Obsessive or Just Normal - How many credit cards should one possess

redpete

armyoftwo wrote: »

Thanks guys, so far am thinking two cc's would be sufficient (I speak for myself anyway lol) please keep posting your views as it would be beneficial for all users.
Thanks

Why do you want (or need) two?

It's a Good Thing to pay off the card each month and keep within the credit limit, so if you get a card with a large enough credit limit that one should be enough. I suppose a second might be useful in case you lose the main one or suspect it has been subject to fraud and have to get it cancelled, then you have the second to use whilst waiting for a replacement card from the main provider. If you take them up to make the most of introductory offers then you can have more, or if you need to juggle money between them because you can't afford to pay off the debt each month then again more might be useful; I don't see why two is a magic number in these circumstances.

I'm not sure how many I've got, most are inactive as I used them for stoozing and haven't got round to cancelling any of them.

withnell

If you travel abroad sometimes it can be useful to have a mastercard and a visa

If you spend a lot on expenses for work, you can need several just to get the rewards, eg with Egg Money i don't get any rewards for spend over 20k

I think I have about 6, but only carry 2 around with me, one that i'm using and one as a backup if the first rejects for any reason. As long as you pay off in full each month / pay the minimum if on a 0% deal then there's no upper limit in my mind

patrick0

redpete wrote: »

Why do you want (or need) two?

If you're travelling overseas and the bank blocks your card then it is very helpful to have another card. I have one card for avoiding overseas fees & another for cash back on purchases. I'm about to apply for 0% one so I can spread the cost of a new kitchen over 12 months. There are various other advantages to certain cards too.

The main trick with credit cards is to manage them efficiently and avoid interest charges or getting into difficulty. Forcing yourself to pay them off in full every month is the simplest way to do that.

lisyloo

Why do you want (or need) two?

AMEX is not accepted everywher, so it's definitely necessary to ahve a back up if you have AMEX.
Also magnetic strips can stop working or cards can be blocked by an error, so it's useful to have a back up.

no_more_cards_for_me

lisyloo wrote: »

AMEX is not accepted everywher, so it's definitely necessary to ahve a back up if you have AMEX.
Also magnetic strips can stop working or cards can be blocked by an error, so it's useful to have a back up.

Exactly the reason I carry two, but I've yet to find a central London restaurant, underground or main brand petrol station that won't take Amex so my Barclaycard justs sits there as a back up if ever needed.

lisyloo

Fine if you live in London and only use major brand outlets.
Most cut price internet stores, market stalls, small shops and restaurants don't take it, so does depend on what type of shopping you do.
I do find I need my Mastercard quote frequently.

Actually I'm currently in the 0.5% cashback band of AMEX and the 1% band of my Egg card, so prefer to use Egg, but can't close AMEX until I get my cashback.

I can't see any issue with have two at all. It's not excessive by any stretch of the imagination.

no_more_cards_for_me

lisyloo wrote: »

Fine if you live in London and only use major brand outlets.
Most cut price internet stores, market stalls, small shops and restaurants don't take it, so does depend on what type of shopping you do.
I do find I need my Mastercard quote frequently.

Actually I'm currently in the 0.5% cashback band of AMEX and the 1% band of my Egg card, so prefer to use Egg, but can't close AMEX until I get my cashback.

I can't see any issue with have two at all. It's not excessive by any stretch of the imagination.

Yep - no arguement there, smaller shops won't take it I'm sure. But I only use a credit card for expenses so not hit a problem yet. I could use the Amex everywhere but then I'd blue the line between expenses and my own spending which is something I really don't want to do. I'll cover the £3k spend easily so would rather keep the two seperate. 02 money works find in all these smaller places and I have no issues with "owing money"

lisyloo

Yes, another reason to have two cards is to split business and personal spending.

My OH has a Nationwide card for foreign use.
Some cards have good warranties, others have cashback, some give cover for theatre tickets, so there are good reasons for having 2-4 if you can remember which one to use when and where.

Personally I minimise what I carry, so for example Nationwide would stay at home in the safe until we go abroad.
You don't ahve to carry your "wordly goods" around with you.

I woudl personally be uncomfortable with more than 4 and only ahve 2 at present.

Grade_A_Reject

I've lost count of mine. :cool: Just done a quick check and currently.

Egg Money for personal spending
Play.com card for work expenses
Amex - not used
FlyBe - not used yet but got it for the free flights offer
Halifax (£20 cashback through Topcashback)
Paypal - some other offer I seem to recall
Capital One - Not used but free Equifax credit reports & identity theft monitoring

armyoftwo

Guys found this while I was browsing the net...its quite old...but relates to the topic...lol


Man Has 1,497 Credit Cards


'Mr. Plastic Fantastic' Walter Cavanagh Holds World Record

Jan. 14, 2005 -- Walter Cavanagh has 1,497 valid credit cards — all of which amount to a $1.7 million line of credit.

Currently, he holds the record for the most credit cards and for the world's longest wallet, which stretches 250 feet, weighs about 38 pounds and can hold 800 cards. But he keeps most of them in bank safe-deposit boxes.

The "Guinness Book of World Records" gave him the title "Mr. Plastic Fantastic," and he has been in the book every year since 1971.

It All Started With a 'Silly' Bet

"I got started in the late 1960s" Cavanagh said. "Me and a buddy in Santa Clara, Calif., made a silly bet: the guy who could collect the most credit cards by the end of the year would win dinner. I was fresh from the Peace Corps and I got 143 cards by the end of the year. My friend gathered 138. He's still a pharmacist — like I was back then — if only he had worked a little harder maybe he could have been the one here today."

With $1.7 million available to him at any moment, Cavanagh says his credit score is great. "It's nearly perfect. I have a nearly perfect credit score. I only use one card and I pay it off at the end of the month. But you should see the length of my credit report — wow!"

He has credit cards from gas stations, airlines, bars and even a Texas ice cream store. They all have different limits. The card with the lowest credit limit would allow Cavanagh to charge a maximum of $50.

There are antique ones, too, that track the evolution of the credit card from paper to aluminum and all the way to the common plastic credit cards that we see today.

Awhile back, Cavanagh inherited a sterling silver credit card from the Mapes Hotel, Reno's first hotel-casino, which closed in December 1982. The hotel was a victim of declining gaming revenues and increased competition. The card is a collector's item, according to Cavanagh, which allowed, "unlimited credit privileges."