Too many credit cards?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Joined: Tue Mar 07, 2017 7:05 pm

Re: Too many credit cards?

Post by Jimmie » Thu Jan 10, 2019 9:49 am

Jefferson wrote:
Wed Jan 09, 2019 8:47 am
You always need a backup. It’s becoming more common for card banks to flag suspicious purchases. That’s great, but it also means that your card can get shut down until you call them.

Anyone who swears by one credit card and has been lucky so far has been playing Russian roulette. All it takes is one occurrence of a hack, a swipe-happy clerk, an inadvertent hold due to using your card out of town, a problem in your card issuer's system - ANYTHING. I have had many of these things (and others) stop a transaction temporarily and simply scratched my head wondering what the problem was. When I found out the problem later, it was usually a bonehead thing that was out of my control.

I personally am not comfortable with any of these potential problems ruining a vacation or night out. I keep four credit cards, use the heck out of the one with the most rewards, and keep the others "just in case".

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Re: Too many credit cards?

Post by benevo » Thu Jan 10, 2019 3:26 pm

delamer wrote:
Tue Jan 08, 2019 10:10 pm
If you are concerned about your credit score, than it probably would be better to put them away rather than cancelling.
And, use them once a year or so, so that they don't cancel them for you!

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Joined: Mon Mar 20, 2017 12:47 pm

Re: Too many credit cards?

Post by Ed_Sandwich » Thu Jan 10, 2019 4:04 pm

You should maybe think about the Capital One Venture card (with the annual fee) as this gets you 2% everywhere. (In a roundabout way; you have to redeem it for past travel/transport purchases like gas/uber/scooter rides/plane tickets/hotels, etc).

I just use that one and the Amazon card strictly for amazon purchases.

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Re: Too many credit cards?

Post by PeterParker » Thu Jan 10, 2019 4:08 pm

I think I have 10 credit cards.

1. CSP (2xr Dining/ travel, free primary rental insurance - I don't own a car, no Forex)
2. CFU (1.5 Ur ~ 3% return for me)
3. Discover (price rewind and average 4% return first year, 5% categories)
4. Hyatt (has earned $1000+ in hotel stays for only $150 in fees and zippo spend pretty much) - pays for itself
5. Barclays Arrival MasterCard (early card before I was maximizing awards; sock drawered but i like having an MC. Was first US chip + pin)
5. Amazon - 5% at Amazon and Whole Foods
6. Amex Everyday (25k+ MR bonus, preservers MR with no fee)
7. Amex Gold (50k+ Mr bonus, $100 signup, $100 airlines (2x double dip, potential 3x triple dip), $120 grubhub credits) 4x MR restaurant + grocery
8. Less interesting crapola (BOA, Macy's, etc)

Here's how it's easy to manage.

1. Set up full auto-pay on everything. Boom done.
2. Use or Personal Capital (I enjoy this one a lot) -- to see your all your credit card transactions + liabilities total in one place. Go through the list once or twice a month. Profit immensely from rewards.
3. Add whatever cards you intend to use daily Apple Pay or Android Pay. Double click + finger print scanner = I pay faster than anyone with a physical chip card, period. I'm out the door while they're fumbling with a wallet or waiting for the chip to read.

Personally I enjoy selecting which card I want to use to maximize rewards, though it's typically an MSR card. If that's too much for you, simplify. Stick with 1 or 2 cards.

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Re: Too many credit cards?

Post by fmhealth » Thu Jan 10, 2019 4:56 pm

I'm going to take a different approach here. With your income you could easily do some "manufactured spending" & generate a quick $3,000 in awards. That's real money!! I just finished another round using this strategy. It easy to implement & relatively simple to track.

If you're interested, try They have experts on their site that have brought this to an art form. Best of luck!

Be Well,

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