Credit Cards

Too many credit cards, am I the only one?

  • Last Updated:
  • Jan 25th, 2019 12:14 am
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Penalty Box
Dec 16, 2017
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batcave wrote:
Jan 14th, 2019 11:40 pm
I have discarded none Face With Tears Of Joy

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I saw the brand new Coast Cap SAvings LOL!!!
Sam's Card from NY yeah makes sense
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Deal Guru
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May 8, 2009
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Leask
OP, we need a dot matrix on your monthly or annual spend broken down into categories.

I've expressed before that few would benefit from Simplii visa. If you spend $5k/yr on resto, then ok. That's $350-450 per month, unless you're a seasonal resto spender (ski hills, summer travel, etc.) and hit the $5k/yr. $5k/yr resto is $200 return ($87.50 on Rogers MC WE). Also, assuming domestic spend only. For the extra $112.50 over Rogers on that niche spend, then take it. But for the rest of us, it's hard to justify taking yet another cashback card.

We need a spending breakdown to recommend a card combo.
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Sep 3, 2018
267 posts
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Since we're taking about too many cards, are FIs more interested in you having too many trade lines or too much credit as a whole?
[OP]
Member
Mar 7, 2008
430 posts
103 upvotes
Leask
Wow, 1.75% on everything. Damn it RFD! That’s amazing!

My wife happens to use Fido for the $15 3gb data plan. That would be enough to automatically drain all the roger mc credit I will be generating!

I do spend a lot on restaurant... around $400 per month.

So what card should I cancel once I apply for both roger me and Simplii?

I have a bad feeling the roger card won’t last...
Sr. Member
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Mar 3, 2005
944 posts
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Mississauga
MC; Visa; Amex; Debit cards
2018-12-29-16-43-47.jpg
FYI - these are old cards from 2016-01-01 to date. (so 3 years)
Last edited by hopetindall on Jan 15th, 2019 2:30 pm, edited 1 time in total.
[OP]
Member
Mar 7, 2008
430 posts
103 upvotes
Leask
Just applied for Rogers WE!! It makes total sense to get it.

I can cancel my Tangerline and Home Trust card (did I read this right, Rogers WE will actually give me a net 1.5% bonus on foreign exchange???)
Jr. Member
Nov 3, 2018
113 posts
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THINKPOD wrote:
Jan 15th, 2019 10:00 am
Just applied for Rogers WE!! It makes total sense to get it.

I can cancel my Tangerline and Home Trust card (did I read this right, Rogers WE will actually give me a net 1.5% bonus on foreign exchange???)
Yes, you will pay 2.5% more in the exchange rate like most other cards, and but you will get 4% cashback, which will net you 1.5% on the purchase
However, if you ever get a refund, you will lose that 4%, but not get the 2.5% back.

A card that charges no foreign exchange, like the Hometrust Visa, you would get 1% cashback on the purchase.
If you ever get a refund, you will lose the 1%, and you don't lose out on any 2.5% exchange fee.

Personally, I like the Rogers card more, since refunds aren't exactly something I often plan to get
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THINKPOD wrote:
Jan 15th, 2019 10:00 am
Just applied for Rogers WE!! It makes total sense to get it.

I can cancel my Tangerline and Home Trust card (did I read this right, Rogers WE will actually give me a net 1.5% bonus on foreign exchange???)
OxbridgeIvy wrote:
Jan 15th, 2019 10:29 am
Yes, you will pay 2.5% more in the exchange rate like most other cards, and but you will get 4% cashback, which will net you 1.5% on the purchase
However, if you ever get a refund, you will lose that 4%, but not get the 2.5% back.

A card that charges no foreign exchange, like the Hometrust Visa, you would get 1% cashback on the purchase.
If you ever get a refund, you will lose the 1%, and you don't lose out on any 2.5% exchange fee.

Personally, I like the Rogers card more, since refunds aren't exactly something I often plan to get
Rogers may net a bit more than HomeTrust Preferred on forex, but...if you already have HomeTrust Preferred, keep it. VISA has better international merchant acceptance than MC, and should be your first choice for forex ATM cash withdrawals after you tried the prepaids (Koho and Stack). Even if you seldom use it, the CL keeps your utilization down.

Tang, OTOH, I'd cancel that quickly. Keeping the extra card that you'd never use (unless you enjoy a 10+ keeper card combo) isn't worth it. Over 5 or 6 cards I'd only take churn cards. Keep the keepers within 5-6 (aside maybe some grandfathered, drawered cards).
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Deal Addict
Sep 24, 2018
1625 posts
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hopetindall wrote:
Jan 15th, 2019 9:56 am
MC; Visa; Amex; Debit cards

2018-12-29-16-43-47.jpg

FYI - these are old cards from 2016-01-01 to date. (so 3 years)
man, what’s your credit scores? I’d think you’d have dozens of HPs
Last edited by titaniumtux on Jan 17th, 2019 6:12 am, edited 1 time in total.
Reason: Blasphemy
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Mar 3, 2005
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Mississauga
Techiedude wrote:
Jan 15th, 2019 3:01 pm
man, what’s your credit scores? I’d think you’d have dozens of HPs
:-)

currently 734 on Trans Union (using the scoring model that CK uses)

24 HPs on TU since start of 2016

(Some of the old cards are from product switches.)

total CLI = 1.5x annual salary at the moment.
Last edited by titaniumtux on Jan 17th, 2019 6:12 am, edited 1 time in total.
Reason: Quoted post edited
Deal Addict
Sep 24, 2018
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hopetindall wrote:
Jan 15th, 2019 3:08 pm
:-)

currently 734 on Trans Union (using the scoring model that CK uses)

24 HPs on TU since start of 2016

(Some of the old cards are from product switches.)

total CLI = 1.5x annual salary at the moment.
Impressive. Reason I ask is I find those getting the most approvals on numerous cards are those hovering in the 700s while I see folks in the 800s reporting declines on cards those in the 700s getting approvals. Interesting
[OP]
Member
Mar 7, 2008
430 posts
103 upvotes
Leask
Techiedude wrote:
Jan 15th, 2019 5:50 pm
Impressive. Reason I ask is I find those getting the most approvals on numerous cards are those hovering in the 700s while I see folks in the 800s reporting declines on cards those in the 700s getting approvals. Interesting
How does one get 800s score? I thought I am good standing but only getting 750 ish... I event paid my mortgage off in full...
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Techiedude wrote:
Jan 15th, 2019 5:50 pm
Impressive. Reason I ask is I find those getting the most approvals on numerous cards are those hovering in the 700s while I see folks in the 800s reporting declines on cards those in the 700s getting approvals. Interesting
I was auto-declined for the CT Triangle WE MC May 2018.

When I phoned them they told me the system said I had too many credit cards. :-)

After speaking with a credit analyst, they eventually agreed to open a Triangle WE MC account for me; but insisted on lowering my CT Cash Advantage CL a little bit.
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Sep 24, 2018
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hopetindall wrote:
Jan 15th, 2019 6:00 pm
I was auto-declined for the CT Triangle WE MC May 2018.

When I phoned them they told me the system said I had too many credit cards. :-)

After speaking with a credit analyst, they eventually agreed to open a Triangle WE MC account for me; but insisted on lowering my CT Cash Advantage CL a little bit.
I added like 12 in under 6 months, I'm going to see what works then decide down the road. I know the Scotia Momentum is a good card, dividend infinite is the second (because of the spend the wife and i have its not hard to get one card to over 50% of its limit and checking balances everyday and making payments everyday and waiting 2/3 days for payments to apply is far to painful at this point). Travel cards have their perks, wife works between the Scotia and the CIBC travel planning sites, she calls and they take care of things, its cheaper to do it yourself, but she was comparing and saving less than 100 per trip for herself, when work pays her back doesnt seem like shes harming anyone and with one, she calls, the other shes hunting the sites.

Anyways, I see the perks to many....

I was thinking about dumping my two C1 cards, I know the old Low Rate card has little value, like my Amex Essential, but I can use my amex essential to get higher limits and transfer to other cards ;)

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