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Saw a thread where someone had 6 credit cards and I know people who have this much or around there. Why do people need 6 credit cards?
Hi packer43064--
I had 7 credit cards (down to 6 as of yesterday). I started with an introductory card with a limit of like $500 when I was 18 and steadily moved up to cards with better benefits and rewards. The old ones are gathering dust in the bottom of my safe, and they'll continue to do so until I get a long enough credit history with my newer, better cards.
Credit cards are not an emergency fund for me. I have cash set aside for that. I pity the fool that puts a $5,000 medical bill on a credit card at 12.9%.
I only use the credit card when I know I have the money in the bank to pay it off at the end of the month - so in essence, I'm just capitalizing on the cash back rewards (such as 3% on groceries).
1 - Discover, is my Everyday card. I use it on all purchases below 2.5K and I pay the bill in full at the end of the month.
2 - Citi Thank You Preferred - My Big Ticket Card for purchases over 3K and I carry balances with this card, but never for more than 6 months on a single purchase. I'm usually paid off by the time Citi has a chance to make any real money off me in interest.
I have a few Retail Specific Cards that I use here and there. Amazon, JCP, and QVC. I have Visa from my Credit Union that I did a 24 months 0% Balance Transfer too, but that's almost paid off, with 7 month of 0% left. Finally I have about 6 old Cards that are still open, but I don't use, these cards a just there to serve my Credit Reporting factors.
Well, I have one that I use every month for my expenses. I pay it off each month as well. I have one that I use as a back up. It was essentially replaced by the one I have now, but I never closed it. And sometimes, like at this moment, I open up a line of credit for large purposes. These cards typically have 18 months+ no interest. This makes paying off a big purchase easier. I will close this card once I am done paying off the small balance I have on it.
Saw a thread where someone had 6 credit cards and I know people who have this much or around there. Why do people need 6 credit cards?
I get having a credit card...emergencies pop up and they can come in handy. Honestly though if I had a 5k hospital bill or lost my job for a few months I wouldn't want to have 6 credit cards or what have you to fall on.
Think about it. Let that 5k hospital bill go to collections if need. Make a repayment plan if need be. Don't max out a card with interest! Either one will probably *********r credit up, but at least in the end your paying 5k not 7.5k when it is said and done.
Or you lose your job and it takes 6 months to find a new decent job. Don't be paying your $150 phone bill, netflix, hulu, order stuff through Amazon with your credit card because you have "bills" to pay. Cancel that stuff, live a rather poor life for 6 months. Manage your bills to bare bones and in 6 months in my example you can get back to a normal life. Rather than max out a 10k credit card and pay it all back with interest! Ruin your credit.
Just don't get it I guess. I would rather have a few thousand limit on 1 credit card and if life throws me a curve ball I will adjust accordingly and live off what money I have coming in....not say "oh well I have 20k in credit cards....I'll just use that for the next 6 months".
If you run a business, it makes sense to have more than your average person. I have 3 for personal, 1 for business.
BofA, Chase and 2 Amex. First two have $15,000 limits each. 98% of purchases are made on the Amex cards. The others are Visa and only get used when some wise-ass merchant doesn't accept Amex.
Bank of Hawaii wants me to get their Visa credit card to use there, but all the merchants accept my others.
I don't know why one would have 6 credit cards. But, I use my credit card for everything. I've been using the same one for 3 years. Never paid a cent in interest.
I don't know why one would have 6 credit cards. But, I use my credit card for everything. I've been using the same one for 3 years. Never paid a cent in interest.
How can you not have this many credit cards while the current system is driving everyone to have credit to improve their credits? As a person who never been slaved to credit cards, I'm always treated as a "second" customer. Need to pay deposit upfront whenever in need of service, higher rates, etc. This system is just sick, old and rotting.
I have one credit card. Two debit cards. There is no need for me to have more. The credit card has a high limit, but, I've never come close to using the limit. My purchases are not anything to get excited over. I pay the full balance each month.
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