Credit Cards - How many is too many?

Moonwolf

So thinking about better deal credit cards, particularly specialist ones for travel money or alternative cash back. How risky is it to start adding cards, with more than 5 what if one is pinched and I don't notice? If I spend £500 on holiday it looks like not having the best card would cost me £5-£10 for a card I'd only use then.

For background

I've been debt free (excluding mortgage) for about 10 years now.

I have the Lloyds TSB Duo Avios Mastercard and American Express card (I like Avios as they don't get hit by inflation before you build up enough to notice.)

I also have a FirstDirect Visa simply because a) First Direct is my bank b) it is useful to have a back-up card and c) I can check it via my online banking. (It is also the easiest in my experience to unblock)

These are now paid off in full every month by direct debit.

I also have debit cards with First Direct and our joint account with Nationwide.

grumbler

Moonwolf wrote: »

... How risky is it to start adding cards, with more than 5 what if one is pinched and I don't notice?

How is it possible? And why would you have all 5+ on you?

I also have a FirstDirect Visa simply because a) First Direct is my bank b) it is useful to have a back-up card and c) I can check it via my online banking.

(a) is meaningless, and it's recommended to have at least two current accounts.
Any card can be used as a backup.
All cards can be checked online.

Aquamania

I really don't think you should have more than say 42 ... unless you have a really good reason for needing more

The_Boss

Aquamania wrote: »

I really don't think you should have more than say 42 ... unless you have a really good reason for needing more

Beat me to it (although was going to say 27)

lisyloo

So you have 3 credit and 2 debit?
There are 2 main areas of risks.
One is to do with your own management of the card e.g. losing one or mixing up payments. This is down to you but you don't have to take your worldy goods when you go anywhere. If you're going on holiday or simply to work you shouldn't be taking all your cards with you - only the ones you need (including backups).
Whether you can manage them is really a matter for you to decide.

The other issue is credit worthiness.
This depends on a number of factors - salary, income, time at address etc. so it's not possible to say.
I personally have 4 credit and 2 debit as follows
1 credit for supermarket cashback
1 credit for other cashback
1 Amex for airport lounge deal
1 credit for foreign currency
1 debit for personal current account
1 debit for joint houshold account

I don't see much reason that you would need to go above 6 or 7 and if you need a new deal you should them consider which one to close.
But I don't think there is a strict limit.
If you push it too far you'll know because you'll get declined. Perhaps that isn't so much of a big deal?

pacontracting

Obviously all depends on your personal circumstances and what you want from a CC.

I have three. One for zero overseas transaction fees, one for Travel Insurance / Airport Lounge Access / Car Breakdown etc and a third for Hotel Status. As I travel quite a lot, this combination works for me - and if one card provided all three, then I'd be even happier!

The_Boss

I have 8 - in fact I had 5 up until recently and then applied for 3 at once. If there's a need or benefit for them then I'll apply. But I wouldn't do again until 2016 as I want to get a mortgage mid next year.

giblet10

Personally I have ten credit cards, because I like the feeling of the status and buying prowess that gives.

How many is too many? Well, when you've run out of credit card providers then that's too many.

guesswho2000

I've got eleven credit cards and eight debit cards (current accounts). They're for cashback, airline miles, interest free purchases, sign up bonuses, hotel points/free nights, foreign use, fee free cash withdrawals, or whatever else they decide to give away. Once the benefit is gone, the card/account is gone, simple as that.

iAMaLONDONER

I have 5 CCs and 10 Debit cards.

The CCs are a useful source of cashback and DDs for bank accounts that have perks that require DD payment

Mr_Goodkat

The only way you can have too many is if your available credit grows to a level that makes lenders nervous when it comes to future credit card applications / loans / mortgages.


Generally I only use credit cards that offer me incentives to do so e.g. cash back, free foreign use etc but do retain a number of others that do from time to time offer existing customer deals e.g. balance transfers.