Thanks for the thread. I have a similar question.
I have a confusion whether to have multiple credit cards (5+) or just a max of 2-3 cards is enough. My thoughts are like this -
- Influencers will have 40-50 credit cards, they are a different league altogether, leave that, and let's talk about common people.
- Common people - if you have more than say 8-10 cards, your reward points will be spread across all these, sometimes you may not be able to reach the spending milestones for the fee waiver, etc.
- Instead of that, keep just 2-3 cards where you spend the max and collect all reward points in those 1 or 2 cards so that it will accumulate everything together in one place.
- Also having many cards, it is difficult to track multiple bills, due dates, reward point expiry date and so on.
- You can easily reach the milestone, and you can redeem it together so no separate redemption charges.
- For this purpose, don't take cards left and right, choose premium or above cards with good benefits and high credit limits
- Just because a card is LTF, should I take it and keep it in my wallet - without any use?
- I have been taking and canceling many cards, because after I get it, I realize that practically it is adding complication only, no use otherwise.
- Less rewarding cards are basically useless. Like for petty reward points, why take all this effort?
Help me take some good cards. I currently have only these 2 cards, both LTF
1. Amazon Pay ICICI - 10 L limit. All my expenses are through this card. Both Amazon and outside. On an average monthly I get around 2.8 - 3%. cashback on the bill amount as Amazon pay balance I think it is pretty good.
2. ICICI Sapphiro LTF - shared limit. Just took this because I have a salary account with ICICI and they gave it LTF to me. Having a core ICICI card helps during offers and also it has lounge access.
What else should I take to maximize the benefits? It's general day-to-day expenses, bill payments, grocery and shop purchases, online purchases, utilities etc. Travel is not that often. Maybe one domestic flight in 2-3 months.
Please help me to optimise.
