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Dion Lim

24 Feb 2020


Is having too many credit cards a bad thing?

How do you know if you have too many credit cards? What's the most advantageous way to maximise your credit card usage such that you can get the best bang for your buck?

Discussion (8)

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Hey Dion, a good indication for me when i have too many credit cards is when it becomes a hassle to keep track of the credit card bills to be paid every month. A good practice is also to try and align your billing cycle for all your credit cards at the beginning or end of the month so that you won't forget to pay them.

Joe Lee

24 Feb 2020

Adventurer at Game of Life

Unless you have a bunch of expenses to play with, i will assume the average person will only really use 2-3 cards max.

Personally I will not be able to keep track of so many credit cards, not to mention the ever changing T&C as well.

I used to have many cc too, and I cancelled most of them as my banker advise me that every cc contribute to your loan commitment, and it will affect my mortgage loan ability.

Now I left with 2 or 3 max. ​​​

YES - primarily when it becomes:

  1. Too overwhelming to track

  2. Under-utilised cards leading to fees at the end of the year

It's important to be fully on top of your spending, whilst you max out the points/cashback/miles.

Andy Sim

24 Feb 2020

HR Professional at a Financial Institution

I apply for a CC card mainly for 3 things: 1) There's a very attractive reward that comes with apply...

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