Asking because up until recently I had always thought 2-3 cards was the optimal number (idk why I feel like I just read this somewhere once before and it just stuck with me). Then recently I come to learn that some of my coworkers had upwards of 10 credit cards and it blew my mind. So I recently applied for 3 more cards and got them but I still think 5 cards is all I would ever need.
So how many cards do you have? For those who have close to 10 or more, why did you get so many? Was it for the rewards? The higher CL for credit utilization? Specific benefits? Just want to know.
Thanks 
EDIT: whoops I meant to put this under the "Credit Card" discussion forum, could a mod helpl me move this?
I moved your post. A good place to start is the search function. Your question comes up almost every month so if you search for ‘why so many’ for example, you will find multiple threads where posters discuss this very question.
Personally I have 40+. I have that many for one reason; rewards. The amount of miles and points I have would boggle your mind 
@Anonymous wrote:I moved your post. A good place to start is the search function. Your question comes up almost every month so if you search for ‘why so many’ for example, you will find multiple threads where posters discuss this very question.
Personally I have 40+. I have that many for one reason; rewards. The amount of miles and points I have would boggle your mind
Do you mind telling me a rough estimate of how much monetary value all your points would have? 
Also how do you manage 40+ cards?? How come you don't just close them after you redeemed the points or have you just not redeemed them yet? I feel like I'd lose track of so many cards...
@Anonymous wrote:
@Anonymous wrote:I moved your post. A good place to start is the search function. Your question comes up almost every month so if you search for ‘why so many’ for example, you will find multiple threads where posters discuss this very question.
Personally I have 40+. I have that many for one reason; rewards. The amount of miles and points I have would boggle your mind
Do you mind telling me a rough estimate of how much monetary value all your points would have?
Also how do you manage 40+ cards?? How come you don't just close them after you redeemed the points or have you just not redeemed them yet? I feel like I'd lose track of so many cards...
As for value, that is very dependent on how you redeem your miles/points. Just using ThePointsGuy valuations for the miles and points that I have, the value is over $80k. However I know when I redeem what I have I can and usually do far better than his assessments so the real value is much higher.
As for managing the cards, I use an Excel spread sheet that keeps track of all mine and my g/f’s who has 20+ Herself. I have redeemed quite a few of my miles and points in the past. I fly first class all the time and have travelled to Australia, Cancun, and St Lucia as well Vegas multiple times in the last few years and stayed in multiple 5 star hotels. I have several trips in the planning stage. With award tickets you need to plan well ahead, some more then a year in advance because depending on your plans, award flights can be very difficult to find and secure. Australia for example is one of the most difficult and I am already working a trip back there for early 2020.
I have cancelled a few cards but but keep most for several reasons. First, I continue to use the cards benefits in excess of their AFs (the annual fees of my cards together exceed $3k). Take the Citi Prestige for example. Despite the card’s benefits being nerfed the last few years, I have taken advantage of the card’s 4th night free for hotels multiple times and have saved thousands of dollars in hotel rooms when I haven’t paid for them using miles and points. The second and this is a big reason, is that most creditors have cracked down on ‘churners’ and you ultimately risk having your entire account shut down by several of them if you repeatedly get a card, use all the benefits and then cancel right before an annual fee is due.
Hope this answers your questions
I’ll keep it short as this has been discussed extensively over the years.
For me, currently 18 cards active with 159k limit, obtained 21 unsecured cards in 16 months from April, 15 to Aug, 16. Started with one secured card in July, 2014. Few reasons...
1). Number revolving accounts with balance. Each time mine crosses 1/3? TU FICO 8 drops 8~10pts, 12~15pts crosses 1/2, and 20pts drop when zero balance across the board reported. (only free way I have to monitoring score change is TU FICO 8 thru few Synchrony cards).
2). Obtained way more cards than I need early on, with the idea of those cards can age together to build solid base for AAoA especially once my old closed accounts roll off the report. To cut down the need/wants to obtaining new cards down the road. Taking short term scoring hit, in exchange of not needing to micromanage my utilizations over the long haul (tho I still do).
3). To an extend, more cards/limits would offer me more options if my financial hits the fan again, a la 2007. It can stretch my cash reserves.
Well I want to maximize my rewards/cash back so I have the 9 cards in my Signature and plan to get more that fit my needs... As long as your responsible it doesn't hurt to have a thick file with a bunch of accounts being managed properly..... I'm kinda fresh off the rebuilding phase and trying to create a base of cards I can have for the future...
Penfed Platinum Rewards .... Amazon card and Either a Amex Platinum or CSR and I think I'll be done unless something special with no annual fee comes along.....Not sure which premium card I want and don't think I can justify both so holding out on those for now
Penfed Platinum Rewards .... Amazon card and Either a Amex Platinum or CSR and I think I'll be done unless something special with no annual fee comes along.....Not sure which premium card I want and don't think I can justify both so holding out on those for now
