How many credit cards are IN YOUR WALLET?

Edit:
So, how much extra CashBack will make you carry an extra credit card?

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My wife and I used to carry a lot of credit cards in our wallet to try to maximize the CashBack/rewards. However, after a simple analysis, we have dropped the number to 2, or 3 if there is some special case or promotion (e.g. Discover More)

We asked a simple question to ourselves, “How much extra CashBack per month is it worth to carry an extra card in your wallet?” Our answer is “AT LEAST $5.”

I do not mind to leave my cards in my drawer, and pay online purchase or recursive utility bills, but I just do not like to carry them around and have a FAT wallet.

Both of us have a HSBC/Household/Orchard 2% CashBack ($400 annual cap) MasterCard, each of us uses it to setup PayPal, Google Checkout, and memorize the number, expiration date and code, so we make all online purchase (at work) without carry a card. Also, I pay most attention to the statements from these two cards.

I think we should carry at least 2 credit cards daily, and they should come from DIFFERENT issuers, at least one Visa/MasterCard. Reasons: First, it happened before that all HSBC credit cards did not work for a short period of time due to their technical issue, I do not want this happens to me. Second, I was almost got stuck in a super market once because Chase Credit Department closed all my 6 personal and small business cards suddenly, and all 4 cards I had were from Chase that day. Last, of course, it is because some stores do not accept AMEX and Discover.

My wife carries a Fidelity 2% AMEX (because she just loves to shop at Costco) and I carry a Schwab 2% Visa. OK, here are some examples of our analysis. Of course, we only check the CashBack rate more than 2%.

Wife: Associated 5% EDP CashBack Visa
She does almost all our grocery shopping (including my parents because we go to their home for dinner almost every weekday), so estimated grocery expense is $350~$400 at Super Wal-Mart and other super markets. She also spends about $100 for gas each month, and a few dollars in drug stores.
Estimated Extra CashBack Earned: ~$500 * (5% - 2%) = ~$15 (carry)

Wife: Costco Small Business True Earning AMEX
We spend about $400 dine out each month.
Estimated Extra CashBack Earned: ~$400 * (3% - 2%) = ~$4 (leave it at home. We may get a Forward Visa for dine out.)

Myself: PenFed Visa
I spend about $350 on gas, and few grocery, which I can use either Schwab or PenFed Visa.
Estimated Extra CashBack Earned: ~$350 * (5% - 2%) = ~$10.50 (carry)

Myself: Simply Cash Small Business AMEX
I set up recursive bill payments for AT&T to get 5%, and I only shop at Office Supply stores when I see a hot deal from fatwallet, so there is no need to carry the card everyday with me.

OK, I’ll skip our other cards and stop here. Now, my wife only carries Fidelity AMEX and Associated Visa, and I only carry Schwab and PenFed Visa. Of course, I won’t forget Discover next quarter for dine out. Maybe you want to do the same thing to simplify you life and reduce the risk. Of course, you can answer “At least a quarter” for the question and carry 5, 6, 7 cards if you like.

I have about 35 CCs in my sock drawer.

Why do you spend $400 a month on restaurants when your parents cook all of your meals? Doesn't your wife know how to cook?

2 cards. I'll pull out any of my 30+ if i need them.

Chase freedom
Fidelity AM3X

I'm carrying 4 at the moment:
Citi Forward for bookstores and restaurants.
Discover for rotating rewards
Costco AMEX (it's also my membership card to Costco)
Something else (Citi PremierPass currently) for general spending.

I've also got the debit card for my Rewards checking account that needs 10 transactions/month.

My wife carries 1 or 2:
Chase Freedom for 3% on groceries/gas
Discover for rotating rewards

--She doesn't like keeping track of which card to use when, so we agreed to limit it to 2 cards max. So I give her whatever we have that's best for groceries, and supplement it with a general spender or the Discover, depending on the current category.

pics?

minggang said: We asked a simple question to ourselves, “How much extra CashBack per month is it worth to carry an extra card in your wallet?” Our answer is “AT LEAST $5.”
I think this is a good question to keep in mind. Plus, we need to factor in the risk of not getting paid the CashBack for whatever reason. As an example, with Chase converting their Freedom cards, a lot of people who used the card thinking they were getting 3.75/1.25 are now only going to get 3/1, or in some cases 0 for a small amount of purchases, if it's no longer worthwhile to try to fill up the next $50 check. Another potential reason could be something like points expiring. And forgetting to make a payment on time could kill the marginal benefit one receives from carrying 5 cards instead of 3. I prefer to take a minimalist approach (as I don't find it worth the hassle), but I think carrying 5+ is just as viable.

DavidScubadiver said: I find if I make an occasional transaction on another card, well, I forget to pay it.
For any CCs that I don't use anymore, I setup email alerts that notify me if the balance goes over $0. Not only is this good for remembering the occasional mini-purchase I make to keep the card alive, it's also good for the case that I get some unauthorized charge to an account that I don't check often (not too common, but it has happened before).

None yet... trying to stay away from debt!!!!!!!!!!!!!!!!!!!!!

cbaty said: None yet... trying to stay away from debt!!!!!!!!!!!!!!!!!!!!!Using credit cards does not automatically equal debt. Just pay it in full each month.

minggang said: I hate Chase after they closed all my cards two years ago and they closed my 2 WaMu cards this year.
I think it's mutual.

Citi AMEX Plat
Citi Diamond Mastercard - for where they don't take AMEX
HSBC Debit Mastercard - for when I need to take cash OUT of an ATM
BofA Debit Visa- for when I need to put cash INTO an ATM

IamN41 said: For cards that earn ThankYou pts, I don't think 1pt = 1% anymore. Not in cash anyway. I think the best payout you can get is ~75%, so a card that earns 5pts for every dollar spent is like a 3.78% CashBack equivalent.
This has been discussed in the TYP thread. If you can find a use for the branded GCs you can get a $100 card for 10K TYP. The selection isn't what it used to be, but there are still several major restaurant chains, dept. stores, etc.

I used to carry 3 (Orchard 2%, Chase Rewards Plus 5% and Citi Forward). Now I am trying to completely stop using credit cards so I carry just one for emergencies (Citi Forward).

I observed my usage pattern. I don't know about you guys but I found out that I tend to spend more when I pay with credit cards. Often I paid at the cashier without even bothering to look at the total. At least for me, chasing rewards it not worth it. I save way more if I pay by cash (or debit occasionally). The peace of mind of not keeping up with all the payments itself is worth it. (Oh how I hated Orchard Card and their puny $400 limit)

psychtobe said: citi plat am3x 3%/5%
...
discover card to make twice monthly purchases to sustain 0% for life BT offer
...
so 5.

Those two purchases per month, how low were you able to push them? I am at $0.06 each, but need three per month. A few more years of this, and I might break above the minimum finance charge. Maybe more than a few years, now that I got the change in terms raising the purchase APR and minimum payments a bit, and reminding me that payments in excess of the minimum will go to higher APR balances.

2-3 (Schwab, Freedom, Discover More depending on the promo)

Pondus said: psychtobe said: citi plat am3x 3%/5%
...
discover card to make twice monthly purchases to sustain 0% for life BT offer
...
so 5.

Those two purchases per month, how low were you able to push them? I am at $0.06 each, but need three per month. A few more years of this, and I might break above the minimum finance charge. Maybe more than a few years, now that I got the change in terms raising the purchase APR and minimum payments a bit, and reminding me that payments in excess of the minimum will go to higher APR balances.

usually $0.03 and $0.05. After 2 years I'm still at the minimum finance charge of $0.50 per month, which I can live with. I have only $10k out, meaning I'm only earning about $150, - taxes is about $100 per year, or $8 per month. Which means it is still a positive return, but the absolute amount earned from the work is probably not actually worth my time any more. I keep thinking some day we'll have massive inflation and I'll be able to pay off the $10k in cheaper dollars, but at the rate we're going the principal will be long paid down by the time that happens.

citi AMEX plat grocery 5 / everything else 3 TY points
citi mtvu food/Amazon 5 TY points
citi shell plat select gas 5% Cash Back
schwab all 2% Cash Back

dzcatty said:
citi premierpass elite- when AMEX not accepted(someone mention 2% but that's only for grocery/Drugstore/gas/parking, otherwise it is 1%)

PPE is 2% when including matching flight points, of which most cardholders have a lot.

Sure, that's the main reason why people applys for it. But still, it is "activating" the flight points you already have, not "generating" extra points per se.

psychtobe said: dzcatty said:
citi premierpass elite- when AMEX not accepted(someone mention 2% but that's only for grocery/Drugstore/gas/parking, otherwise it is 1%)



PPE is 2% when including matching flight points, of which most cardholders have a lot.

Just Penfed, Schwab, and AMEX /Costco.

psychtobe said: citi plat am3x 3%/5%
citi professional 3% restaurants (when am3x not accepted)
citi prem pass elite 2% (when am3x not accepted) (but currently using FlexPerks instead, see below)
discover card to make twice monthly purchases to sustain 0% for life BT offer
US Bank Flexperks Visa, I need $1200 more in spending by 10/31 to get a free $400 airline ticket.

so 5.

base cards are Citi Plat Am3x 3%/5% and Citi PPE 2%.
Professional = 1% extra when Am3x not accepted, maybe 1/4 of the time, total spending $500/month, so $1.25. Maybe I should get rid of it.

Discover card: $150 interest per year on $10k balance, after taxes $100 = $8/month. I'll keep it.
Flexperks - one-time situation, this will be done in 35 days.