mitchjav
Recycles dryer sheets
I know there are a number of threads around credit cards - opening, closing and how many cards to hold, but here's yet another.
Just applied and got accepted for the new Verizon Visa card (4% back on Groceries and Gas, 3% at Restaurants - cash back comes in the form of Verizon $'s - which can be used for Verizon purchases including paying the monthly bill). I'm a Verizon customer, so this makes sense - it also can be used for autopay with a 10% discount (only credit card option for this - was using autopay from checking up-till-now).
So now I'm holding 8 cards (plus one store card) - 4 travel reward and 4 that give me points or cash-back. Since we're not big-time travelers (and even less-so with COVID) I want to pare back the travel cards - get rid of the two hotel-specific cards and the AMEX Gold Card --- and I'm debating getting rid of the Chase Unlimited Visa/Chase Sapphire Preferred combo as well (because aside from trip cancellation insurance, don't see the big benefit - the other cash back/point cards have heftier rewards).
Complicating matters are that we're buying a new home in the Spring, so I don't want to raise too many credit report red flags.
Questions are:
- How many cards are too many?
- Strategy for getting rid of cards (thinking I should do it slowly as opposed to all at one time)?
- Any reason I haven't thought of to keep the Chase Unlimited/Sapphire Preferred combo (or even the AMEX Gold)?
Thanks,
Mitch
Just applied and got accepted for the new Verizon Visa card (4% back on Groceries and Gas, 3% at Restaurants - cash back comes in the form of Verizon $'s - which can be used for Verizon purchases including paying the monthly bill). I'm a Verizon customer, so this makes sense - it also can be used for autopay with a 10% discount (only credit card option for this - was using autopay from checking up-till-now).
So now I'm holding 8 cards (plus one store card) - 4 travel reward and 4 that give me points or cash-back. Since we're not big-time travelers (and even less-so with COVID) I want to pare back the travel cards - get rid of the two hotel-specific cards and the AMEX Gold Card --- and I'm debating getting rid of the Chase Unlimited Visa/Chase Sapphire Preferred combo as well (because aside from trip cancellation insurance, don't see the big benefit - the other cash back/point cards have heftier rewards).
Complicating matters are that we're buying a new home in the Spring, so I don't want to raise too many credit report red flags.
Questions are:
- How many cards are too many?
- Strategy for getting rid of cards (thinking I should do it slowly as opposed to all at one time)?
- Any reason I haven't thought of to keep the Chase Unlimited/Sapphire Preferred combo (or even the AMEX Gold)?
Thanks,
Mitch