How many credit cards I should have?

[nishchay]

I've total 6 credit cards from 5 different banks and 1 corporate credit card. I wanted to go for an axis bank myzone credit card because I don't have any axis bank credit card.
right now my cibil is 771 and experian 835
and I don't have any other active loan. Should I apply for this credit card ?
will it affect my score and can it cause any difficulty in getting a home loan in future?

 

[anirban.choudhury]

That totally depends on you . Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

But if it’s not your hobby, then identify your spend pattern and your return medium like either you want miles or cashback

Then based on that get the cards that you think would help most. Number hardly matters

 

[nishchay]

I also like to have different cards.
but I'm worried if in future I want to get a home loan or something will this cause any kind of problem ?

 

[Riteshavenger]

That totally depends on you . Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

But if it’s not your hobby, then identify your spend pattern and your return medium like either you want miles or cashback

Then based on that get the cards that you think would help most. Number hardly matters

Cant agree more with "Most of us in this forum are card collectors , it’s our hobby to collect as much cards as possible . If it’s LTF it’s even better"

 

[caabhi]

I've total 6 credit cards from 5 different banks and 1 corporate credit card. I wanted to go for an axis bank myzone credit card because I don't have any axis bank credit card.
right now my cibil is 771 and experian 835
and I don't have any other active loan. Should I apply for this credit card ?
will it affect my score and can it cause any difficulty in getting a home loan in future?

Get the ones identifying your needs and that you can manage actively.

 

[anirban.choudhury]

I also like to have different cards.
but I'm worried if in future I want to get a home loan or something will this cause any kind of problem ?

Don’t worry just keep the utilisation low .

 

[AsB]

Credit cards for most of us are Yummy yum yum.
Keep getting cards, but make sure that
1) you do not miss a payment
2) you keep utilisation low
3) keep less enquiries per quarter. It barely affects getting a credit card, but affects loans

 

[satviksehgal]

does it hit your cibil or your capability of getting higher limit on some cards if you have too many cards against your name?

 

[gischethans]

I have 16+ active cards , at one point had about 21 . 2-3 more cards are either approved or in transit or about to be approved

While I have just 3 at the moment, thinking of getting more. The big questions I have are

• Do you apply online or through branches or agents?
• How do you people manage income proof submission? Do you people submit ITRs/salary slips or take the C2C route? I try to avoid salary slip submission.
• Currently, I am looking for an LTF Rupay card with an online application process. Not lucky enough for Tata Neu yet and hence PNB looked attractive. But they seem to require an ITR/salary slip along with salary credit proof bank statements.

 

[anirban.choudhury]

While I have just 3 at the moment, thinking of getting more. The big questions I have are

• Do you apply online or through branches or agents?
• How do you people manage income proof submission? Do you people submit ITRs/salary slips or take the C2C route? I try to avoid salary slip submission.
• Currently, I am looking for an LTF Rupay card with an online application process. Not lucky enough for Tata Neu yet and hence PNB looked attractive. But they seem to require an ITR/salary slip along with salary credit proof bank statements.

Chrck BOI for LTF Rupay
For point 1 - I apply from anywhere that seems easy but mostly try to apply offline through bank agent

Point 2 - Most of my cards are processed on base of Cibil , for others I go for c2c very rarely submit salary slips

 

[Patil007]

I also like to have different cards.
but I'm worried if in future I want to get a home loan or something will this cause any kind of problem ?

No issue at all, I had 10 cards post that I took Home loan.

 

[Patil007]

1) Identify the spend pattern of yours. (Offline spend, Online spend (Shopping portal, food delivery, travel app etc.), Utility bill payments.
2) Based on spend pattern there are n number of best credit cards.
3) Identify the banks from which you can cards (SBI, HDFC, AXIS and ICICI are must have cards as they have offers on almost all portal and apps).
4) I am also card collector and currently having 11 credit cards and may take more in future, specially Kotak bank's any LTF, BOB I have stopped following as of now, 2 Axis cards and many more...

So, It depends on you only.

Drawback
1) CIBIL impact if you miss any payment.
2) You need to keep track of each card spend
3) Each card has different customer care number, email and follow up is headache.

 

[CyberPsych]

CIBIL impact if you miss any payment.

Wait, I have a doubt. I have only 2 bank accounts ICICI and SBI. But I have Axis bank credit card. Can't I set auto debit in anyway for my axis credit card?

 

[suhasa010]

Wait, I have a doubt. I have only 2 bank accounts ICICI and SBI. But I have Axis bank credit card. Can't I set auto debit in anyway for my axis credit card?

Auto debit is possible only if you have Axis Bank account.

 

[It_is_Naruto]

I have 10+ active cards with me now. Criteria - Every spend should go through CC and I should get good rewards ( as of now good is 3.33% or more). Below are the major expenses where restrictions could be there with most of the cards and hence one might need a different card accordingly -

1. Wallet loads
2. Insurance
3. Fuel
4. Utilities
5. Online - Regular and card based offers
6. Offline - Swipe/Tap and Pay
7. UPI spends

More the credit cards , more benefits. For e.g. Not only you will be able to claim more card specific offers but also the credit utilization ratio will be in check.
About CIBIL, many members have posted about how it can remain good. Believe me more no of credit cards is not at all a negative point.
Just a thing to follow - Spend only what you can pay on time. and That's it.