Is it wrong to keep applying for lifetime free credit cards?

Too many factors to consider if you have to keep adding CCs & yet maintain a good credit score - look at your annual spends on these cards, total credit limit of the 7 cards, % utilization on credit cards, % of Secured Vs Unsecured Loans in your total credit limits 

If your % utilization on Credit cards is less than 20%, don't think you need more credit cards.
Have a bit of balance b/w Secured & Unsecured loans
If you still have to apply for a new LTF CC, try to keep a min 6-9 month gap b/w your applications.
 

Nothing wrong if you pay all bills on time and keep your utilization low and are actually maximizing their benefits.

I was in the same mode once and had accumulated around 12-13 cards (paid +free) 

Now I am in process of closing them as I don't actually need 90% of them as most of them have bad rewards and are useless for me. (Haven't used some in a year)

And also spreading spends over multiple cards with low rewards does not benefit in the long run.

I would suggest get 2-3 cards with good reward rate and use them to their maximum and simplify your life.. 😄

Apart from the unnecessary and uncalled for headache in keeping a tab on the due dates and using them once a while, there is no problem as long as your income supports your card limits. 

The highest number of cards I came across was around 28.

You may as well come down to around 5 or 7 main ones for different type of rewards depending on your lifestyle.

Just try not to fake or fabricate a lifestyle for getting card rewards. That would inevitably lead you towards a debt trap sooner or later. 

Ramta_Jogi wrote:

Apart from the unnecessary and uncalled for headache in keeping a tab on the due dates and using them once a while, there is no problem as long as your income supports your card limits. 

The highest number of cards I came across was around 28.

You may as well come down to around 5 or 7 main ones for different type of rewards depending on your lifestyle.

Just try not to fake or fabricate a lifestyle for getting card rewards. That would inevitably lead you towards a debt trap sooner or later. 

I don't spend anything else apart from my main. My main rule of thumb is to use credit cards where I'll have to do payment by any mode, either upi or debit card. I will choose a credit card.

I don't do any extra spend because I can,  due to the limit being available with credit cards. Just want to accumulate lifetime free credit cards so that I get upgraded to better and premium credit cards for lifetime free.

SnippierJoker wrote:

Nothing wrong if you pay all bills on time and keep your utilization low and are actually maximizing their benefits.

I was in the same mode once and had accumulated around 12-13 cards (paid +free) 

Now I am in process of closing them as I don't actually need 90% of them as most of them have bad rewards and are useless for me. (Haven't used some in a year)

And also spreading spends over multiple cards with low rewards does not benefit in the long run.

I would suggest get 2-3 cards with good reward rate and use them to their maximum and simplify your life.. 😄

My utilisation is very low compared to the limit that banks have given me. Currently I hold 7 credit cards and only 2 of them are paid. I'll try to get them converted to lifetime free as well.

Regarding the reward rate, I have both amazon pay credit card and Flipkart axis bank credit card and I use them only as the rewards are good. Other credit cards are only for the time if I get any bank offer and I have the credit card of the same. Otherwise I'll just keep those other credit cards for future use.

gupta.madhav951878 wrote:

I don't spend anything else apart from my main. My main rule of thumb is to use credit cards where I'll have to do payment by any mode, either upi or debit card. I will choose a credit card.

I don't do any extra spend because I can,  due to the limit being available with credit cards. Just want to accumulate lifetime free credit cards so that I get upgraded to better and premium credit cards for lifetime free.

Premium cards don't come LTF. If they are offered LTF, chances are they will be devalued 

Ramta_Jogi wrote:

Premium cards don't come LTF. If they are offered LTF, chances are they will be devalued 

I agree, Premium cards with good rewards are nearly impossible to get as ltf and nor should they be to prevent devaluation.

I have been holding hdfc cards from 2016 all ltf (moneyback - > regalia first - regalia) but I upgraded to paid dcb last month. (they said no ltf for dcb)

SnippierJoker wrote:

I agree, Premium cards with good rewards are nearly impossible to get as ltf and nor should they be to prevent devaluation.

I have been holding hdfc cards from 2016 all ltf (moneyback - > regalia first - regalia) but I upgraded to paid dcb last month. (they said no ltf for dcb)

You get dcb LTF under the Alumni scheme or if you end up spending substantial amount of money overseas. 

Ramta_Jogi wrote:

You get dcb LTF under the Alumni scheme or if you end up spending substantial amount of money overseas. 

If I was an Alumni of a premier college then maybe I would not be worrying about small things such as annual fee.... 😄

gupta.madhav951878 wrote:

I don't spend anything else apart from my main. My main rule of thumb is to use credit cards where I'll have to do payment by any mode, either upi or debit card. I will choose a credit card.

I don't do any extra spend because I can,  due to the limit being available with credit cards. Just want to accumulate lifetime free credit cards so that I get upgraded to better and premium credit cards for lifetime free.

Just fyi, most premium cards are not given to those having "too many" cards already & even when given they are mostly not LTF(hdfc infinia, axis magnus, amex, none of these are given as ltf).

guest_999 wrote:
Just fyi, most premium cards are not given to those having "too many" cards already & even when given they are mostly not LTF(hdfc infinia, axis magnus, amex, none of these are given as ltf).

Ehh, I'm fine with my current credit cards. So I'm okay with not getting premium cards not being given as LTF. I have both amazon pay and Flipkart axis cc with a very good limit so I think most of my daily uses are met. Maybe I'd like to get axis ace sometime later but that's about it.

I have almost 15 credit card.. only 4 are paid cards... I only use 2-3 credit card remaining are for movies or railway lounge...

Ramta_Jogi wrote:

Apart from the unnecessary and uncalled for headache in keeping a tab on the due dates and using them once a while, there is no problem as long as your income supports your card limits. 

The highest number of cards I came across was around 28.

You may as well come down to around 5 or 7 main ones for different type of rewards depending on your lifestyle.

Just try not to fake or fabricate a lifestyle for getting card rewards. That would inevitably lead you towards a debt trap sooner or later. 

42 is the max limit i know as of now (mixture of paid and ltf)

Just try not to fake or fabricate a lifestyle for getting card rewards. That would inevitably lead you towards a debt trap sooner or later. - Well said. Everything boils down to your NEED and your WANT. If you can't control your WANT then you're gone for sure...

SnippierJoker wrote:
If I was an Alumni of a premier college then maybe I would not be worrying about small things such as annual fee.... 😄

Then you shouldn't also be not worrying about which credit card to use that gives more rewards for each xn over the other.

Nothing wrong but it is good to apply only the useful cards. Don't take anything just because it is free. Too many cards/unsecured loans affect the CIBIL.

Cibil calculates the score with average credit history which means total age of all cards devide by total number of cards. If you hold total 5 cards out of which 4 are just new, it's not good for your CIBIL health.

I recommend apply for new card at least at intervals of 1 year+ unless you really need for that card.

Hope it helps....

ChiruK wrote:

Then you shouldn't also be not worrying about which credit card to use that gives more rewards for each xn over the other.

That is the whole point of credit cards. A card for every need regardless of what income you have. Many don't bother with it but even for those who earn hundred crores, credit card can save lakhs along with (for some cards) a RM who saves you the headache of red tapism in your business dealings. 

Ramta_Jogi wrote:

That is the whole point of credit cards. A card for every need regardless of what income you have. Many don't bother with it but even for those who earn hundred crores, credit card can save lakhs along with (for some cards) a RM who saves you the headache of red tapism in your business dealings. 

If I earn in hundred crores, I'll leave it to my assistant to do the xns for me. Not asking RM for credit card recommendations. May be I'll never know because I dont expect to earn that much and enter into elite card league.

ChiruK wrote:
If I earn in hundred crores, I'll leave it to my assistant to do the xns for me. Not asking RM for credit card recommendations. May be I'll never know because I dont expect to earn that much and enter into elite card league.

We all do here. That's why we are talking about it and replying to the post in the first place 

guest_999 wrote:
Just fyi, most premium cards are not given to those having "too many" cards already & even when given they are mostly not LTF(hdfc infinia, axis magnus, amex, none of these are given as ltf).

Lets agree to disagree. 😇

guest_999 wrote:
Just fyi, most premium cards are not given to those having "too many" cards already & even when given they are mostly not LTF(hdfc infinia, axis magnus, amex, none of these are given as ltf).

Even otherwise getting those cards you listed LTF is very difficult. 

Seinfeld wrote:
Lets agree to disagree. 😇

I know premium cards are given ltf as well as to those already holding many cards but that is more of an exception than a rule.

ChiruK wrote:

Then you shouldn't also be not worrying about which credit card to use that gives more rewards for each xn over the other.

Not worrying about annual fee does not mean that I do not value my money and will take a card with bad rewards at high annual fee.

I took DCB coz I spend enough to not pay 10000k annual fee for it, so for my spend it is effectively LTF for me and I get 3.3% nearly everywhere.

The point is if you can utilize the card to the max then annual fee does not matter.

Axis Magnus cost 11800/ year, they give 10000rs coupons on payment of fee so effectively its only 1800/year out of pocket. So why would I choose lets say a sbi prime which is 3000+gst a year over magnus...

Companies might change term that the card is no longer Life time free. With too many cards you won't be able to track all mails and notification.

You might get charged, then might forget to pay = heavy interest.

Happened with few of my known people.

I had 17 credit cards just a year back. Now just one. I have stopped chasing rewards, automated most payments and just focusing on earning more. I have started following a minimalist and simple lifestyle. https://www.reddit.com/r/minim...m/ and https://www.reddit.com/r/simple...ng

TintinSnowy wrote:

just focusing on earning more.

I like this part.

guest_999 wrote:
I know premium cards are given ltf as well as to those already holding many cards but that is more of an exception than a rule.

jisko yeh card mil geya samaj lo vo dhanya ho geya

Ramta_Jogi wrote:

We all do here. That's why we are talking about it and replying to the post in the first place 

Bhai elite honge toh apun log ko bhul jaoge!!! 😒

kukdookoo wrote:
jisko yeh card mil geya samaj lo vo dhanya ho geya

There are many in India not having this card but still having account in swiss banks/Cayman island & unka jeevan already more than dhanya hai. It is the money you got which matters not the card.

guest_999 wrote:
There are many in India not having this card but still having account in swiss banks/Cayman island & unka jeevan already more than dhanya hai. It is the money you got which matters not the card.

It is the peace of mind you got which matters not anything else.