How many credit cards do you have?

I just got my statement for my cash-back Visa card. So far this year I’ve earned $36.99, which is pretty good considering it’s free money. It’s too bad I won’t see that cash until the end of the year!

I currently have 5 credit cards:

• 1% cash-back Visa card ($4500 limit)
• Mastercard with grocery rewards ($2000 limit)
• Visa card ($1100 limit)
• Sears store card ($500 limit)
• A&B Sound store card ($7000 limit – co signed by my dad)

There was an interesting article on the internet that I read a few days ago. I can’t recall which blog I read it on, but it was talking about why people need more than one credit card. Is it because the first few cards got maxed out? Is one strictly for emergencies? Did you get more to build up more credit?

My first credit card was my Sears store card. I got it all by myself when I was 19 and an employee of Sears. I wanted it because of the Sears Club points, but also just to see if I could get a credit card. There were a few years where I always carried a balance on it, but for the past 3 years, I haven’t made a single purchase on it.

From there, my second credit card was my Visa with the $1100 credit limit. I only got it because my friend worked at the bank, and he called me to tell me I was pre-approved for it. We got to chatting, and I eventually signed up for it. Then I wanted to buy a new computer, so my dad co-signed a store credit card for me. That was a bad thing to do, because I ended up buying a TV, a stand to go with the TV, a DVD shelf, DVDs to go on my DVD shelf, etc … it was ugly, and it came with a 28% interest rate. I paid it off and haven’t charged anything to it in about 4 years.

Those were my only credit cards up until last year, when I applied for the Visa and MC that I’m currently using. I want to cancel the 3 cards that I never use, but I won’t because it’ll affect my credit history since I’ve had those accounts open the longest.

Which leads me to a question – how many credit cards to you have? How many do you use on a regular basis?