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
1850 posts
725 upvotes
Raincouver
Techiedude wrote:
Jan 15th, 2019 6:22 pm
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 ;)
.... or MSR :P fraud return? jajaja
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Sr. Member
Sep 24, 2018
725 posts
351 upvotes
dekvitaly wrote:
Jan 15th, 2019 6:29 pm
.... or MSR :P fraud return? jajaja
? Don't understand that

The C1 Low Rate, i mean, has no real perks, the essential is meant for BTs but I never carry balances, but i can keep its limit getting increased and transfer that limit to other Amex cards as an example (meaning 15k essential, get limit increased to 25k, but move that new 10k to like cobalt or something right after cobalt gets a 10k boost, adding more) rough math but you get the idea
Deal Fanatic
User avatar
May 7, 2007
5634 posts
1561 upvotes
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)
After I cancel my cards ... I take scissors and just destroy them. :)
Deal Addict
User avatar
Dec 3, 2017
1325 posts
876 upvotes
Guelph, ON
I have a few cards:

DUCA Collabria VISA
BMO SPC Mastercard
CIBC Dividend Visa (the red basic one)
Amex SimplyCash
Tangerine Mastercard
PC World Mastercard
National Bank Echo Mastercard (Grandfathered no-fee)

Personally I want to kill off half of my cards but I’m not sure what ones I would kill. I would probably kill my CIBC Visa first since I never use it but beyond that I’m not sure.
I like credit unions. Proud DUCA member!
Jr. Member
Mar 14, 2014
136 posts
180 upvotes
jacnel wrote:
Jan 15th, 2019 9:21 pm
I have a few cards:

DUCA Collabria VISA
BMO SPC Mastercard
CIBC Dividend Visa (the red basic one)
Amex SimplyCash
Tangerine Mastercard
PC World Mastercard
National Bank Echo Mastercard (Grandfathered no-fee)

Personally I want to kill off half of my cards but I’m not sure what ones I would kill. I would probably kill my CIBC Visa first since I never use it but beyond that I’m not sure.
Like you, I think I have too many. I recently received a card that completes my portfolio objective. Each of us has a certain criteria of what we are looking for. I'm not much of a spender and not a churner, so no-fee cards are essential and I likely don't qualify for WE MC's. The following lists my cards and why I have them.

CIBC Dividend Visa - My oldest card, 8% interest on purchases and cash advances (several years) 2% annual CB on groceries.
Tangerine Mastercard - 2% G&G and restaurants. CB every month. Got to eat and put gas in the car to get to work to pay the bills.
Scotia AMEX Red- 8 days travel medical. Price protection, CDW car rental coverage. Move CL between CC/uLOC. 1% points.
Home Trust Visa- 0% FTF (backup), Roadside Assistance, CDW car rental coverage (foreign use), 1% annual CB.
Brim Mastercard - 0% FTF (primary), Boingo Internet. 1% CB with easy redemption to monthly statement.

All the above cards with the exception of Home Trust come with extended warranty and purchase protection.
Banned
Dec 24, 2018
17 posts
17 upvotes
I've been through the point chasing and churning. Really tired of it. I'd rather focus on my business and generate meaningful income that way.

By the time I'm finished tomorrow, I will have reduced myself to three personal cards ( two spenders and a low interest balance transfer card). On the business side I will have one charge card and one credit card. Also, one unsecured LOC of credit on personal and one unsecured LOC on business. Total limits still exceed over 150K - Insane!
Sr. Member
Feb 17, 2015
515 posts
140 upvotes
Windsor, ON
I still hold 8 cards after going on a spree applying 2-3 years ago, Rewards I use BMO Cash back World Elite as my primary card and try to push 1.5-2K through it a month, Scotia Scene at Cineplex Only, CT Options for financing at CT and 4% CB there, then comes the low interest cards that I do have a balance on CIBC Select 14%, NBC Syncro 10.9%, MBNA TrueLine 15%, Desjardins Modulo 10.9%, C.One Travel Aspire is the only one I barely use I have opened as well if something is getting cancelled soon it's that one but I need my utilization to come down on the low interest trades, if I can get an LOC end of the year I will close 3 out of the 4 low interest trades, likely keeping Desjardins even though the customer service with them has been meh at times
Deal Addict
User avatar
Dec 3, 2017
1325 posts
876 upvotes
Guelph, ON
flyjazz wrote:
Jan 15th, 2019 10:55 pm
Like you, I think I have too many. I recently received a card that completes my portfolio objective. Each of us has a certain criteria of what we are looking for. I'm not much of a spender and not a churner, so no-fee cards are essential and I likely don't qualify for WE MC's. The following lists my cards and why I have them.

CIBC Dividend Visa - My oldest card, 8% interest on purchases and cash advances (several years) 2% annual CB on groceries.
Tangerine Mastercard - 2% G&G and restaurants. CB every month. Got to eat and put gas in the car to get to work to pay the bills.
Scotia AMEX Red- 8 days travel medical. Price protection, CDW car rental coverage. Move CL between CC/uLOC. 1% points.
Home Trust Visa- 0% FTF (backup), Roadside Assistance, CDW car rental coverage (foreign use), 1% annual CB.
Brim Mastercard - 0% FTF (primary), Boingo Internet. 1% CB with easy redemption to monthly statement.

All the above cards with the exception of Home Trust come with extended warranty and purchase protection.
Yeah I've been trying to decide what cards I should have and eliminate but I feel like each one has a purpose.
I like credit unions. Proud DUCA member!
Sr. Member
Feb 6, 2018
634 posts
416 upvotes
have a lot of cards now. my parents are wondering why i have that many, and then i explained it and they finally understood. yes some have their purpose and some are on the sock drawer now.
  1. amex cobalt - restaurants, rarely groceries, foreign spend on restaurants (never declined in philippines)
  2. scotia passport - backup for restaurants, transit, PP passes, fiancee on supplementary
  3. hsbc WE - costco, everything else, foreign spend
  4. rogers WE - backup for foreign spend, backup for fiancee spend
  5. scotialine - running BT offer, pumped a lot of CC limits from other cards
  6. amex simplycash - sock drawer soon, got it just in case i let go of cobalt and i can transfer the CC limits to this card
  7. avion VIP - sock drawer, churned it just for points and the PP passes
  8. avion VI - sock drawer, got 30k points + FYF
  9. RBC Cashback WE - sock drawer, waived AF with Avion
  10. Scotia Amex - sock drawer, sleeper card, keeps a stash of CC limits ready to deploy if a better BT offer comes up
  11. CIBC Plat - currently under BT offer
  12. CIBC Classic - currently under BT offer
  13. RBC LOC - not a CC but i use it as a bridge in case i need to grab a lower offer within the same bank
Jr. Member
Apr 14, 2006
144 posts
40 upvotes
St Johns
terracotta92 wrote:
Jan 17th, 2019 1:53 am
have a lot of cards now. my parents are wondering why i have that many, and then i explained it and they finally understood. yes some have their purpose and some are on the sock drawer now.
  1. amex cobalt - restaurants, rarely groceries, foreign spend on restaurants (never declined in philippines)
  2. scotia passport - backup for restaurants, transit, PP passes, fiancee on supplementary
  3. hsbc WE - costco, everything else, foreign spend
  4. rogers WE - backup for foreign spend, backup for fiancee spend
  5. scotialine - running BT offer, pumped a lot of CC limits from other cards
  6. amex simplycash - sock drawer soon, got it just in case i let go of cobalt and i can transfer the CC limits to this card
  7. avion VIP - sock drawer, churned it just for points and the PP passes
  8. avion VI - sock drawer, got 30k points + FYF
  9. RBC Cashback WE - sock drawer, waived AF with Avion
  10. Scotia Amex - sock drawer, sleeper card, keeps a stash of CC limits ready to deploy if a better BT offer comes up
  11. CIBC Plat - currently under BT offer
  12. CIBC Classic - currently under BT offer
  13. RBC LOC - not a CC but i use it as a bridge in case i need to grab a lower offer within the same bank
Except for the fist year rewards you seem to be diluting your rewards which will likely defeat the purpose
Sr. Member
Feb 6, 2018
634 posts
416 upvotes
tradinghumble wrote:
Jan 17th, 2019 10:36 am
Except for the fist year rewards you seem to be diluting your rewards which will likely defeat the purpose
yeah i don't plan to keep other cards. will cancel after i used up the points. will be redeemed 1cpp only. cash fares are much cheaper.
Deal Addict
User avatar
Apr 24, 2017
3859 posts
2173 upvotes
terracotta92 wrote:
Jan 17th, 2019 1:53 am
have a lot of cards now. my parents are wondering why i have that many, and then i explained it and they finally understood. yes some have their purpose and some are on the sock drawer now.
  1. amex cobalt - restaurants, rarely groceries, foreign spend on restaurants (never declined in philippines)
  2. scotia passport - backup for restaurants, transit, PP passes, fiancee on supplementary
  3. hsbc WE - costco, everything else, foreign spend
  4. rogers WE - backup for foreign spend, backup for fiancee spend
  5. scotialine - running BT offer, pumped a lot of CC limits from other cards
  6. amex simplycash - sock drawer soon, got it just in case i let go of cobalt and i can transfer the CC limits to this card
  7. avion VIP - sock drawer, churned it just for points and the PP passes
  8. avion VI - sock drawer, got 30k points + FYF
  9. RBC Cashback WE - sock drawer, waived AF with Avion
  10. Scotia Amex - sock drawer, sleeper card, keeps a stash of CC limits ready to deploy if a better BT offer comes up
  11. CIBC Plat - currently under BT offer
  12. CIBC Classic - currently under BT offer
  13. RBC LOC - not a CC but i use it as a bridge in case i need to grab a lower offer within the same bank
What cards are you going to keep long term?
😎 "How do you like to pay?" "American Express!" 😄
Jr. Member
User avatar
Sep 6, 2018
147 posts
122 upvotes
Nova Scotia
My no-fee cashback setup at the moment:
Simplii Visa - 4% restaurant
PCF WE MC - 7+% mobil, 3+% loblaw
Rogers WE MC - 1.75% everything else

I have open trades at the big 5 for gits and shiggles (and balance transfers) but my daily spend is all on these 3.

Most of my foreign spend is work reimbursed so Rogers WE taking the exchange fee and giving extra cashback works well for me. I use Stack Prepaid MC to withdraw foreign cash fee-free at the MC exchange rate.

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