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I have two. One gives me 3% cash back on groceries and gas, and until a few months ago gave me an additional 10% back if I redeemed them directly into my checking or savings account. Another that does 3% cash back for travel and dining. I don't want to balance 5+ cards to figure and have to deal with ensuring I've paid them all off every month. I prefer simplicity.
Only having 2 cards doesn't seem to impact my credit as all of the sites have me at around 840, 843 specifically from my credit cards.
I have two. One gives me 3% cash back on groceries and gas, and until a few months ago gave me an additional 10% back if I redeemed them directly into my checking or savings account. Another that does 3% cash back for travel and dining. I don't want to balance 5+ cards to figure and have to deal with ensuring I've paid them all off every month. I prefer simplicity.
I'm with you on the simplicity aspect. I've only recently started doing the reward points churning to maximize those benefits. Points have paid for numerous domestic hotels, international air travel tickets and my week long honeymoon in the Caribbean. I've found since doing it, opening a new card every few years and then cancelling them really isn't difficult/complicated and negligible effect on credit score.
The Savor card has a $95 annual fee, but before that hits I'll turn in the cash back rewards and cancel the card. Find a new card with a bonus and do it all over again. I'm so nerdy I created a spreadsheet to track it lol
I'm considering getting rid of an old card that I've had since 2009. I don't typically use it and it only has a 7400 credit limit. It's not my oldest card so I don't think it'll affect my credit score much but maybe I'll wait a month or two to let my score "recover".
ive simplified things and closed some cards over time but at this point i wouldnt close an old card. you lose so age of credit and some utilization %. as long as there is no annual fee, id keep it even if i dont use it.
getting the chase ink card for the business cc spend has been huge for me. i have more UR points than i can shake a stick at.
ive simplified things and closed some cards over time but at this point i wouldnt close an old card. you lose so age of credit and some utilization %. as long as there is no annual fee, id keep it even if i dont use it.
getting the chase ink card for the business cc spend has been huge for me. i have more UR points than i can shake a stick at.
The chase card doesn't have an annual fee so it doesn't hurt me to keep it going. Maybe I'll charge a gas tank here and there just to keep it active.
I have had the same airline card for 20 years. It comes with an annual fee, but I feel that other cash back cards provide a better value. Others have said that cancelling that card and opening another one will hurt my credit report/score. I called the credit card company and the representative waived the annual fee, so I intend to keep the card for another year.
For those of you who have multiple credit cards, has it negatively impacted your credit report/score? If I keep this card for another year, then cancel it, and in the meantime successfully apply for a general cash back card (e.g. Citi Double Cash, Chase Ultimate Freedom) a warehouse club affiliated credit card and an Amazon credit card, will it positively or negatively impact my credit score?
Everytime you open a card, there is a hard credit pull and this negatively hits your credit score by a few points. When you close a card it will negatively affect your credit score by a few points. If your concerned, space them out to allow your score to recover.
I have a Discover IT, AMEX Blue, Amazon Chase, and an Apple MasterCard.
I've had the Discover since 2010 and it has rotating 5% cash back categories, 1% on everything else. I like its web portal best. I use it on the 5% category, occasionally elsewhere now.
Amazon Chase Visa is used only at Amazon or places where I must use Visa. It's the Amazon and Costco card.
AMEX Blue does 3% back on groceries and gas. Apple Card does 2% back on anything with Apple Pay, 3% on some outlets (Walgreens, Uber), and 1% elsewhere. I like the daily cash and integration with Apple Wallet. I'm really trying to make Apple Card the daily car.d
Everytime you open a card, there is a hard credit pull and this negatively hits your credit score by a few points. When you close a card it will negatively affect your credit score by a few points. If your concerned, space them out to allow your score to recover.
AmEx doesn't always do a hard pull for new cards if you're a current cardholder and have been in good standing for a long time. I've done two new cards and a product change with them in recent years that have been instant approvals without lifting the hard freeze I've got with the credit bureaus.
i just applied for the united club card for my wife. i pretty much never travel without her but she will take 2 or 3 trips a year without me and all the benefits are tied to the primary cardholder. so i got her one, will cancel mine ($450 annual fee) and it looks like we will get a 75,000 point sign on bonus for her so that will cover the extra cost this year.
key benefits:
4 free piece of luggage
premier check in area
premium baggage treatment
united club access
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