How Many Credit Cards Should You ACTUALLY Have? (The TRUTH)

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Hey guys, in this video, I answer the questions “How many credit cards should you have?” and "How many credit cards are too many?". These are two of the most frequently asked questions about credit cards, and in this video, I hope to help you understand how many credit cards you should have depending on what stage of your credit card journey you're in. There's really no "one-size-fits-all" answer to this question, but depending on what stage you fall into, this video should give you guidance to answer that question for yourself. For example, I have 15 credit cards that are each a part of my long-term strategy to optimize my everyday spending while earning rewards to help me travel the world for free. However, you may very well only need to stick to one credit card, while others may have 50+, but at the end of the day, you have to understand your personal situation to be successful in the credit card game.

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📚 Chapters:
00:00 The Gameplan
00:53 How New Credit Cards Impact Your Credit Score
03:26 How To Maximize Your Return On Spend
04:37 Stage 1: The Muggles (1-2 Cards)
07:25 Stage 2: The Half-Bloods (3-5 Cards)
10:12 Stage 3: The Pure-Bloods (6-10 Cards)
12:37 Stage 4: The Dark Wizards (11+ Cards)

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#creditcardstrategy #creditcardsetup #creditcards

[SpencerJohnsonOfficial]

EDIT: I apologize for the couple of spelling mistakes in this video. I completely missed them when watching it back before uploading. Thank you for pointing them out!

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[soapa]

I have like 19 cards now, but I'm like Ariel from the Little Mermaid, I wantttt

[OK-Travels]

Being in the military on your early 20s is the best time to snag multiple luxury travel card, not only that it is waived, when you PCS or TDY (mandatory) you also accumulate points when using your card and getting reimbursed by the military. My recent trip to Waldorf Astoria was one of the best trips of my life, all on points 🎉

[SolidLiquidFox]

The right answer is to have your oldest cards be no annual fee cards. Freedom and Double Cash are great examples. After that just have as many that you can MANAGE properly. Meaning that the annual fees make sense, you dont let them close out for lack of usage, etc. This hobby is about managing cards. Evaluating what makes sense over time. Moving or decreasing lines of credit. Its not a passive hobby.

I'm in Stage 4 with 13 credit cards. I'm in my gardening phase.

[johnmckinstry]

At 14 credit cards, I am obviously in the Dark Wizards phase. My first goal over the last few years has been to get cards to maximize the amount of points I earn in most of my common spending categories such as utilities, internet service, groceries, dining, gas and so on. The second goal has been to get hotel cards and other travel cards. My third goal has been to go after elevated or special welcome offers. Now that I have made progress in these goals, my new goals are to continue adding more cards to continue working on all three of those goals. At this point, I'm not sure if I'll stop getting new cards because there are still several cards that I really want to get.

[sjg]

A nice mix of card benefits, and enough to demonstrate responsibility, but not too many to lose control, or to start having accounts closed due to insufficient use. Thanks for sharing as usual Spencer.

[austinrobert]

45 years old. 41 active cards, only annual feels I pay are for the Schwab Platinum and Chase SP. I only open cards at this point if they have an attractive sign-up bonus.

[JPQuintana]

I genuinely don’t know how people can keep track of not spending too much on like 10 credit cards because then you’d have to pay it all back

[justinlarsen]

After I finalized buying my home I canceled 5 cards that had low or no rewards and opened up 3 higher tier. I was expecting a massive drop but instead my score went up to the highest it’s ever been. It doesn’t always work the way you think.

[DJOctober]

Not gonna lie, as a person who hasn’t seen Harry Potter, I was caught off guard 🤣

Love your content.

- Ivan

[MyNameJim]

Spencer, I give you this sock. You are now free from the credit card game

[theblackphantomhd]

I have 5 personal cards and 1 business card. All no annual fees and give 2-5% in every category.

[shuhei]

I feel like there was a lot more spelling errors in this video than normal, but still very valuable information

[ryanarnold]

Good break down. Amazon prime is top tier and should be in everyone strategy

[woodzy]

Showing off your inner need here. Not a bad thing by any means, I finally have a way to ex0lain levels to Mrs Woodzy as pur home literally has a wand display and all the Wizarding houses as you walk in as an entrance banner lol. After activating a horcrux, I'm back in the pure blood stage bordering into becoming a dark wizard. I've canceled a couple and added more. I have a core setup and two wallets I carry depending on if I'm traveling or not. I really am at thus point sub hunting. Sometimes two at a time. All the major multiplier categories are covered at least 1-2 quarters a year.

Keep up the great content bud. Congrats on 4M views and 21k subscribers

[sdn]

You say pay it off in it full but I’ve heard to at least leave a little balance to report to the credit bureau zero is nothing to report

[DaIton-]

Good Video Spencer, it’s easy to get caught up in the game with all the card offerings so explaining the game in this way might help people better understand it better before they get caught up in debt or AFs for cards that don’t fit them

[starzdam]

I feel attacked reading the title, I have 7 right now but this video was very informative

[nickknight]

Love the info! Adding the Harry Potter theme is clutch *chef’s kiss* 😂