How many credit cards do you own?

Discussion in Credit Cards started by AskJeeves • Dec 28, 2013.

  1. AskJeeves

    AskJeevesMember

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    I personally have 3 credit cards at 3 different financial institutions. I have 3 because each of them offer better rewards than the other at particular stores and some have better rewards than the others. What do you guys think? Is there a point in owning so many, when you could easily risk losing one and getting the information in the wrong hands? I have been scared of owning so many cards for that very reason. How many credit cards do you own?
     
  2. ACSAPA

    ACSAPAWell-Known Member

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    I have two credit cards and I'm not interested in having more than that. Having credit cards came in handy because I'm in the middle of moving and that entails utility deposits and other expenses.
    Both cards have low limits and I'm planning to pay them off quickly.
     
  3. stacyje

    stacyjeActive Member

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    I have only one and once I get it paid off Im done, I have had my fair share of credit cards, I need this card for Christmas so it came in really handy, but I charged it but I bargained really well so Im not so upset , but I want to pay it off quick in case I have to use it again.
     
  4. pandandesign

    pandandesignActive Member

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    I don't use any credit cards at all because I don't want to get myself into overspending, which I used to do that when I was in college. I have learned the lesson that it's better for me without a credit card because I can keep track of my spending more effectively. Plus, I don't want to owe the bank more money by spending more since I have to pay back the following month. I sometimes don't budget myself when I used to have a credit card, which I would spend and spend without limiting myself.
     
  5. novasparker

    novasparkerActive Member

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    I don't have any. I have discovered that I cannot be responsible in my spending choices when I have one, so I've paid them off and closed them so that I don't have access to them. Unfortunately, I had to learn this lesson a few times the hard way before it sunk in. I would love to know that I could carry one responsibly for emergencies and such, but until I learn the proper self control, I just can't do it.
     
  6. fruii29

    fruii29Member

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    I keep it to a max of 2 cards. I'd like build my rating so at least I maintain 2 cards. I don't like to have many cards because of membership fees / annual fees that I have to pay for each card. Besides, I am more of a debit card user than a credit card user.
     
  7. coupon-sue

    coupon-sueNew Member

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    I only have one credit card, for emergencies. I prefere to pay with debit card. If I don't have the money I can't have it. A lesson I had to learn the hard way like most of us>
     
  8. Hedonologist

    HedonologistActive Member

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    I have 0 currently. I did have 1 offer available, but i let the offer period expire. I do intend to apply for one early this year although I have been 'intending to' for about 6 months now. There is no rush for me, but I would always feel a bit more at ease having it if absolute need be.
     
  9. Collin1000

    Collin1000Member

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    I've got 4 credit cards, each for a different reward purpose. An Amazon Chase Card for 3% cash back on Amazon and 2% cash back on gas, a Discover card for their rotating 5% and Shop Discover rewards mall, a Chase Freedom card for the rotating 5% cash back, and a regular Capital One 1.5% everywhere card for everything else. It might seem crazy to balance so many different credit cards and keep up with rewards, but it pays off with a nice rewards check every quarter.
     
  10. ACSAPA

    ACSAPAWell-Known Member

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    Well, at least you're being honest about your limitations and practical. Some people never learn how to use credit responsibly and they end up thousands of dollars in debt. You did the right thing for your life and you learned something in the process.
     
  11. smlewis00

    smlewis00Member

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    I used to always be anti-credit cards. However, I had a major emergency in my family. Against my original plans, I got a credit card. Without it, there would have been no way for me to cover this expense. I went through my bank and got a credit card through them. This credit card offers 4 points per dollar spent. The points can then be redeemed for cash, gift cards, and gifts. After putting my emergency on the credit card, I was awarded with several points. I then redeemed the points for cash. I then used that cash to put towards the credit card bill. It was nice to have that extra cash to help put with the payments. I now have the emergency paid off, but I kept the credit card. I like having it in case of emergencies and I really have enjoyed the rewards I can earn with the points.
     
  12. sidney

    sidneyWell-Known Member

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    I also don't own any credit cards and I don't plan to own any, because I prefer to just pay in cash, and I want to avoid paying interest. Right now I'm just content with using a debit card, at least I get to spend money that I actually have.
     
  13. daimashin

    daimashinActive Member

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    I'm proud to say that I've never own a single card. I just don't believe in credit cards given that there are so many cases of fraud. Also the numerous examples of how people get into debt because of overspending with a credit card make more certain to not get one. I always pay in cash, that way I have more control over how much unplanned spending I get into.
     
  14. rossonomous

    rossonomousActive Member

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    I am 21 and currently do not have a credit card. I want to keep it like this until I'm at least 24/25.

    I have never felt the need for one and the only reason I would get one right now was to help get a better credit rating.
     
  15. Peninha

    PeninhaWell-Known Member

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    I have a credit card and I think it's a very useful financial tool to have. You can easily buy online, buy on credit, make cash-advance, make points with the card, it's great. I always pay as much as I can so that I don't pay many interests, but I think it's a service that is worth it's price.
     
  16. jtucci21

    jtucci21Member

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    Wow, I'm an oddball out here I guess! I have six credit cards, but only two that I use a lot. All of them are zero fees. Here's the breakdown:

    Wells Fargo Visa - 1% cash back on all purchases, this is the card I use when Discover and AMEX won't work and my first credit card.
    Discover - rotating 5% cash back on certain purchases, 1% on others, this is what I use when AMEX won't work. I got this one for the year interest free
    American Express (AMEX) - 1% on all purchases, extra for travel, rental car insurance and other travel related perks, this is my go to card since I redeem the points for my yearly vacation. I got this during their 35,000 points for spending $500 (or something like that) and a year interest free.
    Chase - 1% cash back, I'm not sure about the rest, I got this card as my second card just to up my available credit and take advantage of the 0 interest period
    REI Visa - special cash back on REI purchases, I combine this with my REI membership for extra discounts whenever I shop there. When I first got this card, I received a $100 gift card for using it within a month. So I got $200 worth of stuff there for $100.
    Best Buy Visa - I got this so I could get a discount on my laptop and take advantage of the pay off offer. Pretty much, pay it off in 90 days (or something like that) and get $100 coupon. I got a good camera pretty much for free with the coupon :)

    I always make sure they're paid off in time, but since I'm young and don't have much in my emergency fund, I get a new one with 0 interest whenever my other zero interest one(s) expire. That way I always have access to credit without interest. Plus, I have a TON of available credit, little utilized, and a great payment history, so my credit score is loving it.

    EDIT: It's worth noting - I have an identity theft monitoring program set up. Between that and the fraud protection that's built into the credit cards, I'm more comfortable carrying and using them than I am my debit card. I pretty much only use my debit card at ATMs now.
     
    #16Jan 13, 2014
    Last edited: Jan 13, 2014
  17. ACSAPA

    ACSAPAWell-Known Member

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    I read that the average American has 8 credit cards and is $10,000 in debt. That sounds terrifying and I can't believe that it's normal to have that many cards. It's seems like $10,000 of credit card debt would take years to pay off because you would be racking up interest the whole time. This is why I refuse to get more credit cards.
     
  18. Jessi

    Jessi<a href="http://www.quirkycookery.com">QuirkyCooke

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    I only have one and that's the way I intend to keep it for now. I have had a couple others in the past, but they were for specific purposes and I felt no need to keep them open after I was done with them, especially since one of them had a high fee and horrible customer service. It served its purpose for some credit building and then I got rid of it.
     
  19. aznar5

    aznar5New Member

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    I have one credit card currently and I would cut it up except for the fact that I feel safe traveling out of town with it. I might not be able to make it to the bank if my car breaks down on a Sunday and need an immediate $1000. Aside from the security aspect, I abhor credit cards. This is because I lack the discipline required to use them wisely. I've racked up my fair share of credit card balances over my life.
     
  20. yossup

    yossupMember

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    I have two but I'm looking to get three because I heard it's better to have more than 2 to really show that you're a responsible person financially. I'm aiming for the sapphire preferred care and it seems they're looking for people with more than 2 credit cards with high credit limits in the past.