Is there such a thing as too many cards?

[Kforce]

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@Anonymous wrote:

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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, Shows how few know how to do math 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

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A lot of people need to improve math skills.

[Minimalist]

I am in a rebuilding phase and am currently in possession of only a Credit One VISA with a $300 limit (yes, I know!)

I'm on the side of credit minimalism (hence the username) where 3 will be more than enough for me when the time is right. 

Right now it's all about Finances over FICO and establishing some cash reserves before anything else.

Everybody's different.

[Tdatb64]

I just started the credit game less than 4 years ago. I'm currently at 13 cards open/1 closed. There are quite a few more I have my eye on for the next couple of years, then I'll probably start consolidating limits & cutting cards. Like most, I think "too many" is reached when you start to have difficulty managing them. I guess it would also depend on whether or not you are a churner, as churning more than 2 or 3 cards at once can be a stretch.

[Minimalist]

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@Tdatb64 wrote:

 I guess it would also depend on whether or not you are a churner, as churning more than 2 or 3 cards at once can be a stretch.

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Honestly, am not now, never have been, and never will be.  I don't see the point, but I'm also not one that travels frequently (not airline travel anyway). 

[Anonymous]

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@Minimalist wrote:

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@Tdatb64 wrote:

 I guess it would also depend on whether or not you are a churner, as churning more than 2 or 3 cards at once can be a stretch.

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Honestly, am not now, never have been, and never will be.  I don't see the point, but I'm also not one that travels frequently (not airline travel anyway). 

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Well, the point is fairly clear, to keep gaining rewards whether cashback or travel.   But certainly not for everyone and not terribly easy to do with a minimilist goal.

[FicoMike0]

I started about two years ago, I have nine cards. I think that's enough for me. I'm presently meeting spend for two subs, I'm sub crazy! After the subs are met I'll have to sort the spend cats. I have two usb cards turning 12 months in the next few. One has a fee, I expect I'll pc both to cash+. The only other fee card I have is flagship, $49, which I'll probably keep for the free prime.

[Minimalist]

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@FicoMike0 wrote:

I started about two years ago, I have nine cards. I think that's enough for me. I'm presently meeting spend for two subs, I'm sub crazy! After the subs are met I'll have to sort the spend cats. I have two usb cards turning 12 months in the next few. One has a fee, I expect I'll pc both to cash+. The only other fee card I have is flagship, $49, which I'll probably keep for the free prime.

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Good luck.

[FicoMike0]

I have two cards and a checking each with usb and amex, that makes it a little easier to manage. I have three cards that are mostly sock drawer. I manage to let four or fewer report each month pretty easily. My aggregate limit is about $70,000, i  never spend near $6300, so 9% is not an issue. This month I did pay one early to avoid 29% individual.

I keep doing clis, trying to get the lower limit cards high enough to clear the 29% limit.

[Gunnerboy]

"Enough" or "too many" are personal subjects.  Just my opinion, once you start asking about "too many" (for yourself), that could be your subconscious telling you, more may not be wise..

[Sixburgh79]

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@Gunnerboy wrote:

"Enough" or "too many" are personal subjects.  Just my opinion, once you start asking about "too many" (for yourself), that could be your subconscious telling you, more may not be wise..

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Well it's not that, I have many accounts and manage them fine... I just enjoy new cards and I'm simply curious when it comes to how it looks on one's credit file if it's a negative or as long as they're managed if it's a good thing ultimately.