How many credit cards should I be using?

[JulieAlbright]

We have 5 cards but primarily just use one that overall has the best rewards. Sometimes if I get a notice that another one is having a 5% reward deal I might pull it out and use it.

The other 4 cards each just have one small recurring charge to keep them from being flagged as inactive. For instance, my old American Express card that is our oldest credit gets the iPASS toll road responder reloads. They're all set up for automatic payment too so I can't ever accidentally miss a payment.

I also log onto Mint pretty much everyday and glance at the balances to make sure nothing funky is happening behind my back.

[Eagle]

I have multiple rewards cards. My goal is to maximize my rewards, not to increase my credit score.

@ Petunia
I used to just have one or two cards. Now I have multiple cards and have shifted my focus from increasing my credit score to maximizing my rewards as well.

We have a Discover card that gives us 5% cashback on select purchases throughout the year and 1% on everything else.

We recently got an Amazon credit card that gives us 3% cashback on Amazon purchases (we purchas all our diapers, wipes, and some food through Amazon) and 2% gas stations, restaraunts, and drug stores. We also get 1% on everything else.

We use our cash back rewards for purchasing games, diapers, wipes, books, etc.

We have a Target card for the 5% discount. And we have a Khol's card for the 15-30% discount.

I just updated my CapitalOne to get the 1.5% cashback on all purchases.

We also have a dormant accounts with Citi Bank.

[Eagle]

Hey guys!

I currently have 3 credit cards: Chase Freedom (7K limit), Discover IT (4.5K limit) and CapitalOne Secured (just $200 limit). My total monthly credit expenses never go over 1K, and usually are around $500-$600/month. Does it make sense for me to use all 3 credit cards or just 1 one that gives me the best reward (Chase in me case) if I want to increase my credit score which is about 699?

Thank you!!

@loss4words
Bottom Line: A credit card score is only important if you want to get a large loan (mortgage, vehicle, etc.) or sign up for new accounts. Pay your bills on time, pay off your credit card(s) every month, and your score will go up. Use the card or cards with the best rewards for you and your family.

[cashinasnap]

Ideally you need to have only 1 credit card, if your expenditure is not too high. Also keeping more then 1 credit card asks for service charges, which I think would be unwanted if the cards are not in use.

[Eagle]

Ideally you need to have only 1 credit card, if your expenditure is not too high. Also keeping more then 1 credit card asks for service charges, which I think would be unwanted if the cards are not in use.

In the 15+ years I've had multiple CC's I've been charged little or no service charges on the various cards I've held. It's a matter of keeping track of your cards. I use www.mint.com which helps.

[snafu]

Over the years we've accumulated cards to take advantage of specific promotions or specific benefits that suited our needs. CreditCardFree does a remarkable job of using card benefits and promotions. We're reasonably organized and never had difficulty paying charges in full by due date. If AMEX charges a fee I call and request it be waived and they've always co operated. They choose to change their cards quite often [green, silver, platinum, black] I do my best to rotate cards avoiding going dormant.

One of the factors on credit scores is percentage of available credit used so I agree it's good to have more than one CC. I once had a bank machine in another country retain my card. It was after bank hours and it wasn't returned until the following day. I know the magnetic strip can get damaged so that's yet another reason to have more than one card.

[JasonSimms]

It is always the best option to use a single card only. This makes it way simpler for you to keep track of all your financial activities. Make sure you don’t close a credit card that still has balance or credit. Doing so will have a negative impact on your credit rating.