Why I Have 20 Credit Cards (as a Frugal Person)

I have 20 credit cards which might sound like a lot, but each credit card has served a purpose to bring me value. My credit cards have also helped me to learn how to budget with my budgeting template that I created, helped me to reduce my expenses while traveling more, and overall they’ve helped me to be frugal. In this video I’ll explain the connection between my 20 credit cards and my frugal living lifestyle.

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[Milkinporsche]

Daniel, you are a good example of what a young 20+ person should be. Hard working, investing, and live simply.

[SpencerJohnsonOfficial]

It's funny to think that one of the most frugal things you can do (particularly when it comes to travel expenses) is use credit cards. Dave Ramsey would blow a gasket reading that 🤣 But this is all so true and exactly why I play the credit card game myself. Great stuff as always man! 👊🏼

[CallMeLani]

Great level of transparency and thought process behind your budget methods. Good stuff!

[wilfredpapaya]

As a frugal person as well, thanks for this video.

[whticlc]

Thanks for the video. For a young feller you seem to have all your ducks in a row. Treating a credit card like a debit card, thats the key.

[WealthOfOpportunity]

I really enjoyed this video from a conceptual basis to disarm negative connotations of having so many active cards.

[looseycanon]

I also started to budget with credit cards. Currently, I have a 400 USD daily driver that gives me 1% towards my retirement savings (equivalent to US 401k) for food, drink and restauraunt purchases and MC World Elite (that's how my bank advertises it, it's their top non-invite card) as my travel card for travel insurance and lounge access. So far, that is the amount of cards that I need and I'm pretty much sated. Eventually, once I'll buy a house, I'll get myself card from one of my scondary banks for refurbishments as they offer 1% cash back on a fixed category and home depo-esque shops are there. Things get a little... intense, when we get to my debit cards though. five banks and counting at seven cards... And then there is my tram card, which is a prepaid card issued by yet another bank... Basically, I bank with half the banks in my country :D

[PierceJPeterson]

Solid video Daniel! Commenting for that young YT algo

[Antares_]

Nice... Jamaica inbound in April for me.. I used my Chase Sapphire travel credit towards verbo with a cheap flight..

[BuiltNutritionFitness]

I’m 100% like you with the shopping 😂. Gotta research to make sure I get the best deal. GF is not a fan lol

[headlibrarian]

Other reasons to have “too many cards”: unused cards due to hard nerfs (Barclay’s Uber and Apple) or switching teams cash back <-> travel (in either direction).

[JA-trze]

Same deal about with myself. Roughly twenty cards from Amex Plat to Capitol One line up etc. Owe very very little. Helps immensely with budgeting.

[De_Guatemala]

You were one of my inspirations to get business cards during Covid. I was flying weekly, constantly got upgraded, and I have opened a new business card every 2 months since 2021.

[marbelrivera]

Applying for all these cards must be rough hard inquiries. How do you manage to recover from that? I heard it only really impact your score 3-6 months but that inquiry stays for two years, no? Don't banks feel you are a risk?

[RobertBeedle]

With 12 cards myself, I concur. I average 4 percent cash back and churn some cars for a nice profit.

[sebastians]

thank you Daniel, nice video. have a nice day :)

[emily-qwxd]

Hey Daniel - I’m curious if you have a system for remembering which cards to use for specific purchases? That’s the main thing I worry about as I add new cards to the rotation. Would love to hear any tips if you have ‘em!

[keithmorgan]

All I see is 20 different accounts I got to try to monitor from Identity thieves 😂

[sdvanni]

Honest question: With (1)number of credit checks and (2) average age of accounts impacting your credit score, how do you maintain a good score with 20 credit cards?

Or do these two factors have minimal impact on your overall score?

[babymae]

😂 like the financial version of going on a diet. Totally accurate