Multiple Visa cards
 

I've got one with BA - so far good for about 30-40K miles http://www.flyertalk.com/forum/smile.gif . Just applied for another for Marriott, where I'm spending my time these days.

I pay the balance in full every month.

Both cards are issued by the same bank (Bank One?).

Is there a problem getting multiple Visa cards? Not worried about my credit rating, I own the house and it'll be paid off in a couple of months. http://www.flyertalk.com/forum/biggrin.gif

Clearly, I'm just getting the cards for the miles/points, but would that be evident? What do people look at on these things? I have another card that I've had for years with a fairly high limit, butI haven't used it in a couple of years. No annual fee, so I just sort of ignore it. Should I cancel it?

Is this common practice among FT'ers? I seem to get that impression some times. http://www.flyertalk.com/forum/smile.gif

Yes, I have multiple cards. It's good to have backup.

Yes, I also have multiple cards. IN fact, in several instances, multiple credit card with one company. For example, I have both the Amex Starwood card as well as the Amex Delta Skymiles card; the BA visa card and United Plus visa, both through Bank One; and two different credit cards from MBNA.

I know there has been debate about what effect this has on your credit rating. All I know is that I continue to apply for a credit card when I see that there is an exceptional bonus offer out there. So far, I have yet to be declined for having way too many cards.

With regard to your credit card that you have had for awhile now, but you have not used in a long time, I would keep it since it would demonstrate your longstanding credit history with that particular bank, which in essence should look good on your credit.

I had MANY multiple credit cards with many different companies.

I have 4 marriott VISAs. 1 for personal, 2 for hubbies business, 1 for my business.If you pay off monthly, it should not be a problem for you or your credit ratings.

I have many miles/points-related cards and a handful of cards that I picked up specifically to use to make money with 0% teaser rates.

The Banks created this game, so they are certainly happy to have you play. I have a fistful of Citibank, Bank One, MBNA, and Chase cards.

Number of cards plays a small factor in your credit score. I've noticed mine moving slightly down when I have a flurry of new signups for bonuses, 0% teasers, etc. But it's a minor factor: your debt ratios and payment history are much more important factors.

I probably wouldn't play these games at the same time I was shopping for a mortgage, but I don't worry about small movements in my credit score thanks to picking up a new card: it's just not that big of a deal.

Multiple VISA cards because I max the awards on each. Some, like Wells Fargo I am keeping to the end of the cycle so as not to lose my accumulated rewards. (Buggers cut the award percentage.)

During the eighties, before ff programs was on my radar, I had 21 VISAs and MasterCards. All new cards were obtained for the sign up gift, like savings bonds, sleeping bag, basketball or whatever. Each time, the gift was worth about $25 in value. I cancelled all but HouseHold Bank GM and Citibank Ford during the nineties, also due to worry about mortgage qualification having over $100K exposure. Having used both automobile cards' rebates, I've cancelled those cards (>=5% giveback) and now I'm expanding my ff card portfolio again (>=2% giveback). Even after the signup bonus for some of the cards, I still need a VISA or two for each of three idine programs. Some hotel specials require Visa, like the current Marriott double points and others require MasterCard, like the Sheraton 5000 bonus miles. Delta Optima, AMEX and Diners Club each have their own double mile bonuses. It's a pain to keep up with about a dozen cards, but I am more concerned about ID theft than my credit score.

Some FTers have little need to be concerned about their FICO scores and credit worthiness. They do not expect to borrow any money in the near and medium term.

If you are not one of those folks, if you want to maintain a good credit score, read the Credit Card FAQ here.

One of its key points is that you should not close excess fee-free credit card accounts. If you hang onto old credit card accounts, it drives up the average age of all your accounts...and this helps your FICO.

I too have muli credit cards, AM EX (2), Visa (2) and Banc One (2). These are solely for miles and I pay off any charges on due dates.

Even in Australia, we use this ruse to maximise our FF miles http://www.flyertalk.com/forum/biggrin.gif

I have 2 personal (AMEX and Mastercard) and 2 business CC's (both Visa). Again, like other posters, I use different cards for different reasons (as we all know, AMEX is not accepted everywhere).

Add to that, bonus points for charging certain expenses to certain cards (I keep a mental list).

By using the balance transfers available between the personal and business cards, I transfer the balances from time to time between cards (just to get extra points) and bu the time the transfer has hit the receiving card, I have already paid it.

Like most who are able, my income allows me to pay them by the due date without incurring interest charges.

This then allows me to use the 200K+ per annum FF points from credit cards for excellent uses (upgrades mainly). I love the sysyem that so generously allows me to use it to my best advantage http://www.flyertalk.com/forum/biggrin.gif http://www.flyertalk.com/forum/thumbsup.gif

(edited due to poor spelling)


[This message has been edited by QF WP (edited Dec 16, 2003).]