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

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Deal Cadet
gupta.madhav...
I have a total of 7 credit cards and I'm always searching for more ltf credit cards. Is this okay or do I need to tone down my approach to only apply once every 6 months?
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Generous Generous
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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.. 😄

Finance Mentor Finance Mentor
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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. 

Deal Cadet Deal Cadet
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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

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Helpful Helpful
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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.
 

Generous Generous
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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.. 😄

Deal Cadet Deal Cadet
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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.

Finance Mentor Finance Mentor
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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. 

Deal Cadet Deal Cadet
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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.

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Deal Cadet Deal Cadet
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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...

Talk-Of-The-Town Talk-Of-The-Town
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What's there in the railway lounge?

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Generous Generous
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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....

Deal Newbie Deal Newbie
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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.

Deal Cadet Deal Cadet
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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

Deal Subedar Deal Subedar
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I like this part.
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Deal Newbie Deal Newbie
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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.

Critic Critic
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Time for "accumulating LTF premium cards" is gone, you should have started a few years earlier. Now, no good premium card is given as LTF except in rare circumstances.
Deal Subedar Deal Subedar
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Recently I needed icici credit card just for saving few bucks on croma store, had a literally bad experience requesting someone for that card as I didn't had that card.

So in my opinion it's not bad to keep 3-4 LTF popular credit cards so you don't need to beg someone just to save some bucks. BTW I own 5 LTF cards as of now and just need 1 more card from HDFC.

Helpful Helpful
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Yes, I also had bad experience asking cards from someone. He literally denied, so having few cards for sales isn't bad.

Deal Cadet Deal Cadet
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If you can keep up with the cards due dates and able to pay the full amount then no harm. 

Commentator Commentator
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Currently I am holding SBI Simply Click, Hdfc Moneyback, ICICI Platinum and Amazon Pay, HSBC Platinum, Stand Chart Digismart and Rewards Card, IDFC First Millenia, Kotak Urbane, Indusind Legend, AU Altura, BOB Select, Citibank Indian Oil, One Metal Card. All my credit card are lifetime free except kotak on which i need to spend 15k annualy for 199rs annual fee waiver.

Deal Cadet Deal Cadet
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That's really good.. I'd like to be here sometime lol.

Deal Newbie Deal Newbie
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It is difficult to maintain many cards credit_card credit_card credit_card as payment time / date can be missed due to some offline important works.

It can be once in a year or more depending on your job and home situations etc etc.

Deal Cadet Deal Cadet
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Please guide how can I get credit cards and is there any referral bonus for that

Deal Cadet Deal Cadet
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which Credit Card provides Better Rewards or cashback on online Spends or Utility bills payments .

Helpful Helpful
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sbi cashback credit card. gives 5% on online spends

for utility bills axis airtel credit card 

Wingman Wingman
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nothing beats free. nothing ever will.

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