Credit Cards

Too many credit cards, am I the only one?

  • Last Updated:
  • Jan 25th, 2019 12:14 am
Tags:
None
Sr. Member
Feb 6, 2018
757 posts
521 upvotes
EdisonL299 wrote:
Jan 17th, 2019 12:07 pm
What cards are you going to keep long term?
keepers are rogers WB, scotia amex, amex simplycash, LOC's because of no-AF.

amex cobalt, hesitant to keep but when i checked my expenses i spent 13k on food alone, half of it was charged to my cobalt, so i got 32k of MR-S. so thinking of keeping it.

hsbc WE, AF is basically 49, spends huge amount on cash fares and for foreign spend so i'll keep it.

hesitant with scotia passport since i need the 6 PP passes. ill just think about an alternative before the AF posts.

avion VIP, avion VI, rbc cashback WE, ready to be dumped out. also for CIBC Plat and Classic once i finish the BT offer.

future cards to apply includes mbna TL, rbc rewards+, cibc dividend, all focused on BT offers.
Deal Fanatic
Oct 1, 2004
5589 posts
432 upvotes
Toronto
Are there any metal cards for Canadians?
Sr. Member
Feb 6, 2018
757 posts
521 upvotes
greg123 wrote:
Jan 17th, 2019 5:04 pm
Are there any metal cards for Canadians?
amex centurion, hsbc jade, rbc avion private banking
Deal Addict
User avatar
Dec 3, 2017
1376 posts
927 upvotes
Guelph, ON
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
Any reason why you don't use your Rogers card more?
I like credit unions. Proud DUCA member!
Deal Addict
Aug 18, 2018
1270 posts
867 upvotes
SFO <==> YYZ
batcave wrote:
Jan 14th, 2019 11:40 pm
I have discarded none Face With Tears Of Joy

Image
ImageImage

That is... ridiculous, to say the least. I have only 6 cards and it already feels like too much for me lol
Sr. Member
Feb 1, 2018
750 posts
782 upvotes
Montréal
arkane wrote:
Jan 17th, 2019 9:43 pm
That is... ridiculous, to say the least. I have only 6 cards and it already feels like too much for me lol

Agreed. I'm up to 6 now and at least 2 of them live in a drawer. I'll probably cancel one soon. It's just not worth the hassle of managing more than 3-4 cards at a time to net an extra measly few pennies now and again.
Newbie
Nov 3, 2018
78 posts
69 upvotes
All my cards, ever:

IN USE
1. Meridian CBI - 4% G&G
2. Simplii - 4% Restaurant
3. Rogers WE - 1.75 Everything Else

NOT IN USE
4. HSBC Advance - this is my oldest card by a huge margin. It is tied to my banking with HSBC.
5. TD Cashback Visa - downgraded from Infinite after almost a year of FYF; was good for 6% welcome bonus and then a year of 3% G&G. Moved onto the Meridian listed above for G&G
6. Tangerine - 2%G&G, Restaurants; was my G&G card until it took a backseat to the TD Visa Infinite
7. MBNA Smart Cash - 2% G&G; was my card for G&G until replaced by Tangerine
8. AMEX Simply Cash - 1.25% all spend; was automatically converted to this card from Costco AMEX. Was my card for non-category spend until replaced by Rogers WE.
9. AMEX Airmiles - churned for Airmiles

CANCELLED
10. BMO Cashback - churned for welcome offer: 4% all spend. Then cancelled
11. BMO Airmiles - churned for Airmiles. Then cancelled


I use 2 or 3 cards at a time. Switched every time I got a bit more savvy on cashback earning / found better cards
First just HSBC. Then:
HSBC & Costco AmEx (which I had to get to be able to shop at Costco, and this was my introduction to the existence of cashback)
MBNA Smart Cash & AmEx Simply Cash (automatically converted from Costco AmEx)
Tangerine, Rogers
TD, Tangerine, Rogers
Meridian, Simplii, Rogers (current)

As I move onto new cards, the old cards instead of cancelling them, I stick them in the drawer but keep the account open (or downgrade to free version as in the case of TD). The only exception is BMO cards which I closed since they charge inactivity fee after a year.
So unless a card has annual fees, or charges for inactivity such as cards from BMO, I see no issue just sticking cards in the drawer. They're free to hold onto. No harm done.
Of course, monitor that annual fees or inactivity fees don't later get added. Like when MBNA implemented annual fees for the Smart Cash, I called in to confirm that mine did not get affected.
Deal Addict
User avatar
Nov 14, 2003
2881 posts
1313 upvotes
Everywhere
arkane wrote:
Jan 17th, 2019 9:43 pm
ImageImage

That is... ridiculous, to say the least. I have only 6 cards and it already feels like too much for me lol
I'm a card collector and this is something I've been doing since I could get cards. I've basically kept every card that I've ever had. I do have an excessive number of active accounts at the moment. Seven or eight of the accounts are useful for various reasons (airline points, extended travel medical, roadside assistance, etc.). I probably have ten more accounts than I need. I pay more in credit card annual fees than I do for cell phone service. Astonished FaceFace With Tears Of Joy
Deal Addict
Aug 18, 2018
1270 posts
867 upvotes
SFO <==> YYZ
seriesofcontradictions wrote:
Jan 17th, 2019 9:52 pm
Agreed. I'm up to 6 now and at least 2 of them live in a drawer. I'll probably cancel one soon. It's just not worth the hassle of managing more than 3-4 cards at a time to net an extra measly few pennies now and again.
I think part of my problem is 5 out of 6 cards I can at least find some use for, and most of the time I end up using them at least once a month. And of course they all have different closing and due dates, and trying to manage them just becomes a hassle.

On the bright side, now that I've identified this "core set" of 5 that covers 99% of all my expense categories, any new card I apply for, I can just focus on how much welcome bonus I'll able to score, and not worry if the rewards scheme makes sense.
batcave wrote:
Jan 17th, 2019 11:06 pm
I'm a card collector and this is something I've been doing since I could get cards. I've basically kept every card that I've ever had. I do have an excessive number of active accounts at the moment. Seven or eight of the accounts are useful for various reasons (airline points, extended travel medical, roadside assistance, etc.). I probably have ten more accounts than I need. I pay more in credit card annual fees than I do for cell phone service. Astonished FaceFace With Tears Of Joy
List all the cards you're paying AF on and we here at RFD will help convince you to close them. Winking Face
Deal Addict
User avatar
Nov 14, 2003
2881 posts
1313 upvotes
Everywhere
arkane wrote:
Jan 17th, 2019 11:11 pm
I think part of my problem is 5 out of 6 cards I can at least find some use for, and most of the time I end up using them at least once a month. And of course they all have different closing and due dates, and trying to manage them just becomes a hassle.

On the bright side, now that I've identified this "core set" of 5 that covers 99% of all my expense categories, any new card I apply for, I can just focus on how much welcome bonus I'll able to score, and not worry if the rewards scheme makes sense.



List all the cards you're paying AF on and we here at RFD will help convince you to close them. Winking Face
Ha ha, I paid $270 in fees in 2018. If I don't cancel any cards this year, that would go up to $1200 after the fyf wears off Astonished Face

I think having three or four cards is all that is really necessary.
Deal Addict
Aug 18, 2018
1270 posts
867 upvotes
SFO <==> YYZ
Solution: Cancel all cards with an AF :D
Deal Addict
User avatar
Apr 24, 2017
4059 posts
2374 upvotes
terracotta92 wrote:
Jan 17th, 2019 4:37 pm
keepers are rogers WB, scotia amex, amex simplycash, LOC's because of no-AF.

amex cobalt, hesitant to keep but when i checked my expenses i spent 13k on food alone, half of it was charged to my cobalt, so i got 32k of MR-S. so thinking of keeping it.

hsbc WE, AF is basically 49, spends huge amount on cash fares and for foreign spend so i'll keep it.

hesitant with scotia passport since i need the 6 PP passes. ill just think about an alternative before the AF posts.

avion VIP, avion VI, rbc cashback WE, ready to be dumped out. also for CIBC Plat and Classic once i finish the BT offer.

future cards to apply includes mbna TL, rbc rewards+, cibc dividend, all focused on BT offers.
In my opinion:
- Keep Cobalt, dump Scotia Amex Gold because you love going out to eat.
- Dump HSBC WE because you already have Rogers WE, and which is better for non-travel CAD purchases (Costco, etc).
😎 "How do you like to pay?" "American Express!" 😄
Sr. Member
Feb 6, 2018
757 posts
521 upvotes
jacnel wrote:
Jan 17th, 2019 8:56 pm
Any reason why you don't use your Rogers card more?
EdisonL299 wrote:
Jan 18th, 2019 12:26 am
In my opinion:
- Keep Cobalt, dump Scotia Amex Gold because you love going out to eat.
- Dump HSBC WE because you already have Rogers WE, and which is better for non-travel CAD purchases (Costco, etc).
its just the red amex. my oldest card with scotia.

about rogers WE, yes you both are right. it threw me off because of one redemption every year but the latest update of redemption might change my mind. i just reviewed the points with HSBC WE that it has a minimum redemption of 15k, then an increment of 10k after that, which makes it hard. what i liked about it is that it's the only 3% back on travel and i spend a huge money on cash fares too.
Moderator
User avatar
May 8, 2009
8888 posts
4642 upvotes
45.420833°N, 75.69°W
[quote=terracotta92 post_id=30436197 time=1547798259 user_id=1419496]
its just the red amex. my oldest card with scotia.

about rogers WE, yes you both are right. it threw me off because of one redemption every year but the latest update of redemption might change my mind. i just reviewed the points with HSBC WE that it has a minimum redemption of 15k, then an increment of 10k after that, which makes it hard. what i liked about it is that it's the only 3% back on travel and i spend a huge money on cash fares too.
[/quote]

If you book cash fares in CAD, TD FCT 4.5% on Expedia4TD spend, or BNS Passport gold, 5x on travel.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Addict
User avatar
Jan 4, 2011
1712 posts
1554 upvotes
Montreal
terracotta92 wrote:
Jan 18th, 2019 2:57 am

its just the red amex. my oldest card with scotia.

about rogers WE, yes you both are right. it threw me off because of one redemption every year but the latest update of redemption might change my mind. i just reviewed the points with HSBC WE that it has a minimum redemption of 15k, then an increment of 10k after that, which makes it hard. what i liked about it is that it's the only 3% back on travel and i spend a huge money on cash fares too.
But 15k points is only $75 right? I personally wouldn't consider sitting on <$75 a big deal.
titaniumtux wrote:
Jan 18th, 2019 6:10 am
If you book cash fares in CAD, TD FCT 4.5% on Expedia4TD spend, or BNS Passport gold, 5x on travel.
The problem with those cards is that not everyone wants to book through the TD or BNS portals. Then we're back down to 1.0-1.2% for non-portal travel spend, and negative for non-CAD travel spend.

Top