How many credit cards do you have?

What is the purpose?

There’s a point where the fees aren’t worth the rewards. Analyze your spending and pick a couple cards that give you 5-6% back.

I have a
Capital One Walmart - 5% back on grocery pickup
Amex Blue Cash Preferred - 6% back on groceries and streaming, 3% on gas
Chase Amazon - 5% back on Amazon
Chase Sapphire - 3% back on restaurants

That covers a bulk of my monthly spending. Could probably drop the sapphire for a Capital One Savor. $190 in fees for $2k or so a year in rewards.

7

Your credit score is partly based on credit utilized to what is available. So more cards don’t hurt you, they just lower your utilization proportion. Keep your oldest one active by using at least once a year as that’s also part of the score. I’ve opened accounts just for specials like 18 months no interest when making large purchases. Most car dealerships will let you put up to $5000 on a car which is a great points opportunity. I’ve never closed an account but have had them closed for lack of use. I have 6 active now. My score is still over 850.

For type of card, I really like the Amex Hilton Aspire. Great benefits if you travel and Hilton points are easy to use. I’ve recently added some Chase airline cards because they had 100,000 points bonus for sign up.

Amex Green
Amex Gold
Amex Platinum
Amex Credit Card Blue One
UPromise Barclays
Citi Credit Card
Chase Sapphire Reserve
Chase Slate
Chase Unlimited Freedom
Some Dell Card from 18 years ago

Amex Platinum likely on the chopping block this year in July, which is why I opened the Green. Reserve was just closed in January. I realized this year I don't travel enough to warrant any of that any more.

I have a $0 balance on all that.

I have 5, but really only use one, maybe two if I’m on vacation.

I feel like you have a better chance of getting ripped off in Las Vegas or Miami than at home, and if I do get ripped off, I don’t want it to be my money. Let it be someone else’s.

Mostly chose cash back cards

Amex with 5% for gas
Discover rotating 5%
Chase rotating 5%
Citi 5% most used category
USBank 5% on two categories
Fidelity flat 2% on everything not covered by a 5% card

Two more (BOA and Savor) I use less because they return less.

BOA does have a deal with Merril to up rewards but my perception is that they make back the % on the credit card margins with a % extra extracted by Merrill. So I haven't gone far that option

Three. Two are for airline points and one is for hotel points.
Mi am seriously considering dropping credit cards, though, as they are now allowing businesses to pass on the costs to consumers. The 3.5% extra charge on all purchases probably won’t outweigh the points earned. I’ve only been calculating costs for about three weeks, but it has already added up to $318.

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My score is still over 850.

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You sure about that?

12 not counting my wife.