Is there such a thing as too many cards?

[Sixburgh79]

I know there is if someone doesn't manage them well, but if cared for... How many is too many or is there such a thing?

I have a bunch of cards but I love apping for cards when needed, but there's some I sometimes I get the urge to app for but I think maybe I have too many. I realize you don't want tons of inquiries obviously either, but if over the course of time is it still a good thing to sorta keep building to have higher overall available credit? 

[coldfusion]

You need to be have the desire and ability to keep yourself motivated enough to properly keep track of each of them religiously to avoid missed payments and protect against fraudulent use, and to exercise each of them appropriately enough to keep issuers from closing them due to insufficient use.   Some people don't want to be bothered with more than a handful, others can and do keep track of over 100 open cards. (I'm at about 70 cards, not motivated to take on any others unless it's a better card than one I already have that I'd be motivated to replace)

It also can get to a point where you have redundant cards for your redundant cards.  How many 2% cashback cards can most people effectively use?

[Sixburgh79]

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@coldfusion wrote:

You need to be have the desire and ability to keep yourself motivated enough to properly keep track of each of them religiously to avoid missed payments and protect against fraudulent use, and to exercise each of them appropriately enough to keep issuers from closing them due to insufficient use.   Some people don't want to be bothered with more than a handful, others can and do keep track of over 100 open cards. (I'm at about 70 cards, not motivated to take on any others unless it's a better card than one I already have that I'd be motivated to replace)

It also can get to a point where you have redundant cards for your redundant cards.  How many 2% cashback cards can most people effectively use?

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Ah I see. There's something fun about getting a new card and putting a few bucks on it then just paying it right off lol but you are a perfect candidate for what I'm curious about. So what about dormant cards, does that happen to you or do you just constantly rotate cards to use them if when a little? 

[12njoy]

I have about 93 cards to which I manage using a spreadsheet to keep track of useage.  To each his or her own.  As previously mentioned, some may prefer a couple, a handful, or many.  Obviously I'm on the ladder end.  For me, credit is a hobby.  I would never recommend my methodology to anyone but for everyone to find their own niche.  I've utilized almost all my point spread/cashback of all my cards to enjoy free or deeply discounted trips over the years to Hawaii, Orlando, Miami, LA and most recently a European stroll to London, Amsterdam and Paris.  Perfect example of using my points/cashback:  The Europe trip saw me stay at the Conrad St. James in London (5*) for three nights, one night at the W Amsterdam (3.6*) and three nights at the Waldorf Astoria Versailles-Trianon (4.5*) not to mention Eurostar train rides between the three cities plus a little spending cash.  All in all I only spent an additional $300 in cash for the Waldorf stay (the rest of the hotels and Eurostar were covered by points/cashback).  I also expended $350 USD in spending cash between the three cities.  Still have $1,100 cashback between US Bank Altitude and Amex BCP.  The point being if cards are used correctly, they can be of great benefit.  Now that the vast majority of my cards have no point value (I don't spend to make new debt) I use the cards to extend credit to myself interest free by charging after statement closures to give me nearly 50 days to pay in full (interest free).  I pay everything possible with credit cards and/or Plastiq.  Sure there's a fee for Plastiq but I've used it to help with CLI's with several cards and when I use my Paypal Mastercard I get 2% cashback part of which covers the 2.9% Plastiq fee.  I also stomach the annual fees I have on 10 of these cards with the US Bank Altitude and Delta Reserve being the highest.  Both of these cards have great benefits which help offset the annual fees though (IMO).  I have one one  regret .  Chase, BofA and Barclays all issued CLD's throughout this journey over the years while Synchrony just shut me down. I eventually ended up closing the rest.  I'm back in with BofA with great cards/limits (2) the same with Synchrony (just 3 cards now) and one card with Barclays with a halfway decent limit and no AF.  Chase however is a thing of the past thanks to 5/24   That was a mouthful but to answer your question it depends on the individual.  No one size fits all.  That's my story and I'm sticking to it      

[Sixburgh79]

12enjoy that is incredible to read about thanks for that..so all in all tho of maintained it isn't like a major negative to have many cards. 

But do cards get shut down due to inactivity any? Is that any type of a major hit or is it like oh well it isn't a major hit to one's credit score? 

[12njoy]

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@Sixburgh79 wrote:

12enjoy that is incredible to read about thanks for that..so all in all tho of maintained it isn't like a major negative to have many cards. 

But do cards get shut down due to inactivity any? Is that any type of a major hit or is it like oh well it isn't a major hit to one's credit score? 

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I've had cards shut down due to lack or limited useage.  Most recently X1 reduced my limit from 30k to 10k.  I ended up closing the card.  Others have just plain shut me down like Synchrony.  I have enough cards/limits with no debt so my credit score hasn't taken a hit due to utlization, debt or average age of accounts.

[Rogue46]

If you don't carry balances and always pay in full you only really need 3 cards to build positive credit. I played the same game as many here apping for every new flavor of the month but I really only use like 3 or 4 of the cards I have regularly so it becomes a whole other game trying to put a small charge on the unused cards so they don't get closed. 

So to answer your question if you can and want to maintain a large amount of cards then go for it.

[ElvisCaprice]

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@Rogue46 wrote:

If you don't carry balances and always pay in full you only really need 3 cards to build positive credit. I played the same game as many here apping for every new flavor of the month but I really only use like 3 or 4 of the cards I have regularly so it becomes a whole other game trying to put a small charge on the unused cards so they don't get closed. 

So to answer your question if you can and want to maintain a large amount of cards then go for it.

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I'm closer to this camp.  I only get what is needed for the BEST return for MY spend/lifestyle.  TCL included.  The rest is SUB churning for the ultimate return.  Paying bills on time in full is all you need for building and maintaining a good score.  

For myself, gathering cards for the sake of seeing how many I can attain along with TCL seems like a game of futility.  But if you enjoy this and you can maintain them, have at it.  It won't hurt.

[Kforce]

Being very old, I started with credit cards when they had no rewards, so for ~15 years I only had a couple of cards. Had no issue buying cars, houses, toys, etc. Fico scores grew to 850.  Decided I was a fool for not getting a few reward credit cards.  (Found the MyFico Forum) , over the next ~10 years or so I ended up with about 13 cards. 

Personally I found that a lot of time was required for the small increase in rewards.  I started cutting down the number of cards. This was a lot harder than getting cards.  I rationalized that I should keep a reasonable total CL, have a back-up set of cards, keep old cards because of age, keep a card with issuer "x" because  it might be needed for a product change, etc.

All current spend is on three cards.

Three 25+ year old cards for age and two more as a backup set.

One of the backup cards is going to be closed May or April.

As @coldfusion said "How nany 2% cards do I really need".  

If not for Fico's scoring and needing cards for age I could easily close 3 more.

From a use and rewards view 3 cards is all I need or want.

The problem is how Fico scores and not wanting to "shoot my self in the foot".

Will have to keep a few sock drawer cards alive, even if I feel I am being held hostage.

[Anonymous]

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@coldfusion wrote:

  How many 2% cashback cards can most people effectively use?

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A recent study [LTB Corp Research Study 2024-1432c] showed the answer is 17 if "most" is taken as 75%+ of US credit card holders, and "effective" means both of

a) getting at least $5 per year on each card

b) not closing a 2% card within the 5 year study