Poll: How Many Credit/Debit Cards in the Wallet/Purse?

[Nemo2]

1 (Rewards) Visa card, used for almost every purchase and paid in full monthly.

(Have never used a debit card and can't envision ever doing so.)

 

[JohnDoe]

I carry 2 plus a debit card. It depends on which one is offering the best return at the time I need to use one.

I only open cards now for BIG bonuses. A few years ago I cashed in $1000 for opening an AMEX card(s). Now Southwest is offering $833 in fares for opening one of their cards ($1666 for 2 cards).

Open, get reward, cancel, repeat.

 

[Meadbh]

Total of 4 cards: two credit, two debit.

In 2007 my personal credit card was denied in Paris, France because spending money in Paris was considered "unusual activity" (?!), and in 2009 it was denied in Saudi Arabia for the same reason (despite the fact that I had informed the bank where I was going). At that time I only had a personal credit card.

That's why I now have two credit cards, one for personal, one for business use. They are both with the same institution and are linked to the same airline rewards program. I also carry two debit/ATM cards, one personal, one business, from the same bank....which is a different one from the credit cards.

I visit the ATM periodically to top up cash but never have more than $200. When abroad, I use the ATM cards to get foreign cash, and use my credit cards provided that there is no extra charge to do so. I did have my credit card scammed in Brazil in 1997, but newer cards have Chip technology so I am not worried about that.

I have not used travellers' cheques in the last 30 years. They are antiquated, you have already spent the money on the travellers' cheques before buying anything, and you can lose them too! I do as much banking online as it is possible to do. I never carry my chequebook with me unless I know I have no option but to use it.

 

[martyp]

1 credit card and 2 debit cards (my checking & joint checking). If I am traveling I only bring the credit card.

 

[FIREd]

2 credit cards (Visa and MasterCard) and one ATM/debit card.

 

[veremchuka]

1 VISA cash back rewards, I use it for virtually everything I buy, I pay the bill in full each month. Why do so many people have so many different cards? A rhetorical question.

 

[Badger]

2 - used to have 1 but then Costco AmEx membership card made sense to eliminate writting checks all the time and have them do the annual accounting. The other is MC from B of AM. That will be tossed out as soon as I cash in the milage for a couple of airline tickets. Don't like those folks and they have screwed with me too much. I won't do business with them or their buddies Merrill Lynch (another company to avoid big time).

Cheers!

 

[Nords]

1 VISA cash back rewards, I use it for virtually everything I buy, I pay the bill in full each month. Why do so many people have so many different cards? A rhetorical question.

Rhetorical (*snort*).

For the affinity rewards!

 

[RE2Boys]

A Discover, a Visa, and the debit card from my local bank to get cash. Used to travel with lots of cash but lately only about $200. When on the road, use credit for just about everything, even Mickie D's. Two credit cards incase one gets lost or compromised, play the cash back reward games depending which is giving a better percentage back for the type of purchase.

 

[Gumby]

Why do so many people have so many different cards?

I only carry two, but I have many more at home left over from my stoozing days.

 

[Nodak]

Two credit cards, Mastercard and Amex and one local bank debit card.

 

[OldGuy]

Two credit cards (one for "almost everything" and one backup), AMEX only for Costco, and USAA's debit card (they refund all ATM service charges up to $15/cycle, and we only use it to get cash) that we've used all over the place.
The former &mploy&r's (no names, but think very recent $2B hedging screw-up) two (yep!) T&E cards, which, mysteriously, they forgot to take back & have actually kept open for a decade, sit at home unused as real backup.

 

[HillCountry]

Thanks for this thread. I took out 3 cards that are not for day to day use. Now I have 7 cards in the wallet -

fidelity 529 master card for everyday use
costco/amex card
atm/master card for personal
atm/master card for biz
capital one spark visa for biz
amex biz lowes
& master card for hsa

 

[Walt34]

Three credit cards (two Visa, on MC) at different institutions. One Visa is with the credit union and I've had that for going on 30 years, my Sears card opened in 1972 morphed into a MC, and we have a Visa card with a local bank where we initially just opened a checking account because they have ATM's all over the place.

No debit cards, don't want one.

 

[Sarah in SC]

When traveling out of the country, I like to carry debit cards from two banks, plus credit cards from two banks. That way I'm covered if a network is down.
And one of each is from a bank that refunds foreign transaction fees, making those my preferred choices. I notify all of them before leaving. And I keep track of what transactions posts by using Mint.com. If fraudulent activity shows up, I could nip it in the bud and close the account without impacting the others.

 

[Sesq]

However, we have quite a few open credit card accounts - some were opened just to get the incentive bennies ($$). If we close the newer ones once the bennies have been gained, will that affect our credit rating up or down?

Amethyst

My understanding is the impact is small. Less total credit for purposes of calculating the total amount of credit utilized, and in a few years they drop off the report, which may impact the average age of your accounts (always keep your oldest no-fee card open for this reason).

That said, if you pay your bills and don't have any major loans to be originated on the horizon, who really gives a rip about your credit score. If you don't pay your bills, then your score probably sucks and worrying about how to swing it by 50 points may matter more.

My understanding is the inquiries for new cards dings you a bit in the short term, but in the long term its not a big deal.

 

[Marita40]

1 credit card (Penfed Visa) and 1 bank debit card. Everything except purchases at Aldi goes on the credit card and it is paid off each month. The debit card is for Aldi (they don't take credit cards) and the occasional ATM withdrawal (no more than about once every three months as I rarely carry cash).

 

[Sue J]

For a long time I just carried the PenFed VISA with the cash rewards and used it for everything. Also carried a ING debit card for an account that we add to monthly and use only for medical expenses. But then I'd carry the Discover or Chase if they had some sort of quarterly or monthly rewards promo that applied to our purchases.

In the last few months I've changed my tactic on grocery shopping. I go to Aldi a couple of times a month so I started carrying a debit card for the checking account. Then I stopped shopping at the national chain (full service and selection but pricey) grocery store and instead I've been shopping at a local discount grocery that only takes checks, cash and Discover card. I used to hate going there but they've really expanded their selections, especially the deli and produce and I'm finding almost everything I need there at a good price.

I didn't mind jumping though hoops to gather rewards points here and there, I kind of enjoyed it. But the stores I'm frequenting lately don't take the PenFed VISA and DH found all of this rewards chasing to be overcomplicated. So for the month of May we are using cash only. Everybody accepts it and it's easy for DH. So far, so good.

We are still using the PenFed for gas, since paying cash for gas is just plain inconvenient and I'll still get the 5% points.

 

[Finance Dave]

I voted 4, but it's not "the more the merrier". Instead it's one debit card, and three credit cards. They are used for different things obviously.

I use the debit card to get cash from my ATM

One credit card is for my personal account

One credit card is a joint account for wife and I

One credit card is our LLC business account

 

[megacorp-firee]

I usually carry two credit cards (visa, AmEx) and one ATM card, and some cash. When on the road I usually carry more cash and keep some in the briefcase.

Me too (mc and visa) with a debit/ATM card. I also carry some loose bills (usually around $50 worth) and a hundred dollar bill for emergencies.

 

[obgyn65]

I know it sounds weird, but I have more than 5 credit/debit cards in my wallet right now for personal expenses + 1 card for business expenses. I hope to keep 2 of them only after I FIRE.

 

[ChiliPepr]

I have three... but only for specific reasons... I have:
My primary credit card that I use for everything.
My banks debit card that I only use to get cash from my bank's ATMs
A debit card from Fidelity that reimburses ATM fees that I use when there is no ATM from my primary bank around.

 

[WhoDaresWins]

I only routinely carry one credit card but I also keep a couple of hundred bucks in cash in my wallet. I think I have 6 credit cards total but 3 are department store specific.

 

[martyb]

1 Debit/ATM card linked to my credit union. 1 AAFES credit card, because I live near a major military base, plus my intended travels after retirement will many times put me in proximity of a military installation. So far, besides sparing use of the AAFES card, I haven't needed a "real" credit card in the 4 years since I paid them off & shredded them. I only use the AAFES card now & then, and just to keep some kind of credit activity in case I decide to finance a house or something.... Seems that zero credit activity makes it difficult to get credit....?

 

[W2R]

1 Debit/ATM card linked to my credit union. 1 AAFES credit card, because I live near a major military base, plus my intended travels after retirement will many times put me in proximity of a military installation. So far, besides sparing use of the AAFES card, I haven't needed a "real" credit card in the 4 years since I paid them off & shredded them. I only use the AAFES card now & then, and just to keep some kind of credit activity in case I decide to finance a house or something.... Seems that zero credit activity makes it difficult to get credit....?

I haven't had a credit card for fourteen years, and paid off my mortgage six years ago. The last time I checked my credit score was in the 800's and I get solicitations for credit cards in the mail a lot. So, I guess that zero credit activity hasn't been as harmful as rumored. On the other hand, I really don't care because I have no intention of borrowing money again under any circumstance. I guess if I did, I might do exactly what you are doing.