 10+ personal credit cards?

sdsoccerdad — Fri, 01 Jun 2018 15:46:48 GMT

I have about 12 cards. I keep track through a spreadsheet like some here. I typically carry only 3 cards and switch them out depending on what i'm going to buy that day. Each one has a purpose. I try to make sure nothing is being purchased at just 1x per dollar. Also, I have a few cards that kind of suck now so I just have like a small bill on there set to auto-pay. i.e. netflix, apple storage, etc..

Re: How do you manage 10+ personal credit cards?

Adkins — Fri, 01 Jun 2018 16:04:30 GMT

@Anonymous wrote:
I've seen people who walk around with a book full of credit cards. I think that's crazy, unless they plan to use them all that day! I only carry the cards I'm going to use. I keep an average of 4 in my wallet, not including my warehouse membership/credit cards. I've always wondered why is that necessary (each card serves a specific purpose, whether it's for cashback, points, hitting a SUB or quarterly usuage to prevent cancellation) and how do they remember to pay every bill on time (I seperate my cards by billing date. A few are due at the first of the months paycheck, the rest are due at the second months paycheck. I called and had all the due dates adjusted where I wanted them.) and how they even get approved for so many (Approval when scores and credit profile supported them.). I know what autopay is. I've seen people with nearly 20 personal credit cards and I can not think of a GOOD reason why.
I know a reason is "because I can." What value does having that many credits bring to someone? If I need to make a large purchase, it's nice to know my overall utilization won't take a hit because I have enough credit lines for support. Each card is there for a specific purpose, whether points, cashback or a 0% period. I don't get cards "just because". I'm over a year into my rebuild and maintaining my cards is a matter of pride and accomplishment. How do you use all of them enough so a credtior doesn't cancel them? Planning. Some are daily drivers, biannual useage and others are heavily used every couple of years (like my discount tire card for tires). Those that aren't used regularly are swiped quarterly, as it's not hard for me to remember to do. I don't keep a spreadsheet but do use an app to track due dates and payments.

I plan to add a few more cards but that's it. A card must be useful to me to stay in my "wallet".

Re: How do you manage 10+ personal credit cards?

Anonymous — Fri, 01 Jun 2018 16:13:34 GMT

@Adkins
I plan to add a few more cards but that's it. A card must be useful to me to stay in my "wallet".

I have a friend with the last name Adkins lol. I have only 3 active cards but I keep a pretty complex excel sheet that I made. Calculates a lot of trends and keeps me up to date with my bills, credit scores, income etc. The excel sheet is a lot of work to manage with my 6 cards (even the close ones) I was just curious how others do it since handling 20 cards in my sheets would be painful. I asumme it's because I collect so much of my own data.

Re: How do you manage 10+ personal credit cards?

Adkins — Fri, 01 Jun 2018 16:16:21 GMT

@Anonymous wrote:
@Adkins
I plan to add a few more cards but that's it. A card must be useful to me to stay in my "wallet".
I have a friend with the last name Adkins lol. I have only 3 active cards but I keep a pretty complex excel sheet that I made. Calculates a lot of trends and keeps me up to date with my bills, credit scores, income etc. I was jsut curious how others do it.

Ha! Everyone has their sweet spot number for cards, and how they manage them. My DH still uses pen & paper!

Re: How do you manage 10+ personal credit cards?

Kforce — Fri, 01 Jun 2018 16:40:38 GMT

@Anonymous wrote:
1) I've seen people who walk around with a book full of credit cards. I've always wondered why is that necessary
2) and how do they remember to pay every bill on time
3) and how they even get approved for so many.
4) How do you use all of them enough so a creditor doesn't cancel them?

1) A lot of different reasons.

Some like to collect credit cards instead of collecting knives or stamps. Many use them to get the last penny from rewards. Some people have a lot of money they put through credit cards, and require duplicates or other cards that cover the same categories to bypass the cc reward caps. Others just don't believe in closing old cards and with a lot of time the number just gets larger. * For all the myfico members with a lot of cards the other 98% of the CC users in the country only have a few cards.

2) Autopay. Auto pushing payments from checking bill pay. Pay each card two time a month to help control utility reporting and make sure payments are payed not waiting to just get in under the wire. Many use a calendar, reminder program, spreadsheet or just log in each account daily or weekly. Moving all of the due dates to the same day of the month is also popular

3) With time and good history your credit will get to a point that you can add cards every year and over time they add up. Some thin the herd while others let the population grow.

4) A CC only requires a small < $5 purchase put on the card every 6 months to keep it alive. Many have a small recurring charge set to cards that they seldom use. Others get out all the sock drawer cards and put a little spend on each every Jan and again in July. Others get out 1 or 2 every month and put the freshly used cards on the bottom of the stack. Keeping them alive is easy.