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How many credit cards I should have?

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nishchay

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I've total 6 credit cards from 5 different banks and 1 corporate credit card. I wanted to go for an axis bank myzone credit card because I don't have any axis bank credit card.
right now my cibil is 771 and experian 835
and I don't have any other active loan. Should I apply for this credit card ?
will it affect my score and can it cause any difficulty in getting a home loan in future?
 
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That totally depends on you . Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

But if it’s not your hobby, then identify your spend pattern and your return medium like either you want miles or cashback

Then based on that get the cards that you think would help most. Number hardly matters
 
anirban.choudhury said:
That totally depends on you . Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

But if it’s not your hobby, then identify your spend pattern and your return medium like either you want miles or cashback

Then based on that get the cards that you think would help most. Number hardly matters
Click to expand...
Cant agree more with "Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better"
 
nishchay said:
I've total 6 credit cards from 5 different banks and 1 corporate credit card. I wanted to go for an axis bank myzone credit card because I don't have any axis bank credit card.
right now my cibil is 771 and experian 835
and I don't have any other active loan. Should I apply for this credit card ?
will it affect my score and can it cause any difficulty in getting a home loan in future?
Click to expand...
Get the ones identifying your needs and that you can manage actively.
 
Credit cards for most of us are Yummy yum yum.
Keep getting cards, but make sure that
1) you do not miss a payment
2) you keep utilisation low
3) keep less enquiries per quarter. It barely affects getting a credit card, but affects loans
 
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does it hit your cibil or your capability of getting higher limit on some cards if you have too many cards against your name?
 
anirban.choudhury said:
I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved
Click to expand...
While I have just 3 at the moment, thinking of getting more. The big questions I have are
  • Do you apply online or through branches or agents?
  • How do you people manage income proof submission? Do you people submit ITRs/salary slips or take the C2C route? I try to avoid salary slip submission.
  • Currently, I am looking for an LTF Rupay card with an online application process. Not lucky enough for Tata Neu yet and hence PNB looked attractive. But they seem to require an ITR/salary slip along with salary credit proof bank statements.
 
gischethans said:
While I have just 3 at the moment, thinking of getting more. The big questions I have are
  • Do you apply online or through branches or agents?
  • How do you people manage income proof submission? Do you people submit ITRs/salary slips or take the C2C route? I try to avoid salary slip submission.
  • Currently, I am looking for an LTF Rupay card with an online application process. Not lucky enough for Tata Neu yet and hence PNB looked attractive. But they seem to require an ITR/salary slip along with salary credit proof bank statements.
Click to expand...
Chrck BOI for LTF Rupay
For point 1 - I apply from anywhere that seems easy but mostly try to apply offline through bank agent

Point 2 - Most of my cards are processed on base of Cibil , for others I go for c2c very rarely submit salary slips
 
1) Identify the spend pattern of yours. (Offline spend, Online spend (Shopping portal, food delivery, travel app etc.), Utility bill payments.
2) Based on spend pattern there are n number of best credit cards.
3) Identify the banks from which you can cards (SBI, HDFC, AXIS and ICICI are must have cards as they have offers on almost all portal and apps).
4) I am also card collector and currently having 11 credit cards and may take more in future, specially Kotak bank's any LTF, BOB I have stopped following as of now, 2 Axis cards and many more...

So, It depends on you only.

Drawback
1) CIBIL impact if you miss any payment.
2) You need to keep track of each card spend
3) Each card has different customer care number, email and follow up is headache.
 
I have 10+ active cards with me now. Criteria - Every spend should go through CC and I should get good rewards ( as of now good is 3.33% or more). Below are the major expenses where restrictions could be there with most of the cards and hence one might need a different card accordingly -
  1. Wallet loads
  2. Insurance
  3. Fuel
  4. Utilities
  5. Online - Regular and card based offers
  6. Offline - Swipe/Tap and Pay
  7. UPI spends

More the credit cards , more benefits. For e.g. Not only you will be able to claim more card specific offers but also the credit utilization ratio will be in check.
About CIBIL, many members have posted about how it can remain good. Believe me more no of credit cards is not at all a negative point.
Just a thing to follow - Spend only what you can pay on time. and That's it.
 
anirban.choudhury said:
That totally depends on you . Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

But if it’s not your hobby, then identify your spend pattern and your return medium like either you want miles or cashback

Then based on that get the cards that you think would help most. Number hardly matters
Click to expand...
I too have 19 cards now and 6 cards are paid(includes amex and zennith+) rest all are ltf- I started with citi rewards got with salary account with very low limit and ended up take one after other for higher limits. I never over spent or missed any payment. Mostly took cards for Sale related offers.
I am kinda scared to have that many cards- is it okay to have many cards If i am not over spending or missing payments. I never even paid minimum due in last 5 years always pays full due immly after statement generates and my overall spends are not even 3% of my credit limits.

I wanted to get some good premium cards then can close entry level cards - Is it right thought anyone please advise me.

Thank you 🙂
 
I have 7 as of now. I think u can have as many as u can if it gives value for usage and also u must be able to manage them.

Now a days we need to keep a cc for specific kind of purchase

For example
Hsbc live for grocery
Icici Amazon pay for Amazon purchases
 
iamdhamo said:
I have 7 as of now. I think u can have as many as u can if it gives value for usage and also u must be able to manage them.

Now a days we need to keep a cc for specific kind of purchase

For example
Hsbc live for grocery
Icici Amazon pay for Amazon purchases
Click to expand...
also airtel axis for electricity bill payment till rs 2500 per month
 
I have these many cards

HDFC Regalia Gold LTF
ICICI AMAZON LTF
SBI Cashback Rs 1200 (waiver will be achieved)
AXIS Airtel rs 600
AU LIT LTF
AMEX MRCC Rs 5400 (waiver will be achieved)
AMEX PT Rs 6000 (negotiate to 50% waiver)
IDFC Wealth LTF
ICICI Sappiro LTF
PNB Rupay Select LTF
IDFC Power+ Rs. 600
Standard Chartered Platinum LTF

Hence, my yearly fee which I will give is Min 4200 to Max 8400 But I am sure I will be getting much more benefit as only Axis airtel Will give me per month 750 Minimum i.e. Rs/ 9000 per year...benefits from other cards are extra....

Applied for LTF RBL Shoprite
Will apply Axis Atlas, HDFC Marriott Bonvoy, HSBC Live+ , IndusInd Easydiner, Indusind legend, any kotak and DBS bank LTF card next year

Then after 2-3 years, I will start to close the cards which I can let go
Amazon ICICI and HDFC core and SBI cashback I will never close (that is first 3 in my list)
 
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