topic Re: How many credit cards do you have? in Credit Cards

How many credit cards do you have?

michaelmorgan — Thu, 27 Jun 2024 08:59:42 GMT

I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

Re: How many credit cards do you have?

MarkintheHV — Thu, 27 Jun 2024 09:01:53 GMT

I dont keep many (see signature, thats all I have) because I am a less is more type of person. I have worked mine up to decently large credit lines, so I dont need many and I dont like tracking that many as well

Re: How many credit cards do you have?

swankytiger — Thu, 27 Jun 2024 11:42:00 GMT

I currently have 9, I started this year with 12, I hope to go down to 4-5.

SECU card - Oldest card

United Club will likely turn into a Gateway again - for 0 AF/FTF purposes

a 0 FTF 2% card - very likely going to be the Fidelity visa

Maybe a high end travel card but idk.

The rest are getting closed or let wilt on the vine most likely.

Re: How many credit cards do you have?

tcbofade — Thu, 27 Jun 2024 12:04:24 GMT

Nearly a full deck!

To maximize Fico 8 scoring, you'll need three cards.

You can have more than that, or less...whatever you'd like.

Re: How many credit cards do you have?

MissLiz — Thu, 27 Jun 2024 12:18:42 GMT

I have 4 personal and 1 business card. I don't have any store cards. I plan to go for an NFCU card at the end of the year, then I'm done. Personally, this would be a manageable amount for me.

Re: How many credit cards do you have?

Wu-Credit — Thu, 27 Jun 2024 12:23:04 GMT

I usually hover around 10-12 cards, with a few on the chopping block (opened for subs or no longer needed). Right now I have the ones in my sig and closing 3 other cards in the next year or so.

Re: How many credit cards do you have?

SouthJamaica — Thu, 27 Jun 2024 14:12:44 GMT

@michaelmorgan wrote:
I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

I would not want to have just one card with one issuer, because I would not want to have all my eggs in a single basket.

And I would not want to have more cards than I can regularly monitor. In this day and age it is not safe to have accounts to which you are not paying close attention.

Beyond that, the number of accounts is a matter of personal discretion. Everyone is different.

Re: How many credit cards do you have?

Slabenstein — Thu, 27 Jun 2024 16:46:40 GMT

@michaelmorgan wrote:
I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

The best approach to credit cards is going to be the approach that works best for you. Even here, on this forum for credit card enthusiasts, you'll see a lot of variety. The people you've heard say that multiple credit cards can help with your credit scores and maximizing the benefits of being a card holder are correct, and the people you've heard warn about the risk of debt and overspending from credit cards are also correct: credit cards have their advantages, and having multiple cards can increase those advantages, but they also have their risks, and having multiple credit cards can increase those risks. I think, if you're considering applying for additional credit cards or increases in credit limit, these are a couple of questions to consider:

1) Do you pay off your credit card in full every month, or do you carry a balance? There are reasons to carry a balance on a credit card, but that's usually going to be one of the worst options for carrying debt, so if you're new to credit or have limited credit experience and you're not paying off your balance in full every month, that can indicate there are other things going on in your financial life that you would want to address before adding any additional credit. Otherwise, that additional credit could end up hurting rather than helping.

2) Do you make a budget and stick to it, or do you not track your spending? Having credit cards is having the opportunity to spend more each month than you're bringing in, so in having a credit card there is definitely the risk of over-spending and becoming burdened with unneccessary debt. Having more credit available to you can compound that risk, so I think it's important to know your means and that you can keep your spending within them before applying for additional revolving credit. A good rule-of-thumb that you'll often see quoted here is to use your credit cards like debit cards: don't put more on them than you currently have availble to pay them off in your checking account.

For me personally, I have 5 credit cards. Two of them are old accounts that I just keep open for age, so all I really do to manage those is 1) make a small purchase every few months so the card has activity and 2) check them regularly for fraud. The three remaining are active cards that I use regularly for the purchases that best fit their cash back rewards structure. I use the like-a-debit-card rule and keep a running total of their combined balances in my ledger that I subtract from my checking balance so I know how much money I actually have remaining for that pay period.

Re: How many credit cards do you have?

LakeLife — Thu, 27 Jun 2024 15:38:11 GMT

@michaelmorgan wrote:
I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

Read through the forum and look at people's signature for the number of cards. Manage them? Same way I mange everything. Not sure what you mean. Most people (me included) sock drawer most of them. I only have two cards that I use as daily drivers. Seriously, do a little research in the forum. There's a ton of great information here.

Re: How many credit cards do you have?

CreditCuriosity — Thu, 27 Jun 2024 15:49:58 GMT

Too many to list some people keep signature and some don't.

Re: How many credit cards do you have?

CreditCurious — Thu, 27 Jun 2024 16:26:20 GMT

Three cards.

Two travel cards and one general rewards card, all from different banks so that I am not subject to the whims of any given institution. I have enough credit capacity that my utilization is typically 2%-4%, and adding a different rewards card would only cannibalize spending from one of my existing cards, so why bother?

I like to keep my life simple, and three cards are easy to monitor for unauthorized charges, make sure they are paid in full and on time.

Re: How many credit cards do you have?

gingerflower — Thu, 27 Jun 2024 16:48:46 GMT

@CreditCuriosity Sounds like me to many but I manage to keep all Cc's under control.

Re: How many credit cards do you have?

Gregory1776 — Thu, 27 Jun 2024 18:51:33 GMT

I have 9 currently. I want to stress you being careful with opening credit cards if and when you dont have a nice amount of savings. When and if things get tough, or you dont make as much this year as last, if you dont watch your spending and be cautious it is easy to spend alot quickly especially with American culture encouraging us to get new stuff all the time.

In the past 6 weeks for example i could have not spent 800-900 dollars but i did. REI... its a mistake everytime i go there. Banana Republic had a nice jacket I decided i needed on a mannequin. same thing happened with REI. BR didnt help with my new simplicity card that got me 10% off a gift card ($450). Fortunately, i could afford the purchasing.

It is said all the time, when i started my credit journey 7 Years ago to not spend money on things you do not already buy. And i know that is very easily said and (for me) not as easy to do. For example, I am bringing home more money this year than i did last year, and the urge to open a new "Premium" CC is hitting me (Amex Platnium, or Marriot Bonvoy) for some real fancy vacations ive never planned on taking. the Platnium would require me to spend money in places I dont now, so it would be an absolute waste, and id be spending more money chasing a sign up bonus. Just remember, these credit cards wouldnt exist if they didnt make banks money. make your credit work for you, not you being a slave to debt: your paychecks already devoted to going towards debt payments.

As for advice in my ridiculously long comment, Get a couple that will WORK with what you already do.

Re: How many credit cards do you have?

CreditCuriosity — Thu, 27 Jun 2024 21:08:21 GMT

@Gregory1776 wrote:
I have 9 currently. I want to stress you being careful with opening credit cards if and when you dont have a nice amount of savings. When and if things get tough, or you dont make as much this year as last, if you dont watch your spending and be cautious it is easy to spend alot quickly especially with American culture encouraging us to get new stuff all the time.

In the past 6 weeks for example i could have not spent 800-900 dollars but i did. REI... its a mistake everytime i go there. Banana Republic had a nice jacket I decided i needed on a mannequin. same thing happened with REI. BR didnt help with my new simplicity card that got me 10% off a gift card ($450). Fortunately, i could afford the purchasing.

It is said all the time, when i started my credit journey 7 Years ago to not spend money on things you do not already buy. And i know that is very easily said and (for me) not as easy to do. For example, I am bringing home more money this year than i did last year, and the urge to open a new "Premium" CC is hitting me (Amex Platnium, or Marriot Bonvoy) for some real fancy vacations ive never planned on taking. the Platnium would require me to spend money in places I dont now, so it would be an absolute waste, and id be spending more money chasing a sign up bonus. Just remember, these credit cards wouldnt exist if they didnt make banks money. make your credit work for you, not you being a slave to debt: your paychecks already devoted to going towards debt payments.

As for advice in my ridiculously long comment, Get a couple that will WORK with what you already do.

You best bet is treat credit like cash and never charge what you cannot pay cash for and you will always come out ahead. If you want to keep up with the Jones and impress (not saying this is your) then credit certainly is goign to end up in a disaster for anyone that meets that scenario and add another to the BK category.

Re: How many credit cards do you have?

Anonymous — Thu, 27 Jun 2024 23:17:34 GMT

@michaelmorgan wrote:
I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

And what is your one card and any of your current scores?

Re: How many credit cards do you have?

Anonymous — Fri, 28 Jun 2024 00:02:09 GMT

@SouthJamaica wrote:
I would not want to have just one card with one issuer, because I would not want to have all my eggs in a single basket.
.

I strongly agree with this! Providing you have found a credit card to be useful, you need at least two, from different lenders, just in case something goes wrong with one.

And it's fine to stop there, or, if you want more rewards and feel able to handle multiple cards/bills, you can expand your collection as much as you want (or rather, as much as issuers allow)

Re: How many credit cards do you have?

Gmoney144 — Fri, 28 Jun 2024 07:32:43 GMT

@michaelmorgan wrote:
I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

i have 23 cards. 5 business and 18 personal. Most are dormant and socked away. I use 4-5 regularly and each is for a particular expenses such as groceries, utilities and entertainment. With all accounts I have it set to notify if there are charges to them. If I had to cull them I would keep Amex (4 cards), Chase (2 cards), U.S Bank (2 cards) cotibank(1 card) and Navy Fed(1 Card) The rest I do t need and rarely utilize.

Re: How many credit cards do you have?

MarkintheHV — Fri, 28 Jun 2024 08:41:19 GMT

@SouthJamaica wrote:

I would not want to have just one card with one issuer, because I would not want to have all my eggs in a single basket.

Agreed, and I go one step further, I make sure I have cards on different networks in addition to different issuers. While not very common at all, outages do occur. I seem to recall Visa had an outage last year.

Re: How many credit cards do you have?

michaelmorgan — Mon, 01 Jul 2024 05:41:31 GMT

Hey, thanks for sharing! Keeping it simple with just a few cards sounds smart. I get the less-is-more vibe—less hassle, less to worry about. It's all about what works best for you, right?

Re: How many credit cards do you have?

michaelmorgan — Mon, 01 Jul 2024 05:42:28 GMT

That's quite a lineup! It sounds like you've got a solid strategy in the works. I'm curious, what made you decide to trim down to 4-5 cards?