aiko

Sr. Account Executive

Politicker

Executive

Valued Contributor

How many credit cards do you have?

I am all about points. I love my Sapphire Reserve card....

But I am tempted to also open an Amazon card, SW cc, Nordstroms, etc.

I have about 5 total, and I feel like thats a lot to manage.

I know there are lots of posts about cc usage and points (one is posted in the link), but can someone explain if/why its better to have more or less?

Thanks!

https://bravado.co/war-room/posts/playing-the-credit-card-points-game

How many do you have?

Attached poll

1-2 3-5 6+

*Voting in this poll no longer yields commission.

💵 Finance

81 comment

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paddy

WR Officer

Director of Business Development

I just dispute all of my credit card charges I regret. It's great

aiko

Politicker

Sr. Account Executive

Shut up... really? can you tell me more?

paddy

WR Officer

Director of Business Development

...sometimes lol.

poweredbycaffeine

WR Lieutenant

☕️

This is a bad move ethically…but I’m not your mama.

aiko

Politicker

Sr. Account Executive

LOL I will have to try

paddy

WR Officer

Director of Business Development

They predatorily got me to sign up. Who's really the unethical one here? Yes, this is how I actually rationalize this

poweredbycaffeine

WR Lieutenant

☕️

😂

NoSuperhero

Politicker

BDR LEAD

I know someone that would max out the card and pay out next day, and continued to drive up his allowance to the point he can spend several thousand dollars and bounced from the country to never come back. Don't even know where he went. Social media went cold. shit's crazy

Theloanemperor

Opinionated

Loan Officer

LOL.

slaydie

Big Shot

Account Executive

This was a fun surprise to read! hahahaha Im guessing you can't dispute more than once with the same credit card company...right?....or can you @paddy ? haha

aiko

Politicker

Sr. Account Executive

dying to know 👀

drfsrich

Sr. Manager, Sales Ops

Hi it's Frank from the credit card company.

We have your children.

Call us.

TheSolicitorGeneral

Politicker

Small Market AE

Typically the more available credit you have amongst all lines of credit the better. Unless you’re doing like 10 hard credit inquiries a year, I wouldn’t worry about applying for credit cards. I’ve signed up for at least five cards just to get free shit or money off my purchase lol

aiko

Politicker

Sr. Account Executive

But does it hurt your credit score?? I'm trying to stay over 700.

TheSolicitorGeneral

Politicker

Small Market AE

Nope, not unless you’re applying for a shitload within a very short timeframe.

aiko

Politicker

Sr. Account Executive

Gracias!

goose

Politicker

Sales Executive

Not if you carry zero balances

YoursTruly

Politicker

Account Executive (SaaS)

That’s not necessarily true. Your average age of credit carries weight and a new card could certainly lower your score. Want a good score? Have two credit cards tht get you good mileage or points and use/pay off in full both catds monthly. ask for a line increase every year to get your line amounts up. All three of my scores are above 800. Also, i used to be a loan officer and ran countless credit simulations to help my clients get better scores to get better rates.

aiko

Politicker

Sr. Account Executive

Welp, guess I have to start all over again

TheDeplorable

Politicker

Playing a dangerous game with any more than 2 lol

aiko

Politicker

Sr. Account Executive

I can see you are more of the cautious type 😃

TheDeplorable

Politicker

I grew up with Dave Ramsey haha what can I say

aiko

Politicker

Sr. Account Executive

I'll have to do more research. What is one thing he has taught you that has paid off ten fold.

TheDeplorable

Politicker

Pay in cash as much as possible

poweredbycaffeine

WR Lieutenant

☕️

I have an Apple Card (hypebeast moment), Amex Gold I use as my daily swiper, and a British Airways (Chase) card I use to collect flight points to visit family over in Ireland.

If you're good at rewards churning you could have as many as 10 to manage between different points, welcome offers, etc. Pick something that doesn't give you anxiety and stick with it. If you don't use it, get rid of it.

aiko

Politicker

Sr. Account Executive

How often do you get rid of it? I'm afraid of shutting it down to keep my credit score high.

poweredbycaffeine

WR Lieutenant

☕️

I don’t churn, so I’ve been with these cards for a long while. However, closing and opening isn’t your problem, it’s available credit and utilization. Keep availability high and utilization low and you’re more likely to keep your score high.

aiko

Politicker

Sr. Account Executive

Soooo the lower % of credit used is the best gauge. I have $50k worth of credit and I can/should go higher?

poweredbycaffeine

WR Lieutenant

☕️

You could, but without knowing the rest of the mix of your credit I can’t tell you/nor would I since I’m not a financial pro. I pay to $0 every month and keep things under a target utilization on a monthly basis. Consider reading I’ll Teach You To Be Rich—that’s the book that taught me my strategy.

Theloanemperor

Opinionated

Loan Officer

If the card doesn't have an annual fee, don't shut it down. As a loan officer that runs credit reports and analyzes them every single day, some banks require 3+ open tradelines in good standing for 2+ years. Having multiple cards is smart, just be smart about which ones. don't get a bunch of cards with annual fees that you dont use. Get a few with NO annual fees that you may not use, get an AMEX gold or platinum that has huge point rewards and benefits and use it as your debit card (pay in full every statement), and maybe a chase sapphire, and you're good to go.

aiko

Politicker

Sr. Account Executive

Both chase sapphire + AMEX?! Big moves

aiko

Politicker

Sr. Account Executive

Love book recommendations. Adding it to my Amazon now!

YoursTruly

Politicker

Account Executive (SaaS)

As long as you have some depth to your credit age, you do not meed three tradelines. You can easily get an automated approval from fannie, freddie, or fha with even one tradeline. If there are overlays, you can “build” your credot with showing 12 months payments of non-credit report accounts

Theloanemperor

Opinionated

Loan Officer

That's a good mix of cards for the benefits. The benefits of having good cards and utilizing them results in huge savings

Rallier

Politicker

SDR Manager and Consultant

What's the ideal number?

aiko

Politicker

Sr. Account Executive

Over 700?

Sgt_Trollingham

Valued Contributor

Business Development Director

Ha!

aiko

Politicker

Sr. Account Executive

is it too low??? lol

Theloanemperor

Opinionated

Loan Officer

Be smart about the cards you get, but it's good to have 4+. I use my AMEX Platinum for literally every single thing I spend money on except for my rent and car payment. Racking up a bunch of points or cash back by using your cards wisely results in huge savings.

Chep

WR Officer

Bitcoin Adoption Specialist

I have an Amazon credit card that I cut up the day it got delivered because I wanted the 60 amazon gift card they gave you for signing up. Used that 60 dollar gift card to buy all my Christmas gifts (Bulk order of photo frames and candles). NO REGRETS.

aiko

Politicker

Sr. Account Executive

HAHA guessing no annual payment?

Chep

WR Officer

Bitcoin Adoption Specialist

No annual payment indeed

looper1010

Celebrated Contributor

Solutions Specialist

I use credit cards to churn points. All of them are paid off each month.

Matt

Politicker

Sales Executive

I have around 13 active cards, but I only use 2-3 of them on a regular basis. I’ve opened them over the last 10 years to maximize rewards/take advantage of sign up bonuses and keep them active as it helps with my overall credit (keeps credit usage to a minimum and gives a positive number of accounts). Im currently using the AmEx Platinum and Citi Double Cash as my daily cards as I get the best rewards on those two (the free travel perks on the Platinum card make the high annual fee well worth it for me personally).

goose

Politicker

Sales Executive

I have five but only use one.

aiko

Politicker

Sr. Account Executive

what are the other 4 cards for?

goose

Politicker

Sales Executive

Never closed them out. Just available credit at this point.

aiko

Politicker

Sr. Account Executive

nice. I'm on that ship too, but I rotate based on what each card can provide benefits on. Tough to keep track.

AssistantToTheRegional

Politicker

Enterprise Account Executive

Amazon Target Red Debit Amex work Amex personal

aiko

Politicker

Sr. Account Executive

Does target have good return?

AssistantToTheRegional

Politicker

Enterprise Account Executive

5% off target purchases

aiko

Politicker

Sr. Account Executive

🤔 maybe my next card

Telehealth_2the_Moon

Notable Contributor

Director of Business Development

Really depends on how much work you want to put into it. Do you want to keep it all straight and make sure you're on top of them to avoid any fees or is it more valuable to you to not have to worry about it and just rack up consistent points on a card with good rewards?

aiko

Politicker

Sr. Account Executive

Trying to rack up as many points as possible. Keeping track of all of them is tough though. I have to find an ap.

Beans

Big Shot

Enterprise Account Executive

Looking for a new travel rewards card (canada) if anyone has one they love.

aiko

Politicker

Sr. Account Executive

Sapphire reserve is the best. Its even shown on the Nextflix show about modern day currency.

jibjabba

Contributor

Account Manager

Im new to credit and having cards. What would a reccomended amount of cards be for someone who just landed their first job within the past year?

aiko

Politicker

Sr. Account Executive

I would start with one where you get benefits where you shop the most. I love my sapphire reserve bc I get 3x points on dining and travel. Then I can use those points on international flights. Since covid started, they shifted to paying off your groceries. They will pay them back at 1.5%. So if you spent $150 on groceries, then you can pay it back with $100 worth of points and get the full $150 credited back to your account.

BUT it has a high annual fee of $450. IMO its worth it bc in 2019 alone, my travels could have costed over 2k, but I paid for flights with only points.

whathaveyousoldtomorrow

Opinionated

sales

AMEX PLATINUM all the way. I have >6 but none with a balance.

Keeps the credit score high - I understand that part makes zero sense

aiko

Politicker

Sr. Account Executive

Do you pay off every day?

whathaveyousoldtomorrow

Opinionated

sales

Every billing period - its a charge card, not a CC you can roll a balance on. Never put anything on a CC you cant pay cash for.

Blackwargreymon

Politicker

MDR

Clashingsoulsspell

Politicker

ISR

Hi it's Frank from the credit card company.

aiko

Politicker

Sr. Account Executive

Any advice on how it helps/hurts your credit score as well?

SalesGal

Politicker

Account Executive

If you apply for all the cards at the same time or within a short amount of time, it won’t be good for your credit. You should avoid having too many hard credit checks at once

Theloanemperor

Opinionated

Loan Officer

the biggest thing is to keep your card balance utilization at 30% or lower on each card. That is the single most impactful metric to your credit scores that aren't late payments etc.

bareknuckles

Valued Contributor

CEO of my kitchen table

The.Machine

Politicker

Sales Development Lead

Why should someone have more than 6 is my question.

looper1010

Celebrated Contributor

Solutions Specialist

Churning points for for things like cash back and travel or dining points

aiko

Politicker

Sr. Account Executive

Free trips 😃

slaydie

Big Shot

Account Executive

I have 2 CC's but I've never really had a strategy. I have one of them so I can get free banking and then the other one for points. It works so far

aiko

Politicker

Sr. Account Executive

nice!

NoSuperhero

Politicker

BDR LEAD

NONE, fuck credi cards, fuck banks.

aiko

Politicker

Sr. Account Executive

Just try one 😍

ragnarlothbrok

Politicker

Key account manager

0 now 😀 slippery road them things

aiko

Politicker

Sr. Account Executive

Theres def a strategy to it

aiko

Politicker

Sr. Account Executive

Thanks for all your help, I just applied for an Amazon CC on Prime day and now I have 6 😅

MR.StretchISR

Politicker

ISR

I just dispute all of my credit card charges I regret. It's great

Mr.Floaty

Politicker

BDR

Depends on your age and where you're at in life.

Cyberjarre

Politicker

BDR

You need experience in both

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aiko

How many credit cards do you have?

How many do you have?

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