Purpose of multiple CC's

[Anonymous]

I auto-pay bills with a different card for each bill.  Some bills may not be much, like say, Netflix, but it shows usage and they get their transaction fee each month.

With that said, since all of them are showing usage without my really having to do anything I use my best cash back card for most of my purchases, i.e. Chase Freedom.

I keep an eye on the utility and if it looks like I'm getting close to the 15% utility mark I'll pay for any additional purchases for the month with the card with the highest credit limit.

[Anonymous]

I only have 2 CCs right now.... one of which was opened recently because of the idiots managing my other card I was previously using exclusively.  It's definitely a lot easier to manage one card especially if the company managing the card portfolio knows what they're doing.  I use to only carry around my BoA card but it's been a large hassle lately.  They temporarily froze my account 3 times this year because they let some jackass try out his/her naive fraud strategies.

I think realisitically you only need 2-3 cards but as i've discovered, it's a mistake to have only one.

[Anonymous]

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perfectuniverse1 wrote: 

Sometimes it seems easier to just get a really good card and use that only. [...]  Im just wondering because I see people with 10's of 1000s of $'s in credit card CL's over 9 CC's and Im wondering whats the purpose of it all? 

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I think you are correct about your thinking, and ideally that would be true. If you could get one card with a comfortable limit, good benefits, and good rewards, then theoretically you wouldn't ever need another card so long as you live.

But, there are many other variables. Practical reasons include: Banks change, lower limits or cut them off completely - so its always good to have a backup. Your credit score/profile rewards you (over time) for having/using/managing a number/variety of accounts and having large credit lines compared to usage (util).  Having and using specific cards provides discounts/rewards/perks for using and/or opening in the first place.

Some other reasons to have multiple cards include: Bragging rights. They look cool. They make you feel worthy. People like you and I come on here and read about all of these great cards everybody else has and we decide we just have to have them even though our current cards are essentially the same and serve us fine...

[Lambo23]

I've always been a fan of 1 card and 1 bank card. Now that I see what else is out there, I realize that say if you have amex or discover than you will need a backup Visa/MC incase the merchant does not accept them. I plan on having Amex as primary and Visa/MC with good rewards and no AF as a backup. When I first started reading this forum I became obsessed and wanted every prime card out there. What for? So I can juggle around the rewards for a year and earn a few dollars? Kind of pointless unless I am spending a TON of money on a monthly basis. Maybe someday. 

[GST2008]

I have six personal cards all together.  I have two older cards with OB, which I opened when I was rebuilding.  I don't use them too much, but since they are my oldest accounts and the limits are decent (2.2k and 2.4k), I keep them open and periodically give them some small use.  This actually worked out well since one of them converted to a rewards card at the end of 2010.  My OB Gold MC started giving cashback rewards w/ an introductory 5% on all purchases and I was able to do all of my holiday shopping on it and max it out for the $300 cash back cap.

I have two department store cards with Bloomingdale's and Nordstroms (7.9k and 6k, respectively) as that is where I shop for clothing.  I pay these in full each month but keep them because the limits are large and some of the perks to having the cards can be amazing.  The free gift wrap at Bloomingdale's during the hollidays is god sent and they do an amazing job and spare no expense on the paper and ribbon!  

Finally, I have my two everyday use cards, both are Barclays (4.1k and 6.5k).  I use one card for everyday purchases and the other is a back-up or for unexpected purchases.  These are the only two I really have to worry about paying or keeping track of with regards to purchases.  The others all get PIF at the end of the month.

I also have an AMEX Business Gold charge, which I use frequently for work.