topic Re: How many cards? in Credit Cards

How many cards?

pinkandgrey — Sat, 08 Dec 2018 16:46:56 GMT

Just curious to see how many cards everybody likes/wants to have. I know how fun applying for new cards can be, but personally I would love to have only 2 or 3 so I could get good use out of all of them. It bothers me having cards that get minimal use. I want to get a good gas card and then trim down my others. (I currently have 5.)

What do you think? Do you like simplicity or do you enjoy maximizing rewards and using several different cards for everything?

Let’s hear the opinions!

Re: How many cards?

Remedios — Sat, 08 Dec 2018 16:48:11 GMT

Le sigh...

Re: How many cards?

Anonymous — Sat, 08 Dec 2018 16:53:30 GMT

@Remedios wrote:
Le sigh...

Hey, as a new CL you need to adjust. Try "What an interesting novel question. Can't wait to hear all the responses!"

Re: How many cards?

kdm31091 — Sat, 08 Dec 2018 17:00:45 GMT

I like simplicity. The more cards you have and spend on, the more your benefits are just diluted to the point where IMO it becomes not really worthwhile. 5 cards is basically my max. Beyond that I find I reap little benefit. YMMV

Re: How many cards?

Kforce — Sat, 08 Dec 2018 17:23:11 GMT

@kdm31091 wrote:
I like simplicity. The more cards you have and spend on, the more your benefits are just diluted to the point where IMO it becomes not really worthwhile. 5 cards is basically my max. Beyond that I find I reap little benefit. YMMV

+ 1

Re: How many cards?

Anonymous — Sat, 08 Dec 2018 17:38:08 GMT

It partly depends on attitude, whether you view the whole credit card thing as an enjoyable activity, or you just want to invest as little time as possible while still reaping some of the benefits.

For those "collectors", if you can stay on top of it, basically the more cards the merrier! That card that gives 2.2% on bulk milk purchases in Grand Forks on the third Thursday in Feb: never know when that might be useful! Just use the card that maximizes the benefit per transaction and plan to earn enough so that dilution doesn't matter.

Bonus chasers are another category that will have more cards than most, even if they regularly close some.

Personally I think a small number is best: I have too many and will let the issuers close as they will. That said, like the imaginary Grand Forks card, a sleeper card can suddenly be useful. I very very rarely use my ebates card, maybe once every two years, but one time on the day I was looking for a new laptop, they had a one day offer, and I got ~ $250 back. But such things are rare.

Re: How many cards?

wasCB14 — Sat, 08 Dec 2018 17:47:58 GMT

I find some advantages in focusing on AF travel cards with big bonuses:

1. An annual fee serves as an incentive/reminder for me to closely examine the value of a card within my overall reward strategy.

2. When a card ceases to be worthwhile, I can close it and quit while I'm ahead by a lot. I couldn't say the same if I was building an empire of no-AF 3% category cards.

Re: How many cards?

UpperNwGuy — Sat, 08 Dec 2018 18:13:09 GMT

@Kforce wrote:
@kdm31091 wrote:
I like simplicity. The more cards you have and spend on, the more your benefits are just diluted to the point where IMO it becomes not really worthwhile. 5 cards is basically my max. Beyond that I find I reap little benefit. YMMV
+ 1

Re: How many cards?

redpat — Sat, 08 Dec 2018 18:30:30 GMT

This is sort of Goldielocks territory, "This many seems too much, this many seems too few and this many is just right".

Re: How many cards?

Kforce — Sat, 08 Dec 2018 18:30:55 GMT

Want to spice up the thread !

Fun math for cashback cards and cost spending 10 minutes a month for each cards management and review.

I figure 2 or 3 times logging in a month, checking each account is a my average. (YMMV)

Calculating 50% of monthly income on cards, and # of cards to hit each % rank. (YMMV)

Ideal # between 3-6 cards. (If you value your time)

Re: How many cards?

SouthJamaica — Sat, 08 Dec 2018 18:38:41 GMT

@pinkandgrey wrote:
Just curious to see how many cards everybody likes/wants to have. I know how fun applying for new cards can be, but personally I would love to have only 2 or 3 so I could get good use out of all of them. It bothers me having cards that get minimal use. I want to get a good gas card and then trim down my others. (I currently have 5.)

What do you think? Do you like simplicity or do you enjoy maximizing rewards and using several different cards for everything?

Let’s hear the opinions!

I like neither simplicity nor maximizing rewards.

I like diversification, because I don't trust financial institutions.

Re: How many cards?

KDKobes — Sat, 08 Dec 2018 18:45:03 GMT

I’m one who doesn’t like all the extra cards & each one of mine has or had a purpose at one point.

Capital One QS1 - 1.5% (first Card after BK)
Pier1 - 2nd Card after BK for CL & history
VentureOne - 10x points at hotel stays (hotels.com/venture)
FNB Complete Rewards - 2% back which I use for everything else
FNB Ducks Unlimited - 5% back on gas/sporting goods
Target RedCard - 5% off
Furniture Row - 0%apr period
PayPal Extras - 3% back at restaurants
Von Maur - 0% apr + Free shipping & gift wrapping

The only card I would like to add down the road would be one for groceries, but unfortunately the one with the best rewards, Amex, isn’t BK friendly so I’m not able to do that for a couple years. Unless something else comes out that compares I’m in the garden after my Ducks Unlimited approval.

Re: How many cards?

Anonymous — Sat, 08 Dec 2018 19:01:39 GMT

Close to 10, and 15 between 2 of us. I am using an excel sheet to manage our cards.

Re: How many cards?

Gmood1 — Sat, 08 Dec 2018 19:11:39 GMT

😂😂😂😂

Same question is asked at least once a month here.

I say march to your own beat and allow others to do the same.

There will always be detractors, who speak out against having more than a couple of cards.

They'll say the same things. It will stop you from obtaining other cards.

It will cause you AA. You won't get a loan because of it. You'll spook other lenders. It will dilute rewards.

The problem with that is, the majority of them haven't experienced more than 5 cards at a time to begin with 😂

I personally don't have a max or minimum number.

Sometimes I'll close cards out of no where. Depends on how I feel that day.

Sometimes I'll grab several in a week.

My name is Gmood and I'm a Credit Hippie! 😆

I'm free spirited and will never carry my eggs in only 3 to 5 baskets.

As SJ says, I don't put all my trust in a couple of lenders.

I also enjoy watching them fight over business.

You have those that live in fear of their own credit and treat lenders as though they are God's.

I do not fear them or the use of my credit. I want them to know I have choices.

It's not the other way around.

You have to do what's comfortable for you.

Re: How many cards?

AverageJoesCredit — Sat, 08 Dec 2018 19:15:06 GMT

@pinkandgrey wrote:
Just curious to see how many cards everybody likes/wants to have. I know how fun applying for new cards can be, but personally I would love to have only 2 or 3 so I could get good use out of all of them. It bothers me having cards that get minimal use. I want to get a good gas card and then trim down my others. (I currently have 5.)

What do you think? Do you like simplicity or do you enjoy maximizing rewards and using several different cards for everything?

Let’s hear the opinions!

sermons aside, i wont speak about what others do or should do , i enjoy having credit cards and just get what interest me. Tweaking a lineup is fine , i just make sure i get enough 1.5% cards so that if i have 2 or more, i know i'm getting 3% back or more

Re: How many cards?

pinkandgrey — Sat, 08 Dec 2018 19:23:10 GMT

@AverageJoesCredit wrote:
@pinkandgrey wrote:
Just curious to see how many cards everybody likes/wants to have. I know how fun applying for new cards can be, but personally I would love to have only 2 or 3 so I could get good use out of all of them. It bothers me having cards that get minimal use. I want to get a good gas card and then trim down my others. (I currently have 5.)

What do you think? Do you like simplicity or do you enjoy maximizing rewards and using several different cards for everything?

Let’s hear the opinions!
sermons aside, i wont speak about what others do or should do , i enjoy having credit cards and just get what interest me. Tweaking a lineup is fine , i just make sure i get enough 1.5% cards so that if i have 2 or more, i know i'm getting 3% back or more

“Sermons aside” LOL love it.

Re: How many cards?

Remedios — Sat, 08 Dec 2018 19:24:24 GMT

As many as I need, plus a few that I want.

Re: How many cards?

Anonymous — Sat, 08 Dec 2018 19:33:58 GMT

Honestly many cards are same terms, benefits, and rewards just a different card so I don’t see the point in having too many. I have 5 and I’m possibly going to end up with 6 depending on how my CLI request with Navy goes on Monday but that’s about the extent of it and I may close my SSFCU since it’s an inferior version of my cashRewards card. It’s literally just a utilization buffer at the moment.

Re: How many cards?

SummerOf17 — Sat, 08 Dec 2018 21:45:17 GMT

@Kforce

Almost there... imo, no need for a bunch unless a bunch could cancel out each other!

@Remedios

And rewards are spent on a Fish Tanks!

Re: How many cards?

K-in-Boston — Sun, 09 Dec 2018 05:29:31 GMT

I enjoy two things: 5% (or more) off of every purchase and free travel, but mostly free travel. The correct answer for me is however many I need to maximize and balance free travel and luxurious travel (with hotel and airline status, and being able to get great values on better rooms or seats up front).