Credit Cards

Too many credit cards, am I the only one?

  • Last Updated:
  • Jan 25th, 2019 12:14 am
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[OP]
Member
Mar 7, 2008
246 posts
58 upvotes
Saskatchewan

Too many credit cards, am I the only one?

So I have five credit cards right now and really want to cut down on it. Each one has its own feature. In facts, I want to apply for more... this has gone to stop.

Current CC list:
Home Trust - no foreign exchange fee
Tangerine - 2% restaurant and recurring bill
Scotia - 4% groceries, no annual fee for one year
PCF WE - 7cent off superstore gas, 1% everything else and instant credit
Cibc aerogold business - no annual fee for one year

Here is my tentative plan:
- cancel both CIBC and Scotia CC before annual fee kicks in. Than apply for CIBC dividend 4% groceries with free first year fee waived
- apply for Simplii to take advantage of 4% restaurant. Debating cancelling tangerine but it offers 2% recurring bills

What’s your suggestions?
118 replies
Member
Oct 29, 2018
243 posts
123 upvotes
Will they waive fyf on dividend because you previously held aerogold?
Sr. Member
Feb 1, 2018
806 posts
828 upvotes
Montréal
Hmmm. I'd say get the Rogers WE for the 1.75% across the board. Cancel Tangerine, CIBC, and Scotia. The extra 0.25% on the Tangerine categories isn't worth carrying an extra card around, and the AF on the Scotia and CIBC would make them not all that useful.

You may be able to cancel Home Trust if you use the Rogers for the 4% CB on foreign transactions too... though since the HT has no AF, it could still be useful in cases where you make foreign currency returns.
Deal Addict
Dec 16, 2017
2073 posts
817 upvotes
Raincouver
that isn't too many. Annual fee card is amazing if you return exceeded the cost + cash back earned by the no fee card.
Personally I won't cancel Tangerine - there are good categories to utilize for a no-heavy loblaw shopper.

FYI, CIBC DIVIDEND may not be FYF.
My set is more or less similar, I also have a US portfolio w/ approximately the same amount
CAN/USA Cross Border Banking

Netflix? Bill me in Turkish Lira, Watch Me around the world.
Member
Dec 5, 2009
265 posts
124 upvotes
Personally I wouldn't cut down just because you think 5 is a large number (I have 7 lol). Consider other things such as whether you're getting value out of everything/annual fees you pay and whether you think it's a headache to manage that many accounts.
Member
Aug 5, 2018
350 posts
370 upvotes
THINKPOD wrote:
Jan 14th, 2019 4:09 pm
Here is my tentative plan:
- cancel both CIBC and Scotia CC before annual fee kicks in. Than apply for CIBC dividend 4% groceries with free first year fee waived


What’s your suggestions?
trmc604 wrote:
Jan 14th, 2019 4:13 pm
Will they waive fyf on dividend because you previously held aerogold?
Risky plan.

There is a data point of someone on RFD who argued with some supervisor, to get fyf for cibc dividend (4% groceries).
His only cibc card is a business card, and he argued it shouldn't count him out as a 'first time card holder' for personal cards.
(FYF only given to first time cibc card holders)

OP, you are essentially trying to do the same thing.
Be prepared that your annual fee will hit with no rebate, and fight with reps/supervisors...

Consider instead (if grocery is your thing):
Apply through rate supermarket for $100 cashback on meridian infinite visa FYF, also 4% grocery


If you are looking for high sign up bonus, BMO has 2 cards with $300+ sign up bonus.
They won't approve both to you in a short time frame. The promos expires end of march and feb.

https://forums.redflagdeals.com/bmo-air ... #p30420301

https://forums.redflagdeals.com/bmo-rew ... #p30370253
Deal Addict
Nov 6, 2003
3412 posts
296 upvotes
Calgary
According to Creditkarma, I have had 62 credit cards, but only 11 are active, not including four US based credit cards which are not shown in CreditKarma.ca
Deal Addict
Oct 4, 2009
2250 posts
972 upvotes
Montreal
Agree with others.

RFD membership should be revoked immediately for suggesting 5 is too many.
[OP]
Member
Mar 7, 2008
246 posts
58 upvotes
Saskatchewan
LoL so five is acceptable in today's standard.....

So not a lot of love with Simplii MC?
Deal Fanatic
User avatar
May 7, 2007
6649 posts
2034 upvotes
hopetindall wrote:
Jan 14th, 2019 8:43 pm
I have 18
I have many many myself ... don't even feel like counting 'em ... So not sure really ... If I have 18 or less or more ...

Don't use many of them ... or not actively, of course ...

Really no biggie ... to have or not have ... they are only piece of plastic and don't bite ...

I don't mind having many many ... especially if they are good / decent ones ... and I can benefit from them in some way over the other ones. :)
Deal Fanatic
User avatar
May 7, 2007
6649 posts
2034 upvotes
THINKPOD wrote:
Jan 14th, 2019 9:50 pm
LoL so five is acceptable in today's standard.....

So not a lot of love with Simplii MC?
Simplii is Visa .. not MC :D
Sr. Member
Nov 8, 2017
917 posts
445 upvotes
I have 5, have acquired and discarded many more
Deal Addict
User avatar
Nov 14, 2003
2977 posts
1403 upvotes
Everywhere
User455957 wrote:
Jan 14th, 2019 11:25 pm
I have 5, have acquired and discarded many more
I have discarded none Face With Tears Of Joy

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