Personal Finance

How many credit cards do you have?

  • Last Updated:
  • Mar 6th, 2015 1:17 pm
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Jr. Member
Jun 17, 2011
194 posts
30 upvotes
MAPLE

How many credit cards do you have?

I ask because I was talking to a dude who said he had 10 credit cards and I couldn't help but think "What is the point"? I can see the benefit of having more than 1 or 2 CCs... but 10?

Personally, I have 2. But I only use 1 of them. I'm just curious what the general consensus is.
42 replies
Deal Addict
Sep 20, 2014
1637 posts
852 upvotes
Toronto, ON, CA
Incentives - they're probably at an all-time high right now. I've made around a good $1500 in cash-back, sign-up bonuses, referrals, etc. since 2010.
Jr. Member
Jun 17, 2011
194 posts
30 upvotes
MAPLE
2009M5 wrote: Incentives - they're probably at an all-time high right now. I've made around a good $1500 in cash-back, sign-up bonuses, referrals, etc. since 2010.
That's pretty good.
Sr. Member
Feb 10, 2015
608 posts
228 upvotes
I've got two soon to be three. One is my card, one is a joint card with my partner and the third will also be a joint card with my partner but once we have the new one the other joint one will just sit.
Sr. Member
Aug 1, 2005
581 posts
113 upvotes
One, PC World Mastercard, works for me. Is free.
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
I've read in a few places that you should have 3-5 credit cards, as this (allegedly) builds up credit faster. People with the highest credit ratings usually use more cards than that, and use up no more than 7% of their collective credit limit.

To me, juggling more than 3 cards is just too much work.
Deal Addict
User avatar
Jan 4, 2009
4191 posts
5291 upvotes
on the links!
47...which, coincidentally, is the the same number of times this question has been previously posted.
Jr. Member
Jun 17, 2011
194 posts
30 upvotes
MAPLE
Sauerkraut wrote: 47...which, coincidentally, is the the same number of times this question has been previously posted.
I'm sorry I don't frequent the forum on a regular basis.
Newbie
May 19, 2013
92 posts
16 upvotes
Nova Scotia
11. I use them for various benefits and miles accumulation. Signup bonuses and the points and miles accumulation have been worth about $ 9000 in the last year and a half when exchanged for flights, hotels, groceries, etc. The benefits far outweigh the few extra minutes a month it takes to manage them.
Deal Guru
User avatar
Mar 1, 2004
12861 posts
1485 upvotes
Pickering
Ubereem wrote: I'm sorry I don't frequent the forum on a regular basis.
Attend class more often then!

I have two. One for each hand. Apparently my credit card number appeared in the Home Depot data breach, so my card was reissued. I use a World Elite Aventura M/C. Lucky I keep a slightly lover level Platinum Visa because I had to buy things that week and the card still has beneficial coverage. I have had the Aventura card since it came out in Feb 2011. I have paid for two return flights from Toronto to Arizona and I have enough points to do it again.
Deal Addict
Mar 11, 2007
4391 posts
1505 upvotes
QC
3

Capital One that I use for my personal use
Chase Amazon, US use only
MBNA for joint account

I had over the least few year other card but I cancel them after a few month (Tim Horton, Canadian Tire, another MBNA).
Deal Addict
Apr 19, 2010
3071 posts
1585 upvotes
Costco Cap One
Canadian Tire World Mastercard
PC World Financial MC
RBC Visa - So I get free banking (never used it once)

So I guess 4.
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
I've got six Canadian credit cards (soon to be five) and one US-issued credit card at the moment. Only carry three of them in my wallet on a regular basis though.
Sr. Member
User avatar
Apr 5, 2009
948 posts
334 upvotes
Toronto
I went on a bit of a sign up spree in the last 3 months and between all the intro offers and referral bonuses, my partner and I have accumulated almost $2500 in rewards. Some of those offers are no longer available, but perhaps in half a year there will be new ones to apply for, or simply churn remaining ones.

I would say 10 is nothing to worry about, unless you actually carry all of them with you (in which case I feel sorry for your Costanza wallet).
Member
Oct 19, 2013
379 posts
121 upvotes
Toronto, ON
2 cards:

1) RBC Visa Gold Preferred that I've had for 24 years.

2) AMEX that I've had for 9 years.

Other than Costco, one of my cards will be accepted where I shop.
Deal Addict
Aug 31, 2014
1505 posts
564 upvotes
YVR, BC
3

RBC Cashback MC
RBC Infinite Avion
RBC Westjet World Elite
Deal Fanatic
Aug 27, 2004
7673 posts
1131 upvotes
Toronto, ON
I have... hmmm... 7? mostly because I don't want to bother cancelling useless cards (Walmart MC, I'm looking at YOU).

Realistically, one needs a main card, and then after that, it's a question of various features. e.g. Amazon card for foreign exchange transactions, Costco MC for restaurants, etc. Unless one is a churner like many on RFD, of course.

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