How many credit cards is too many?

[Dragonyeuw]

I have 1, and have had that for 15 years, $2,000 limit. I could easily apply for more as I never carry a balance over a month or two and have a great history of payments, but I don't want the temptation that comes with more credit. I'm pretty adverse to debt period, I bought a house at 24 and hope to have it paid off in 8 years or less( will be 45 by then), then I'll be completely debt-free, and I plan to stay that way.

[enayes]

That's a very bad idea.

Not if you can control your spending. Free money is free money. The offers are there for people to take advantage of. I guess I'm lucky that most people just run up their credit cards and end up paying interest, if it wasn't for those people these $200 sign up bonuses probably wouldn't be offered.

[enayes]

#likeaboss

[russwest0]

I think 3 cards is a good amount.

one thats two percent cash back, one that rotates around on 5%, and another with some kind of rare reward that the other two dont have

[bagelred]

Just have my American Express Centurion card. I recommend it.

[sundizz]

Yeah, I have a bunch of cards - probably 10+ total lines of credit.

If you are organized and know how to use them it really doesn't matter how many you have.

I simply don't want to cancel them because it'll negatively affect my credit score. The amount of debt vs. the amount of your total limit is a pretty big part of your credit score (and I want low rates when I buy a house).

For example,

Person A
$500 balance out of $1,500 total available

Person B
$6,000 balance out of $45,000 available.

Even though the Person B has much more debt their ratio is significantly better and that equals a better credit score (all other factors held equal).

[enayes]

Yeah, I have a bunch of cards - probably 10+ total lines of credit.

If you are organized and know how to use them it really doesn't matter how many you have.

I simply don't want to cancel them because it'll negatively affect my credit score. The amount of debt vs. the amount of your total limit is a pretty big part of your credit score (and I want low rates when I buy a house).

For example,

Person A
$500 balance out of $1,500 total available

Person B
$6,000 balance out of $45,000 available.

Even though the Person B has much more debt their ratio is significantly better and that equals a better credit score (all other factors held equal).

This has proven to be a very difficult concept for many members of this forum.

[enayes]

Showing some love for the credit cards. I've been keeping my active # of cards at 10 or below. And I by active, I mean open. I never have more than 2-3 cards with a balance on them.

I'd like to point out that I have still NEVER PAID A DIME OF INTEREST on any of my cards.

I have been a little more risky though. I've found myself seeking out cards with 12-15 months of 0% APR so I can spend a few thousand without having to pay it off right away. It hasn't hurt me yet and I've been able to stay on top of them all.

#3300

[Velocirap31]

I got my first credit card last year and they started me off with a 30,000 limit, kind of ridiculous. I've never had more than 500 on it at a time so far. It's a 1.5% cashback card though which is cool. I made 60 bucks last year with it and no interest paid over the year.

Getting your first credit card at 26 is probably rare, but I never liked the idea of them. However, now the big banks rip you off on transactions and give 0 interest on balances so screw them and debit cards.

[Jailblazers7]

I have two. One for monthly expenses (cable, utilities, etc) & one for daily expenses (food, drinks, Uber). Pay each off monthly. The capital one card I have is awesome because it gets me 20% off all Uber transactions.

[enayes]

it's not difficult if you're invested in small petty hustling like you. seriously, is a $200 enrollment bonus on every 10 credit cards make that much of a difference in your life?

I got a Chase Amazon card, Discover and Chase Freedom...really enough to get rewards points on my daily "needs" purchases. $0 interest fee for the past 4 years. It's not hard difficult to do. 3-4 cards is enough....10-11 cards like you have, it reeks desperation. plus, you gotta keep an eye out on all 10 cards...just less convenient in my opinion.

you're better off learning some new skills for passive income than this.

It's more than just the money, but yes earning $100-$200 per card for spending money I was already going to spend is worth it. But you can earn more than just extra cash.

I stayed 2 nights at a Park Hyatt in NYC to start off my honeymoon for FREE. Rooms at the hotel go for $400-600 per night. I also have a ton of miles built up on my travel cards. I have the ability to book 2-roundtrip tickets from Boston to Ireland for around $100 each, these tickets usually go for around $1000 a piece. I've been trying to get my parents to use them so they could go but my mom has not gotten her passport yet.

It really doesn't take up much of my time, and I haven't gotten very many new cards since I made this thread last year. (mainly because I've already used the best offers)

[enayes]

^ yeah, i know the rewards you can accumulate for your daily-life purchases. cash back, free stays at hotels, all good. 3 or 4 cards seems enough to me. 10 seems a lot.

i supposed, if you open it all but stash them away once you got your bonus enrollment money then, it's ok.

it just seems like you're encouraging people to take advantage of credit card rewards. i dont think that's the right mindset for most people since a lot people are in CC debt.

That's what I do. I keep 2 cards in my wallet and my others are stored away at home with a $0 balance. I keep most open and I tend to close any that have a yearly fee coming up.

And I agree that encouraging people to get more cards isn't the best option. That's not what I'm trying to do. I want people to know what CAN BE DONE if you're able to stay in control of your spending.

I had a female coworker that was almost 40 that was convinced that it was IMPOSSIBLE to use a credit card on all our purchases and not pay any interest. She honestly thought that interest was inevitable. I tried to explain to her about 0% APR periods and the fact that if you pay off your statement balance each month you're fine. She couldn't comprehend.

So I guess that's the main reason I've enjoyed making threads on credit cards. I hope to enlighten the select few on here that may have shared the same view on credit cards as my coworker.

[NumberSix]

Two

[bigkingsfan]

Get at least :
A 2% cashback CC, for purchases that doesn't fall anywhere below.
Amex for Extended Warranty and car rental insurance etc.
Discover IT if you shop online, quarter bonuses and the cashback portal is worth it.
A Visa with no foreign transaction fee, more accepted worldwide for someone that travels.

[enayes]

I just tallied up my total of open/closed accounts.

I currently have 9 active cards and 8 closed ones. So I've been approved for 17 cards since 2013.

Once again, never paid any interest, only opened so many to gain lucrative rewards.