Too many credit cards, am I the only one?

batcave wrote: ↑

Jan 14th, 2019 11:40 pm

I have discarded none

I saw the brand new Coast Cap SAvings LOL!!!
Sam's Card from NY yeah makes sense

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.

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?

MC; Visa; Amex; Debit cards
FYI - these are old cards from 2016-01-01 to date. (so 3 years)

hopetindall wrote: ↑

Jan 15th, 2019 9:56 am

MC; Visa; Amex; Debit cards

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

Nice

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

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).

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

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.

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

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.

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