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

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Last Comment 2023-03-30

gupta.madhav...

2023-03-08

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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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9138206

SnippierJoker

2023-03-08

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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.. 😄

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9138974

Ramta_Jogi

2023-03-08

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9140871

TintinSnowy

2023-03-09

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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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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9137745

rn09

2023-03-08

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9138206

SnippierJoker

2023-03-08

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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.. 😄

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9139035

gupta.madhav951878

2023-03-08

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9138974

Ramta_Jogi

2023-03-08

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9139024

gupta.madhav951878

2023-03-08

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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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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9140391

hemant_111

2023-03-09

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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...

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9148120

tomriddle

2023-03-12

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What's there in the railway lounge?

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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9140556

JAYM

2023-03-09

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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....

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9140819

Dimer2.0

2023-03-09

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9140871

TintinSnowy

2023-03-09

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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9141131

ChiruK

2023-03-09

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I like this part.

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https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9141585

arkipati878919

2023-03-09

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9141985

guest_999

2023-03-10

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9143293

Jagsss

2023-03-10

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9143644

Bramhchari_dRv

2023-03-10

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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.

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9143583

Kanasu

2023-03-10

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

https://www.desidime.com/discussions/is-it-wrong-to-keep-applying-for-lifetime-free-credit-cards?page=1#post_9144168

sureshkumar339

2023-03-10

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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.