# How many credit cards do you have?



## Alexandra (Apr 3, 2009)

Just wondering how many credit cards people on this forum have.

I found this study had the most recent stats on AMERICANS, not Canadians:

In the fourth quarter of 2008, consumers over 60 had an average of 5.6 open bankcard and retail accounts. Overall, consumers had an average of 5.4 cards. A year before, those over 60 had 6.1 open cards and consumers overall had 5.5. In 2006, those over 60 had 6.2 open cards and consumers overall had 5.5. (Source: Experian marketing insight snapshot, March 2009) 

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I have four: 
- AMEX Airmiles - my main card
- MasterCard Airmiles - one I keep in case they don't accept AMEX
- my husband's supplementary card for AMEX for business expenses 
- my husband's supplementary card for VISA for personal expenses
(I shop for my husband when he needs me to - hence the extra cards)

I carry a balance on none of them.


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## DAvid (Apr 3, 2009)

Master Card rewards card
Visa as part of my banking package

Sears from way back in the past when they only accepted their card.

Got rid of a few others some years back.


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## Rickson9 (Apr 9, 2009)

I have one credit card for personal use.

I have a company corporate card for business use.


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## CanadianCapitalist (Mar 31, 2009)

Just two for me:

American Express Costco Card. 1.5% cash back in the form of a Costco gift certificate.

PC Financial MasterCard. Backup card because AmEx isn't accepted everywhere.


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## brad (May 22, 2009)

I just have a basic Mastercard, but am considering getting a Visa as well because occasionally (mostly in Europe) you run into places that accept Visa but not Mastercard.


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## Sampson (Apr 3, 2009)

I count 5 - guess I'm just a run of the mill average guy 

MasterCard - PC Points
MasterCard - AirMiles
Visa - Platinum (with extended travel insurance etc.)
AMEX - AirMiles
AMEX - Costco Cash Back

I collected AirMiles when I was younger, but had switched to the PC MasterCard later on, and just got the Costco AMEX which should be our fulltime card now.

The Visa is my wife's account.


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## Financial Highway (Apr 3, 2009)

Right now just one but looking at the Scotia Momentum Card


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## michika (Apr 20, 2009)

American Express and Visa. Amex is my primary card and Visa is my backup that I only use grudgingly.


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## Jademonkey (Apr 8, 2009)

I have 3:

Amex Platinum Aeroplan - Primary Card
Amex Business - company card
Visa Platinum Avion - had this before getting Amex, only use if they dont take Amex


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## Jon_Snow (May 20, 2009)

Just a Visa... absolutely no need for another.


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## dogcom (May 23, 2009)

Just one no fee mastercard is enough for me.


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## stephenheath (Apr 3, 2009)

Three here, the 2% American Express Cash Back card is my main card, but as mentioned, there are places that don't take Amex, so I have the 1% Cash Back Visa, and the third is the old Sears credit card that we opened to buy appliances with (huge cashback in the form of sears points) but now really has no use, I probably should close it.

I'd never go back to one bank's cards though. I remember a few years back when I was with Canada Trust (before they merged with TD) and I had everything with them, debit cards, credit card, the works. Their computers went down for a long chunk of time, like 10 hours, and during that time I couldn't use any of it. Had to get a coworker to buy lunch that day and pay him back the next day, which wasn't a big deal, but if I'd been out with a client that would have been mortifying!

PS: All three cards are no fee and are paid off in full each month... I wouldn't be so sanguine about having multiple cards if I were paying fees to have them sit around!


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## kayo (Apr 5, 2009)

I currently have 4, planning to get rid of one more, and that will leave me with 1 Visa, 1 Master and 1 Retail Store card.


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## ubiquitous (Apr 5, 2009)

We have five.

One Presidents Choice MasterCard. This is my "daily driver" and I charge just about everything on it.

One Scotiabank VISA. Required because we bank with Scotiabank.

One CIBC VISA. I keep this because it is in my own name (not husband's) and I've had it for about 37 years. I haven't used it in about 15 years.

One Sears card. Dawg knows why we still keep this thing.

One Home Depot card. Good for the occasional 12-month interest free offer. As we are renovating a house, this is handy.


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## stardancer (Apr 26, 2009)

I have too many, but they are not always used.
A Canadian Tire mastercard- for gas and which my husband likes for the points. I also use up the points for Christmas shopping. This is the only one I let him carry, and he is pretty good at giving me the receipts.

A PC mastercard for groceries and free points, which I use up if I'm short that month

A TD visa- because not all places take mastercard. This one usually just sits

A Sears and a Hudsons Bay- I might use them when I'm out of town shopping to get a deal. Usually they just sit in a drawer


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## Retired at 31 (Apr 20, 2009)

stephenheath said:


> Three here, the 2% American Express Cash Back card is my main card, but as mentioned, there are places that don't take Amex, so I have the 1% Cash Back Visa,


Same combo here. I love that amex card. Despite it's double reward, I find a far larger rebate on the visa at year end - a testament to how many places don't take amex


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## stephenheath (Apr 3, 2009)

> it's double reward, I find a far larger rebate on the visa at year end - a testament to how many places don't take amex


We're very lucky that way, all of our favorite places take the Amex... all the gas stations, Costco & Metro for groceries, the garage for car repairs, amazon.ca and future shop, and that's pretty much all we spend on 

Heck, even my MBA program took Amex, and that was $35,000 over 4 years, which helped make the cashback an exciting number each year for a while


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## canabiz (Apr 4, 2009)

For people who are planning to cancel certain credit cards: Are you concerned your credit score will take a hit ? or would it simply be better to get rid of unnecessary available credit ?

For people who did cancel established credit cards i.e. 3+ years history and not one of those MBNA or Citibank 0% balance transfer promo cards, was there any problem with your credit file ?

I have had an AMEX Air Miles card for about 10 years. I used it off and on before (mostly at Costco) and have not had any payment problems. I am thinking of cancelling it because I no longer see the need for it. I am hesitant to pull the trigger because of its fairly long history...


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## Sampson (Apr 3, 2009)

Although the effect of canceling a card on my credit does cross my mind, I haven't NOT canceled one because of this. I don't know how big of a hit it is (I'm sure its somewhat small compared to car or house loans) but unless you are looking to get approved for some new credit in the near future, it should have that big of an effect.

Regarding canceling a card with long running history, what you could do is reduce the credit on that card, then slowly phase it out and begin a new history with your new card. Cancel the old one after you've used the new one for a few years.


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## iherald (Apr 18, 2009)

Rewards Mastercard and a Visa. A few places I go do not take mastercard (stupid dry cleaners).


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## brad (May 22, 2009)

I've cancelled at least seven credit cards over the years, and it hasn't affected my ability to get credit -- we were approved for our mortgage with no problem as well as a line of credit with my bank, both at very favourable rates, and I certainly get plenty of offers for new credit cards. I haven't checked my credit rating, but since I'm not planning to take out any additional loans in the future I honestly don't care much what my credit rating is.


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## Lumber Joe (May 29, 2009)

I have 3 cards, but I only use only one of them regularly, since their management may become quite difficult, if you use all of them regularly. I prefer using only one of them

Offshore Accounts in Cyprus


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## Elbyron (Apr 3, 2009)

I'm surprised more people haven't mentioned the HBC credit card / mastercard. When you first sign up you get 10% off your first purchase (and sometimes a coupon for your second purchase too). It doesn't sound like much, but if you're buying something big, like a TV or large appliance, it can be a significant savings. The Bay's prices are only reasonable on sale items, but they'll price match and still give you the 10%. But don't just sign up and throw it away, because the Bay has a promotion every month or two, usually on a Saturday, where you can again take 10% off your purchase if you use your HBC card. There's also the extra HBC points but they're not worth much - pretty lousy point program in my opinion.

When there's no 10% promotion I just use my usual credit card: Capital One Miles Plus platinum card, which gives me non-tiered 2% back in travel credits. I also carry an old Visa just in case MC isn't accepted, or to hide a gift purchase from my spouse.


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## OhGreatGuru (May 24, 2009)

Only two cards. For a long time I believed in carrying only one. But I have a second one now mainly for backup when travelling outside the country - sometimes the credit card centre can be down; or the retailer can't communicate with it; or the magnetic stripe may get corrupted so it won't work.


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## canabiz (Apr 4, 2009)

Elbyron, are you referring to the HBC Credit Card with a 28.8% annual interest rate (similar to Sears and other departmental credit cards) or are you talking about the HBC Mastercard with a more *affordable* interest rate a la 19.9% ?

I think the big reason people shy away from those departmental cards (even with promotions and discounts) is because of the exorbitant interest rates. Obviously you try not to carry any balance but it's always easier said and done...


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## stephenheath (Apr 3, 2009)

I thought noone was mentioning it because noone shops at the Bay or Zellers anymore


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## BeautifulAngel (Jun 30, 2017)

I currently have 1 credit card however, I froze it so I can't take any more money until I pay it off. It's only at $415 but I still don't like owing money.


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## none (Jan 15, 2013)

Wow - talk about resurrecting an old thread!

I've gotten a bit into "travel hacking" so I may be up to 5 cards now. It's getting a bit tough to keep track to be honest.


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