Currently, I have one credit card through CapitalOne with a $5500 limit. Should I have more than the one? If so, any specific cards you'd recommend? Thanks!


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As many as you want for rewards and can be responsible with them. Honestly 2-3 is plenty, though Experian recommends 5 mixed accounts.

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I have 5 but I’ll probably have 10 by 2020, I’m late to the churning game.


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I think at least 2 that are issued from different banks. If you lose one, or if one isn't accepted somewhere, you have another. Try to maximize rewards if you can.


There's no set answer to this question, but ultimately depends on how responsible you are and how in control you are of your finances. I'd I'd say you should have multiple cards with different banks. Always good to have 1 with different banks in case one bank closes your account. I've got many different cards and play them all in the reward categories.


Bank diversity is important.

See for example the reports of Chase unilaterally shutting down all accounts without warning or notice.


There are cards that give you a signup bonus of $150 for just spending $500 within 3 months. Capital One and Chase for example. Signup for a different one every 3-6 months until there are no more offers. Use them for food and gas.


Definitely have more than one card. That way, if one card is not working because of whatever reason, you at least have other options. You definitely want something that is Visa or MasterCard, as Discover and Amex aren't especially well accepted.

How many you want to have is ultimately up to you. You are the one who will know best how many cards you can handle. Some people will say that you really only need two credit cards (one primary, one backup). If you only want two credit cards, then just get a second one and call it good. But if you feel comfortable juggling 20 cards, by all means go ahead and build a portfolio of 20 cards. You can have multiple accounts to help you maximize rewards. If you are married to a specific airline or hotel brand, see if you could break even on the annual fee if you were to get their co-branded card.

To get recommendations, it would be best if we knew what you tend to do your spending on.


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Is the Citi Double the best MasterCard for basic free/cash back?

I’ve a couple visas and Amex’s but I’m short a MasterCard.


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Two

One issued by the bank where you have your checking account. The second, from a different bank and preferably with a really good points program, or if you fly a lot, a card with airline benefits (lounge access, free checked bags, upgrades, etc) from your preferred airline.


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The sky is the limit with the number you can have, there are plenty of people with credit scotrs in the high 700s-800s with 20+ cards.

I recommend selecting cards that are going to match what your reward goals are. Do you like to travel, is cashback your priority etc.? Once you have figured out what your goals are do your research and find cards that maximize the amount of rewards per dollar spend on categories you spend on. Spend a lot on gas? Find a card that has a multiplier for fuel.

Sometimes it will make sense to have 2 or 3 cards to maximize your rewards as different cards have different multipliers.

Don't be afraid of annual fees, but do the math to see if it makes sense for you based on how much you spend on the card.

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Finally it might make sense to look at cards that you may not spend any money on but give you a reward for just having the card. For example the World of Hyatt card gives you a free annual hotel night in exchange for the annual fee of $95. As long as you stay 1 night at hotel during the year that's more than $95 (pretty easy in most major cities) you come out ahead.