Issue Resolved Is it good to have multiple credit cards?

[Shubham330]

I have following credit cards

1) ICICI Emeralde Private Metal (Paid) : Primary Card (Will replace this with HDFC Infinia)
2) Amex Platinum Travel (Paid) : Primary till 4 lakh
3) Amex MRCC (Paid) : For 4 tx of 1500₹
4) Axis Airtel (Paid) : For utility bills
5) IDFC Power plus (paid) : Fuel
6) SBI BPCL Octane (Paid) : Fuel
7) SuperMoney FD (LTF) : Small UPI

Above cards I use primarily for mentioned spends and i am able to recover annual fees from rewards/cashback.

Apart from above i have one extra paid card which is
8) HDFC Regalia Gold (Paid) : kept for infinia metal upgrade. Will close ICICI Emeralde Private and will make infinia as primary


Few extra LTF cards as below:
9) ICICI Sapphiro (LTF)
10) IDFC Select (LTF)
11) Fedral Signet (LTF)
12) BOB Premier (LTF)
13) RBL Shoprite (LTF)

Planing for below cards
1) PNB Rupay Select : for wellness benefits
2) ICICI Amazon Pay: For Amazon Spends
3) Amex Gold Charge : need one charge card


So basically got one question.

Shall I keep the LTF cards mentioned at sequence 10-13?
9th one is my oldest one so gonna keep it. And post infinia need one icici card as i'll be closing Emeralde Private.

I took those just for seasonal/bank offers. Is there any harm keeping them on stale?

Whats general time after which they will get closed because of inactivity?

 

[Shubham330]

@SSV any opinion?

 

[SSV]

@SSV any opinion?

If you want to reduce credit exposure you can definitely close federal and RBL cards.
You can keep icici sapphiro, idfc select and bob premier for the time being

 

[sidp]

I have following credit cards

1) ICICI Emeralde Private Metal (Paid) : Primary Card (Will replace this with HDFC Infinia)
2) Amex Platinum Travel (Paid) : Primary till 4 lakh
3) Amex MRCC (Paid) : For 4 tx of 1500₹
4) Axis Airtel (Paid) : For utility bills
5) IDFC Power plus (paid) : Fuel
6) SBI BPCL Octane (Paid) : Fuel
7) SuperMoney FD (LTF) : Small UPI

Above cards I use primarily for mentioned spends and i am able to recover annual fees from rewards/cashback.

Apart from above i have one extra paid card which is
8) HDFC Regalia Gold (Paid) : kept for infinia metal upgrade. Will close ICICI Emeralde Private and will make infinia as primary


Few extra LTF cards as below:
9) ICICI Sapphiro (LTF)
10) IDFC Select (LTF)
11) Fedral Signet (LTF)
12) BOB Premier (LTF)
13) RBL Shoprite (LTF)

Planing for below cards
1) PNB Rupay Select : for wellness benefits
2) ICICI Amazon Pay: For Amazon Spends
3) Amex Gold Charge : need one charge card


So basically got one question.

Shall I keep the LTF cards mentioned at sequence 10-13?
9th one is my oldest one so gonna keep it. And post infinia need one icici card as i'll be closing Emeralde Private.

I took those just for seasonal/bank offers. Is there any harm keeping them on stale?

Whats general time after which they will get closed because of inactivity?

Main question is are you able to manage so many cards. If yes, then you can keep for offer.
But I think Federal, rbl hardly have any good offer. So you can close them.
Also why do you have 2 paid Fuel cards. You can take a look at new rbl iocl card. It is on rupay select platform. So can be used for Fuel & upi, rupay select benefits rendering 5-7 useless.
Before you close sbi bpcl , you should take another sbi cc for offer. Its harder to get new credit line from sbi after you have some credit exposure.

You can also try to convert bob premier to eterna, preferably rupay for rupay select benefits and higher possibility to reach 5L milestone benefits through upi. If net salary >3L, it will be ltf as well. Even for a paid CC, it's very easy to reach af reversal at only 2.5L mark.

 

[RAMESH BABU N]

SURPRISED to read the heading.

This coming from someone who is holding more than a dozen cards - and planning to add another dozen probably.

And, needs suggestions n guidance.

 

[newinnov]

If you want to reduce credit exposure you can definitely close federal and RBL cards.
You can keep icici sapphiro, idfc select and bob premier for the time being

I was about to comment the same 😳
@op Also apply cashback now (after closing above cards), if you are planning for it. Every additional card in your portfolio might make it difficult to get sbi cashback in future.

 

[Shubham330]

@RAMESH BABU N @newinnov
Aggree alredy holding dozens of Cards..

But primarily focused to get what needed. The first 6-7 Cards. I am moving towards HNI cards. So once I get those i'll be closing the old cards keeping the Primary list consistent as per Catogoriesd spend..

For example.
1) Fuel : have 3 vehicles so one card is not enough because of capping so took 2. BPCL gives one more advantage over Gas Cylinder connection so chose that. No much IOCL pumps nearby hence didn't took RBL iocl
2) UPI dedicated card. Using Supermoney FD card as it's better than what available in market. Not fan of Neu coins due to resticted usage so didn't considered HDFC Neu card
3) Utility dedicated one card Axis Airtel
4) For zomato, swiggy, Uber or all other quick commerce and all extra utility bills post capping of Axis Airtel I use Amazon Pay which I top up using Amex Reward multiplier using MRCC ( 1500₹ x 4) each month. Amex gold will be addition in this only.
5) For NPS, Insurance, Govt Transaction excluding Tax, and all other offline/online use Amex plat till 4 Lakh Milestone Benefits.
6) Post 4 Lakh Milestone everything goes to ICICI Emeralde Private. Or wherever amex have acceptance issue it goes to ICICI Emeralde Private.

Regalia is just to get infinia which will basically replace ICICI Emeralde Private in future.

Not fan of sbi cashback. As able to extract about 16-21% return from amex + rewards multiplyer which is way above 5% of sbi cb. And amex acceptance on online platform is almost 99.99% issue of acceptability is at offline level.

So that all my requirement.

Then from rest banks whatever I got as LTF i took it. I didn't have such need of those LTF cards. Those are just lying in my pocket and gets use only when there is offer dedicated to that card/bank.

So just want to have opinion from the TF members so that I can clear my decision as on keeping them or closing them.

 

[Shubham330]

Main question is are you able to manage so many cards. If yes, then you can keep for offer.
But I think Federal, rbl hardly have any good offer. So you can close them.
Also why do you have 2 paid Fuel cards. You can take a look at new rbl iocl card. It is on rupay select platform. So can be used for Fuel & upi, rupay select benefits rendering 5-7 useless.
Before you close sbi bpcl , you should take another sbi cc for offer. Its harder to get new credit line from sbi after you have some credit exposure.

You can also try to convert bob premier to eterna, preferably rupay for rupay select benefits and higher possibility to reach 5L milestone benefits through upi. If net salary >3L, it will be ltf as well. Even for a paid CC, it's very easy to reach af reversal at only 2.5L mark.

@sidp.
For iocl mentioned point in fuel section in earlier comment.

Bob is an extra cards so not upgrading to eternia as bob giving LTF eternia to only Account holder that what I got to know till now. If i get LTF eternia then for sure will upgrade. Thanks for that info.

And kept bill date same for all cards.
+
Made saperate lable in Gmail to auto store statements
+
And little help of cred app.
Able to manage all cards.
And carring only required one which have offline use such as fuel cards or grocery cards etc. with me to avoid bulky wallet. All online cards and those extra cards stays in till offer callout 😛

 

[dexter_greycells]

Considering that you are already able to get APay vouchers through your existing cards I suggest you skip the Amazon Pay ICICI card. I don't see the Federal, BOB, RBL, PNB and AmEx Gold cards as worth it either.

The fact that you have all these premium cards tells me that you have a full-time job / business which probably involves some amount of stress. Having so many cards (including LTF ones) may seem like a hobby but it does take time and attention which are probably more valuable. Contrary to popular opinion on TF, I say you shouldn't have more CCs than the number of fingers on one hand (you may get 6 if you are Hrithik Roshan!) and the ideal number is 3.

 

[vine]

2. BPCL gives one more advantage over Gas Cylinder connection so chose that.

I have SBI BPCL cc, what advantage has this card for Gas cylinder?

 

[Shubham330]

I have SBI BPCL cc, what advantage has this card for Gas cylinder?

If you have bpcl connection then booking through bpcl app or website gives you 25rp/100 ok Gas bookings too.

 

[Shubham330]

Considering that you are already able to get APay vouchers through your existing cards I suggest you skip the Amazon Pay ICICI card. I don't see the Federal, BOB, RBL, PNB and AmEx Gold cards as worth it either.

The fact that you have all these premium cards tells me that you have a full-time job / business which probably involves some amount of stress. Having so many cards (including LTF ones) may seem like a hobby but it does take time and attention which are probably more valuable. Contrary to popular opinion on TF, I say you shouldn't have more CCs than the number of fingers on one hand (you may get 6 if you are Hrithik Roshan!) and the ideal number is 3.

Thanks. Sounds right.