Why do you need so many credit cards?

Anonymous · ‎11-20-2015

Why do some people get so many credit cards?

Do they even use them all every month?

Is having 10 credit cards at $5k CL better than having 3 credit cards at $15K CL?

FinStar · ‎11-20-2015

@Anonymous wrote:
Why do some people get so many credit cards? Why not? Different products for different lifestyles. Lender diversification, anyone? Some individuals are perfectly fine with 3 or 5 or 10, some like having more. Choices.
Do they even use them all every month? Yup, you bet.

Is having 10 credit cards at $5k CL better than having 3 credit cards at $15K CL? "@Anonymous" is a matter of perspective and depends on the individual situation, everyone's goals are different. Also, some prefer simplicity so 3 @ 15K is fine, for others 10 @ $5K works just as well. Responsibility is key.

Anonymous · ‎11-20-2015

1) I don't "need" so many cards, but I love the rewards/perks I get on each of mine. I like to maximize my cashback and with all the categories I have covered with my collection of cards, my return on my spending is between 3-4%. It doesn't seem like a lot, but it adds up very fast.

2) I do use all of mine virtually every month.

3) That depends on what you value. Some people prefer high limits. I personally would prefer to have 10 diverse credit cards with lower limits that maximize my cashback.

myjourney · ‎11-20-2015

@FinStar wrote:
@Anonymous wrote:
Why do some people get so many credit cards? Why not? Different products for different lifestyles. Lender diversification, anyone? Some individuals are perfectly fine with 3 or 5 or 10, some like having more. Choices.
Do they even use them all every month? Yup, you bet.

Is having 10 credit cards at $5k CL better than having 3 credit cards at $15K CL? "@Anonymous" is a matter of perspective and depends on the individual situation, everyone's goals are different. Also, some prefer simplicity so 3 @ 15K is fine, for others 10 @ $5K works just as well. Responsibility is key.

+1 and to extend this answer:

Cause I can ....

I enjoy the rewards, the chase and the conquest when I get a another bonus and see the words approved

However don't get me wrong if I didn't build a solid foundation over time with credit ....most likely I would see less approvals, no rewards and my bonus would be a high APR

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Anonymous · ‎11-20-2015

It all depends on your goals. I just got $25 statement credit for utilizing Amex offers on a card I try not to use because it has no other real benefits. Some cards offer more attractive offers or protections for what I am planning. E.g. Extended warranty for items is good for electronics that are prone to breaking or specific travel insurance for rentals or airline tix. I am possibly also one of those rare birds who actually use the concierge services for WEMC and Visa Sig (not interested in Amex's conc.). Now if I were a millionaire and a paltry bonus wouldn't matter one way or another, then I suppose some cards would go by the wayside, but I like my variety of cards and I like having multiple lenders. I HAVE had one CC company do AA without my knowledge - found out they closed my account which I had been paying on time when I tried to buy something overseas. Best to have backups.

elim · ‎11-20-2015

i'm a paid (with HP's) member of the flavor of the month club.

they paid for the big vacation this year and will again next year.

:]

i also like seeing the 256 green marks to date on my reports

Open123 · ‎11-20-2015

And, in addition to the above, I just "like" credit cards. I enjoy opening them, reading about a new rewards program, exploring a new online experience, and receiving bonuses/perks for partaking in the hobby.

For me, it's just a lot of fun to maximize rewards, both travel and cash.

FinStar · ‎11-20-2015

@Open123 wrote:
And, in addition to the above, I just "like" credit cards. I enjoy opening them, reading about a new rewards program, exploring a new online experience, and receiving bonuses/perks for partaking in the hobby.

For me, it's just a lot of fun to maximize rewards, both travel and cash.

Open...you turned green! Congrats on the new rank! Sorry,, sidetrack

Open123 · ‎11-20-2015

@FinStar wrote:
@Open123 wrote:
And, in addition to the above, I just "like" credit cards. I enjoy opening them, reading about a new rewards program, exploring a new online experience, and receiving bonuses/perks for partaking in the hobby.

For me, it's just a lot of fun to maximize rewards, both travel and cash.
Open...you turned green! Congrats on the new rank! Sorry,, sidetrack

LOL...thanks! I should have officially turned "green" the moment I caught a glimps of your Black Fid Amex!

myjourney · ‎11-20-2015

@Open123 wrote:
@FinStar wrote:
@Open123 wrote:
And, in addition to the above, I just "like" credit cards. I enjoy opening them, reading about a new rewards program, exploring a new online experience, and receiving bonuses/perks for partaking in the hobby.

For me, it's just a lot of fun to maximize rewards, both travel and cash.
Open...you turned green! Congrats on the new rank! Sorry,, sidetrack
LOL...thanks! I should have officially turned "green" the moment I caught a glimps of your Black Fid Amex!

Classic Lol

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?