How many cards is too many?

Winrick

crumpetman wrote: »

I think you can have as many or as few as best suits you. Some people find it too much stress and hassle to have lots of cards and for others it is enjoyable to have so many cards with different cashback/loyalty points to use at different retailers and also all the balance transfer cards.

This is what I have:

Barclaycard Amex: 1% cashback
Barclaycard Visa: 0.5% cashback
Barclaycard Platinum: 0% BT deal just finished
American Express Gold Charge card: for the 3 months opening bonus
Luma: 4% cashback
Tesco: 0% balance transfer
Santander 123: 0% balance transfer plus other benefits
Santander (another one): 0% balance transfer

I think that's the lot. The Luma and two casback Barclaycards stay in my wallet, the others I do not spend on. The Amex Gold is used just for special Amex offers.

By combining good cashback offers and 0% balance transfer I get a few hundred pounds a year back from the banks. Well worth a few minutes here and there to login to accounts etc.

Wow I have almost the same cards as you. Only differences are that I missed out on the 4% luma card and have the Halifax Clarity for £5 a month and free overseas spend instead. Also instead of the 2nd Santander card I have Another amex.

Penelopa.Pitstop

Our household has number of credit cards:

Nationwide - for overseas spending
BMI Diamond Card - for avios collection, that's my daily card
Barclays, ex-Egg card, cashback 1%
M&S - took it for balance transfer which ended, now using it for buying currency and at M&S
Ex-Virgin, now MBNA - keep it for 0% offers
Amex Blue - my husband's daily shopping card, took it for long 0% purchase offer a few years ago.

I dropped Lloyds Airmiles which I almost never used. Was going to close Tesco but they sent me the letter that they want to close it, so it was fine with me. Also closed Amex Gold Charge card after getting BMI card.

I'm closing the cards which I don't see a point in keeping. I was going to close Barclays after their extended warranty perk expired but keeping it for 0% offers.

chrisw99

Thanks for all the responses, seems like 7 or 8 is not particularly excessive. And as the deals keep getting better/longer, it's probably daft not to take advantage of them to replace the older ones.


Now for that Sainsburys 0% 34 months...

20aday

I currently hold the following credit cards:

Tesco MasterCard
Lloyds Bank Choice Rewards American Express/MasterCard
Sainsbury's MasterCard
BarclayCard

I primarily use the Sainsbury's and Tesco cards for the points schemes (I'm on my way to £340 worth of Nectar points!) and by using the Tesco Christmas Savers scheme I helped halve my Mum's shopping bill last December.

Once my third statement is generated with BarclayCard I'll probably spend the £20 cashback I should be getting for opening the card through Quidco last December and then I'll likely close the account if CS can't offer me any form of retention deal.

In terms of the Lloyds card I tend to use it for larger purchases for the Rewards scheme (when it works) to convert into vouchers for iTunes/Boots.

N1AK

I have:
> BA Amex CC
> Amex Plat CC
> Supplementary Amex Plat CC
> IHG CC
> Tesco Clubcard CC
> Santander 123 CC
> Halifax Clarity CC

I've just closed a platinum cashback, and a coop credit card. I'll likely lose another couple in the next two months, but may add others in their place. Having ~5-10 cards hasn't affected my ability to borrow thus far. Obviously there's a hassle factor, so only have cards if you're getting a benefit from them that justifies it.

P1notgringoboy

Just the one here...struggle to keep that under control!

barry_the_bear

The best reason to cancel the cards you aren't using is so that you qualify as a new customer again. It usually takes six months without the card before you qualify for the new customer offers again.

Pro's
You have a new 0% offer which you can use without having to do a balance transfer

Con's
You have to have cash available to pay off the existing card at the end of the 0% period and then just use day to day spending on the new 0% card and put your income back into your savings to pay off the money you took out to pay off the old card.

Which method works best for you will depend on whether the loss in interest on your savings while you replace the money is more or less than the balance transfer fees you are paying.

diceydeb

PParka wrote: »

If you have the time to keep track of multiple cards then stoozing is the way to go.

Between me and my OH, we have 11 credit cards. All of these are on various 0% deals. As each 0% credit card deal comes to an end, it is paid off in full and the account closed.

The 'stoozed' money is used in our 15 current accounts. Many of these are being used for savings and the others were opened to get switching bonuses. (I do enjoy getting free money from the banks )

I have 3 currently on the go but cant get lenders to give me any further 0% cards. I am doing everything right same as you but no joy. Am I going wrong somewhere, any ideas helpfull

pumpkinstew

I currently have six in my name and one as a supplementary cardholder on one of my wife's account, all for various purposes and never paid a penny in interest.

I will be reducing that to four cards in the next couple of months before going back up to six before the end of the year, due to various sign up bonuses.

starM

I have:-

• Amex Charge Card
• Halifax Clarity Card (Used for travel abroad)
• HSBC Gold Card
• First Direct Gold Card
• Lumia 4% Cashback Card - Used for fuel and shopping
• Natwest Credit Card (Not being used)
• Barclaycard Cashback Visa & Amex (Combined)
• MBNA Plat Card - Currently on 0%