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Quantity of Credit Cards

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Mega Contributor

Re: Quantity of Credit Cards


@Citylights18 wrote:


But you also receive a new credit card number when you order in a new card.

 

Not a worry for a card which you don't use for recurring bills.

 

While its technically possible to get into metal cards at the 25k-30k income range, very few in that range are pursuing them. Its big spenders that are attracted to them.


I don't think you always get a new card number if you are asking for a replacement (vs lost or stolen).   Maybe new exp date/CVV which you have to change, but you have to do that from time to time anyway.

 

Re big spenders attracted to metal cards:  I have no idea if that is true.   It seems here to be more the enthuasists who get excited, at least some subset of the big spenders are going to focus more on benefits.    Plus, as more move to mobile wallets, no-one sees the physical card.

Message 61 of 81
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Mega Contributor

Re: Quantity of Credit Cards


@Kforce wrote:

You would have more than 3, but probably not 15.

The lower the spend the closer to 3 and the higher you spend the closer to 15

I am a 7


 It probably should also depend on the "range" of spending.    If I spend a lot of money, but mainly on Amazon/Whole Foods (as indeed I do) I don't really need a whole range of cards.  If in addition travel wasn't important, Chase Amazon, a 3% everywhere and a 5% category card might be plenty

Message 62 of 81
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Valued Contributor

Re: Quantity of Credit Cards

For me it started as a rebuilding process after my bankruptcy. Now 46 cards later, it has turned in a hobby. 

Every card as a purpose and is used for that purpose.  I get 4% on eating out and catering on the Capital One Savor card, and it's metal! I get 6% CB on groceries with my Amex. I get 0 interest and 90 day to pay on my Amazon Prime Amex.

 

I keep a spreadsheet to track all my accounts and have reminders set in Outlook to make sure payments are made on time. This works for me.

There is no right or wrong answer here. It's what is right for you.

 

Guyatthebeach

 

Message 63 of 81
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Super Contributor

Re: Quantity of Credit Cards

All my cards all have a purpose, but sometimes that "purpose" can be very weak or speculative...

 

I keep QS for $5 off on Postmates, even though I don't use it much and already get monthly credits to Uber via Amex, along with decent promotions.

I keep Arrival for its backup PIN feature, even though contactless payments make the value of a PIN card a little more questionable.

I keep CFU and DC in the event I ever get back into URs or TYs, even though I'm quite happy with BBP and PR.

I keep ED in the event it gets some good offers...but it has been ages since it got anything my other 5 Amex cards didn't.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 64 of 81
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Mega Contributor

Re: Quantity of Credit Cards


@wasCB14 wrote:

All my cards all have a purpose, but sometimes that "purpose" can be very weak or speculative...

 

 


Right!  I have a postulate (LTL 25th) that when someone has more than X cards, and says "each has a purpose", they are either wrong or mean purpose in the weak sense referred to be wasCB14.    One test is what would really change if one of those cards got taken away.   Often, nothing!

 

X is determined to be 1 more than I have, as all my cards have a purpose.

Message 65 of 81
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Super Contributor

Re: Quantity of Credit Cards


@longtimelurker wrote:

@Citylights18 wrote:


But you also receive a new credit card number when you order in a new card.

 

Not a worry for a card which you don't use for recurring bills.

 

While its technically possible to get into metal cards at the 25k-30k income range, very few in that range are pursuing them. Its big spenders that are attracted to them.


I don't think you always get a new card number if you are asking for a replacement (vs lost or stolen).   Maybe new exp date/CVV which you have to change, but you have to do that from time to time anyway.

 

Re big spenders attracted to metal cards:  I have no idea if that is true.   It seems here to be more the enthuasists who get excited, at least some subset of the big spenders are going to focus more on benefits.    Plus, as more move to mobile wallets, no-one sees the physical card.


It's kind of weird when you think about it...

 

A few cents' worth of metal are supposed to send the message of financial success.

Yet many children walk around buying things with ~$800 technological wonders.

 

Plastic = caveman club

Metal = bigger caveman club

Mobile = wizard staff

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 66 of 81
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Super Contributor

Re: Quantity of Credit Cards

It is also interesting to me how we can talk ourselves into keeping a card that provides minimal to no benefit. Sure, in many cases, it's not costing you anything financially - just the hassle of maintaining the account and tracking for fraud etc. And if it has no AF, no pressing need to close it. But it's just interesting how we can come up with some really niche reasons to keep a card, when most people wouldn't be thinking twice if they no longer had a major regular use for it.

Message 67 of 81
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Super Contributor

Re: Quantity of Credit Cards


@kdm31091 wrote:

It is also interesting to me how we can talk ourselves into keeping a card that provides minimal to no benefit. Sure, in many cases, it's not costing you anything financially - just the hassle of maintaining the account and tracking for fraud etc. And if it has no AF, no pressing need to close it. But it's just interesting how we can come up with some really niche reasons to keep a card, when most people wouldn't be thinking twice if they no longer had a major regular use for it.


As I shuffled though my cards the other day, I actually thought to myself...

 

"When covid diminishes I'll want to travel overseas again. Would it be bad to only have 5 no-FTF Visa/MC products in case my card info is stolen on a few products?"

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 68 of 81
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Moderator

Re: Quantity of Credit Cards

I really have a strong dislike for "most people dont ..." talk 

If by most people one means "mostly uninformed people", then yes, they are very likely to do "most people things" 

 

 

07/11/2020 Confession time...sometimes I dont put shopping cart back where it should go, and I stole lipstick when I was 11. Used it for drawing (works better than watercolors).
Message 69 of 81
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Super Contributor

Re: Quantity of Credit Cards


@Remedios wrote:

I really have a strong dislike for "most people dont ..." talk 

If by most people one means "mostly uninformed people", then yes, they are very likely to do "most people things" 


And when we take non-enthusiasts into account, there are many more options beyond "keep active" and "close", such as:

 

Stop using the card

Lose the card in the sofa cushions

Forget you ever had it

Turn it into a cleaning tool

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 70 of 81
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