How many credit cards? : Personal Finance

I try to only keep cards that have some use to them.

I have my main spending Mastercard for rewards points. Although, I recently discovered that my card doesn't even rank in the top ten for value compared to what I spend on it. So, I will more than likely swap this out for the #1 ranked card.

I also have a Costco Amex for all my Costco shopping/gas/restaurant purchases. I frequently travel by car to the US and I also find that it's the only card I've ever had that works flawlessly to pay for gas at the pump in every state that I've visited. TRAVEL TIP for Canadians: When the pump prompts you to enter your zip code, use the 3 digits in your postal code followed by 2 zeros. M5L 2S3 turns into 52300, and away you go. No more running into the store and having to guess how much you want them to charge on your card, only to have to run back into the store afterwards for a refund because you guessed too high. You'd be surprised how much time can be wasted on such misadventures on a road trip to Florida!

I have another very low interest (4.9%) Captial One Mastercard that I used to consolidate, and eliminate CC debt last year. I am planning to switch this to Capital One's #1 ranked rewards card, and close my current main spending card.

I'm also considering opening up an Amazon.ca Visa because it has no foreign currency transaction fees, and I do a lot of shopping in the US.

Long story short, I would only recommend having multiple cards if there is a rational reason to have each one and you never carry a balance on any of them, or live off of a credit card "float" in your spending.

Source: http://www.youneedabudget.com/forum/personal-finance-f9/how-many-credit-cards-t19961.html

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