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Why I have 21 credit cards, and how I decide which ones to keep
There’s no universal answer to whether you should keep or cancel a credit card — do what makes sense based on your circumstances and card benefits.
I’ve opened more than 60 credit card accounts over the past decade, including the 21 accounts currently active in my name. I have these cards for a variety of reasons: some for their high rewards earning rates, some for their lucrative benefits, and some due to mere financial inertia.
Each year, I review my portfolio to assess whether the cards I have are meeting my needs, and to get rid of the ones that aren’t.
Join me as I evaluated my open accounts, and decide whether to keep or toss each one.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
The all-stars
These cards are almost always in my wallet; I use them for a large percentage of my charged transactions, and make regular use of their benefits. Barring significant changes to the cards or my personal finances, they’re not…
