Early Retirement & Financial Independence Community

Early Retirement & Financial Independence Community (https://www.early-retirement.org/forums/)
-   FIRE and Money (https://www.early-retirement.org/forums/f28/)
-   -   Why you may want to have 2 credit cards (https://www.early-retirement.org/forums/f28/why-you-may-want-to-have-2-credit-cards-63802.html)

drb391 11-22-2012 08:06 AM

have 3; 1 for everyday stuff, 1 for online & phone only, 1 I have had for several yrs, but never used. the 2 I use are thru Chase. don't know about others, but @ Chase's site, one can set up alerts. "Payment Due"(10-days before). "Payment Received" in emails. one that I have sent to cell phone - Notify me if charge is made over xxx $. works pretty good. get msg within minutes

Corporateburnout 11-22-2012 08:25 AM

We have 6 major cards but only use 3 a Fidelity AMEX with a 2% cash back a BOFA rewards card and a Citibank virtual account numbers that we use for online purchases only.

When we travel especially overseas we usually carry 4 but never had any issues with any of them.

Donzo 11-22-2012 09:41 AM

I use my 2 cards for everything - that I can.

Visa - for air miles used for everything other than Costco and fuel

Amex - for Hilton points and for use at Costco and fuel

W2R 11-22-2012 10:07 AM


Originally Posted by veremchuka (Post 1250462)
I got a call yesterday afternoon from the bank that I have my cc with. Someone was making purchases out of the norm and they wanted to know if I was doing it, amazing how closely they monitor purchases! Somehow someone got my cc info and made some purchases so they closed the account immediately.

What a hassle! Sorry this happened to you.


Originally Posted by veremchuka
It's going to take 2-3 business days to get the new card but initially it was 5-7 business days. I use the card for everything and that wasn't going to cut it

Cash wouldn't work as a temporary stopgap for a few days? Oh well. I guess I just don't get it. Anyway, I'm glad that you found a solution that was satisfactory for you.

rescueme 11-22-2012 10:10 AM


Originally Posted by Disappointed (Post 1250548)
I try not to carry multiple CC while traveling.

OTOH, I/DW carry at least two each (in our own names) to ensure that we have at least one that will work while we travel (mostly international).

For us, it's AMEX/Visa.

Different strokes....

BTW, I have a separate Visa card that I only use once a year, and I never carry it with me. It's there primarily as a backup, and since it has a high allowance, it reduces my overall spend vs. credit limit, which in turn keeps my FICO score well above 800.

PatrickA5 11-22-2012 11:23 AM

Between DW and I, we have 12 credit cards. We should probably cancel a few. We only carry 2 each, the rest I have locked away awaiting the latest greatest offer for points, miles, cash back, etc. We never carry a balance.

Just yesterday, got a call from Chase verifying that I used a seldom-used card 5 times in 15 minutes. Last month, someone in Germany used my credit card, but I got a quick call from fraud prevention, canceled the card and had a replacement within a week. I'm glad the banks are keeping up with this stuff.

Spanky 11-22-2012 11:45 AM


Originally Posted by Dawg52 (Post 1250624)
How far off are you talking about? When I have visited family within the S.E. or just a couple of states over from me, I have not experienced this with PF. I wonder how they would handle your purchases if you call them in advance?

California, Oregon, Washington, Vancouver - ~1500 miles from home.
Neighboring states are fine, e.g., Wisconsin, Illinois.

If you had called them in advance (prior to travel), it would have been okay. As others have mentioned, AMEX card is pretty reliable.

AWeinel 11-22-2012 01:52 PM

I should clarify... we DO carry three + debit. ***AND*** I always call when traveling, whether domestic or international. Thankfully we have NEVER had an issue. Our daughter lives in Germany and we regularly get Euros at a particular SparKasse bank branch in her village. We have drawn Shekels in Israel, Zlotys in Poland... whatever. NEVER had a problem.

The **only** time we had an issue was before I retired, DW was visiting daughter in Germany and our Debit card expired. I had talked to the Credit Union IN ADVANCE and they assured me it was extended electronically. I went to get gas one night... declined. Went home and called her right away up to give her a heads up. And next morning raised Holy Cain at the CU and had them FED EX her the replacement card. At least in those days they actually MADE the card while you waited - no having to wait 5-7 w*rk days for processing. Mama got her card and the rest of her visit was great. Point is, the EXPIRATION date is one more thing to be sure and look at.

coalcracker 11-22-2012 03:47 PM

I travel internationally quite a bit and use my Capital One no hassle card because they don't have a foreign transaction fee. I use AMEX for pretty much everything else at home, but their foreign transaction fee is 3% I believe so it is emergency backup only abroad.

Rustward 11-22-2012 08:35 PM

Must be different now... In the late 90's and early 00's I traveled each week domestically about 45-48 weeks per year and charged everything except airfare and "corporate housing" (usually a rented apartment on long term assignments), but I did have a lot of "hotel weeks" (with associated "hotel food") which made for lots of charges. Never experienced a reject.

We have two MasterCards, one Amex, one Visa, and one Discover to back up each other, and to cover situations where a particular merchant will not take a particular card. One of those cards is the primary, and I make sure to make some kind of charge on each card every quarter to keep them alive.

Sirka 11-22-2012 08:57 PM


Originally Posted by easysurfer (Post 1250537)
I have four, but only regularly use two.

If I go on a trip for a long time, I bring along a primary, and a backup, and a just in case backup #2 ;D. Otherwise I only carry two in my wallet.

That's my plan - must have a back up. I once dropped the cc on the magnet in Walmart at the checkout. That deleted the mag. strip info and I had to replace it.

sheehs1 11-22-2012 09:57 PM

I only have one credit card but may need to rethink this after reading this thread. In the past, it has just been simpler for me to have all credit card purchases and returns on one statement and pay just one bill.

GrayHare 11-22-2012 10:07 PM

When I got a second card this year at a bank I found the process unusual. The questions in-person were different from those of the online application I had reviewed in advance, and I didn't need to either show ID or sign anything. It was easy, maybe too easy.

JustMeUC 11-22-2012 10:18 PM


Originally Posted by HawkeyeNFO (Post 1250473)
Only 2? Everytime they offer sign-up bonuses that are worthwhile, I'm applying. Traveling by air with a family of 5 could be expensive if I didn't do that.

Me too... I have at least a dozen plus airline and hotel cards that I rotate. Most I close after 11 months, wait a few months then reapply for a new bonus. In 2010 & 2011 I earned well over a million miles and points on sign up and transfer bonuses. I travel internationally at least 12 times a year and can't remember the last time I purchased an airline ticket and often don't pay for hotel rooms.

My sister who hardly ever leaves the state got declined when she purchased something in the Caribbean but I never call when I am traveling and never been rejected for unusual use. I guess I travel enough that none of the CC companies question charges from here there or anywhere.

Alan 11-22-2012 10:45 PM

I've had my CC details stolen 3 times and the biggest hassle is changing all the auto-payments.

So we have 3 cards, one of which is only used for the automated monthly or yearly payments. (phone, cable, electric, etc.).

I make sure I use the other backup card once a month to keep it active.

Midpack 11-23-2012 08:42 AM

We only have one, and it's the one that provides the most cash back. However, my logic was that I also had an AmEx card from work that I could use in a pinch. Now that we no longer have the AmEx, maybe we should consider another...

veremchuka 11-23-2012 04:36 PM


Originally Posted by scrabbler1 (Post 1250545)
As Mulligan mentioned, CC companies began closing dormant accounts. I had two of my dormant cards closed in 2009, not that I cared. I so rarely use my CC (maybe 5 times a year) that having more than one does not seem very important. I think I have a second one open but have never used it. I consider my debit card to be a backup card, at least something plastic I can use if my CC goes down.

Closing accounts can lower your FICO score by increasing your debt level relative to available credit left. That would anger me, I have a pretty good FICO score.

The cc I used today at the health food store, grocery store and to buy gas is used 1x a year if that. So I did 3 purchases within an hour and I was wondering if that bank would think something was up with the activity! No calls from them so far.

W2R, cash could be used but I seldom have it so it's an inconvenience to go to the bank and cash a check, no debit card, no ATM's for me. My pension was reduced as I am able to collect SS whether I do or don't so for a couple of months I've had less cash in the bank. Buying anything online this weekend is impossible with cash.

I got my new cc today, that's good.

grasshopper 11-23-2012 05:57 PM

I use Discover online with the one time use CC number. Discover was my go to card, but a dozen times I came home from shopping and had a message to call the fraud dept. We have no cell service so giving them a cell number was useless. I was trying to bail one of my dogs out of the vet for a rattlesnake bite $1500 and was denied.

Now I use CapOne for all transactions unless Chase has 5% gas or some other quarterly deal. I have never had a denial from CapOne even if we slide into Mexico for eyeglasses or pharmaceuticals, and never have a foreign transaction fee.

Midpack 11-23-2012 06:16 PM


Originally Posted by grasshopper (Post 1251153)
I use Discover online with the one time use CC number.

Now I use CapOne for all transactions unless Chase has 5% gas or some other quarterly deal. I have never had a denial from CapOne even if we slide into Mexico for eyeglasses or pharmaceuticals, and never have a foreign transaction fee.

If I was ever going to get a CapitalOne card, I sure won't now since they were the first #%^* popup ever on my iPad. Never, never, never >:( YMMV

Alan 11-23-2012 06:30 PM

Penfed Rewards is my main card, and it includes 5% back on gas. I just received my latest Walmart gift card which I choose since we do shop at walmart for groceries & wine.

My 2 backup cards are 1% cash back. (Chase and Amex Blue Cash).

All times are GMT -6. The time now is 07:48 PM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.