How Many Credit Cards Do You Carry?

Money Magazine recently asked its readers how many credit cards they carry. The responses:

• 3% carried none at all.
• 44% carried one or two.
• 37% carried three to five.
• 16% carried more than five.

Here's where I stand on this question:

• I carry four credit cards with me in my money clip/card holder. I also have a debit card from my credit union in the holder.
• I have another five cards that I carry in my briefcase and use infrequently -- many of them on business (hotel card, airline card, etc.)

Money's piece also had a couple interesting credit card facts as follows:

• 28% of cardholders say they frequently carry a balance; 37% say they never do.
• 80% of credit purchases are made using a rewards card.

As you know, I never carry a balance and 100% of my purchases are made using a rewards card. :)

How many cards do you carry? Do you use a rewards card? Which one(s)? And do you ever carry a balance?

Comments

[John S @ Frugal Rules]

I carry three credit cards and one debit card. Two of the credit cards have rewards - Chase Freedom & an AMEX travel rewards card. I never carry a balance either, paid off in full each month. :)

[Money Beagle]

I have two cashback rewards cards, a Citi Dividends card and a Costco American Express card (3% cash back on gas!). I also have a couple of store credit cards, two of which give a 5% discount on purchases if you use the card (Lowes and Target), and I also have a Kohl's card because many of their extra-percentage off require you to use their card to get the best deal. We pay everything off every month.

[Ivy]

3 rewards credit cards in my wallet - Amex Blue (for 6% groceries and 3% gas), Chase Freedom (for their 5% categories) and Priceline (for everything else at 2%). And a debit card from my bank for ATMs only.

4 more rarely used cards at home - Capital One for foreign travel, Kohl's charge card, my corporate Amex, and my oldest Citi Universal card (not used nowadays, just for continuity of credit history)

No balances

[Paul]

I used to only carry 2 cards, Chase Freedom I paid in full every month, and 1 I never used. Then I started reading FMF :)

Now I have Amex Blue Cash preferred, Chase Freedom, and Chase Sapphire preferred. I'm looking for 1 more, a 2% on everything else card. I don't want FMF's Fidelity card though. I'll see what the comments say. Will look into @Ivy's priceline card, but I'm not fond of them.

One nice thing about having the two Chase cards is that I can move points between them, and the rewards are surprisingly different.

It's also nice that Chase Sapphire preferred is a Visa signature card.

[CF]

I have two - a MasterCard and a Visa, both reward cards.

[KT]

Interesting look. I have two credit cards, but I only carry and use one, a Barclay Reward card, and I use it for everything aside from rent and car payment, as it racks up rewards for cash back. And so far I've managed not to carry a balance on it.

Actually, just the other day I noticed my credit line doubled, from $2,200 to $4,400 without my requesting it. I've had the card about 8 months. I guess it's because I"m carrying more than normal (I usually put about $500 on a month, but lately I've been putting $1,000 because I'm paying for a cruise. I have the money in hand and could pay in one lump sum, but I'd rather rack up rewards points). I don't know if this is going to hurt my credit score or not.

[blake]

I've got about 25 currently open, carry around 5 of them with me at any given time.

It's all about the signup bonuses...

[Old Limey]

I carry 3 credit cards, do not have and never want a debit card. I also almost never use cash.
I have Fidelity's Mastercard with a 1.5% cash back.
I have Fidelity's AMEX card with a 2% cash back.
I have Costco's AMEX card with 3% for gas at Costco, 2% for restaurants, and 1% all other purchases. I only ever buy gas at Costco since it's always the cheapest in our area.

I also have Amazon's Chase card which I only use for Amazon purchases.

[Steve]

To keep it simple (which is my goal in most things financial) I have just the Chase Freedom which seemed to work best for rewards for one card for me. I also like their pay in full auto-draft option so there is no risk of interest/late fees.

I did just get the AMEX with the 50,000 sign up points offer. I spent the $1K required, got the points, and after I use them will cancel the card. I don't really care about my credit score and this seemed like a lot of free points, so decided I may as well do it. Any other this good come along I'll probably do the same (usually they're not enough points to make it worth the bother).

[Paul]

@Steve, I hope its not mistake to "not care about credit score"

You never know when you may need credit. Expect the unexpected.

[Ivy]

@Paul
Priceline is just branding, otherwise it's a Barclays card. I never use Priceline, and I don't care about the brand, but the card is good. Every other reward card gives you the points after the statement is issued, some even with a month delay (Amex Blue). With this one you get them immediately after purchase, and there is no minimum to claim. Very smooth process.

I completely forgot I have 1 more card - Chase Amazon, with 3% for Amazon purchases, very useful for us, since we often buy online. I just have it linked there, don't carry it in my wallet or use for anything else. So that makes 5 at home

[Paul]

@Ivy, good to know, thanks!

[Nick @ ayoungpro.com]

I currently have 3 credit cards, but typically I only use one. I don't carry a balance on any of them.

[jim]

I carry 5 credit cards. Its too many I know. I should thin it out to 2-3.

[Jeffinwesternwa]

over the years I cancelled all credit (for ID theft prevention) and have just two Platinum Visa cards, same bank, (FirstCommand Bank) one for internet and auto billing (utilities, and etc that I don't carry excepttoo travel - a spare card)) with a lower limit of $5K and one I carry all time and use for EVERYTHING with a $15K limit (both cards can be expanded to $100K if needed).. they use the Scorecard reward prgram, not the best rewards but "ok" ...THE best part is my banking relationship is the cards are free and automatically paid IN FULL on the due date. SO when Im traveleing, etc., no worries. No fees either.

[tcupaz]

Has anyone heard about the retail shop being able to charge up to an extra 3% on your purchase if you use a credit card? I have heard that is going to take effect later this year. If so, how will that effect the way credit cards are used?

[Jenny @ Frugal Guru Guide]

I don't carry them all, but I have more than 5. I only use 2 regularly, though. The rest are for special bonuses only or are store cards. :)

[Catherine]

Carry around on my person: Only one.
I have others, but those stay home.
As well, I carry only one debit card.
Balances I carry: None.

There is no such thing as a shopping emergency where more cards are needed on my daily travels. But loss and theft are frequent enough that I feel safer leaving all that access to my credit limit at home. The aggravation factor in having to replace them would be huge and is not offset by having fingertip access to tens of thousands of dollars in credit every waking moment.

[Mike]

I carry 5 but cards have a few others. I never carry a balance and 100% of my charges are on rewards cards.

tcupaz - yes, I have heard of that. They say that major retailers probably will not assess the fee because stores like Wal-Mart won't which will keep the others from doing it. Smaller retailers might because they are hurt more by the fees they have to pay to accept credit cards.

[JTS]

I have 2 key credit cards I carry with me: Discover (primary) and Chase Freedom Mastercard. The Discover card is the one I have had the longest, and the one I prefer because I end up using the rewards points to get gift cards. I really like their online services and overall customer service. Chase Freedom is used based on the rewards offers and where Discover is not accepted.

I have 4 other credit cards:
- Chase Amazon Visa: Amazon purchases and rewards offers.
- Capital One Freedom Visa: for random rewards offers.
- BankAmericard Mastercard: another old card I have had, recently became 1% rewards card.
- Soon to receive a corporate credit card. Just started work at a new company.

I try to use my credit cards for any and all purchases I can, and always pay the balance in full.

-Jon

[08graduate]

Amex Blue Cash, plus an airline Visa for places that don't take Amex.

[jim]

tcupaz, Actually my understanding is that merchants have been allowed to pass on the credit card fees since January 27th. However 10 states have laws that don't allow it including CA, TX, NY & FL so thats a large % of the population.

[Matt]

I do not carry my debit/atm card with me.It stays at home in a drawer and only used to get cash out of the ATM. I only use the 4 credit cards I carry. There are 3 others that I have. Two I no longer use but do not want to close the credit line and waiting for them to. The last card is a paypal card that I only use for on line purchases.PERIOD. It has a $3000 limit and on the back where you sign it says "see id" which in the eyes of a retail store is not valid and if stolen they will see that it is not the same name.

[Mc]

2 credit cards (wells fargo-personal card with rewards, and amex-corporate card) plus 1 debit card from my bank that I only have because they give me high interest on my checking account if I use it 12 times per month. I dont use cash....I like the convenience and ease of record keeping and doing returns of buying everything on a card, plus credit cards are the only way to go for foreign $ exchange when I'm traveling.. Yes of course I pay them off in full every month.

[phriot]

I carry 4 credit cards and a debit card, though I'm not sure why really - only the debit card and one rewards credit card ever typically get used. My rewards cards are a Chase Freedom (the one that gets used) and Gap and TJXRewards cards that got upgraded to full credit cards. I keep the extra cards open mostly to help my credit score via decreased debt-to-credit ratio.

I'll probably slim down sometime in the future, but this works for now.

[jclimber99]

I have the Priceline card as well, it's great to get 2% on everything! I also use the Chase Freedom card for the 5% categories, and my REI card when shopping @ REI.

Also been using the Amex Blue Cash for the 5% on gas/drugstores/groceries but not sure I'll use it after my next anniversary date because it would cost me almost $130 dollars ($6500 spend before reward kicked in that could be used on Priceline card).