There’s been so many good credit card promotions out there lately that I just had to take advantage of them all. Southwest Visa was giving away 50,000 rapid rewards points after first purchase, good for two domestic round trip flights. I signed up for two of these, one being a business account. This comes in very handy because my wife and I plan on taking a trip to Hawaii this coming summer to celebrate our 1 year anniversary. We’ll fly out to Las Vegas using these points and from there fly out to Honolulu. That will also be free because I signed up for Hawaiian Airlines credit card where I’ll receive 35,000 points, good for 1 round trip flight from mainland. I also signed up for two of these. That’ll pretty much take care of our travel expenses.

For our hotel stay, I signed up for Hilton credit cards where I’ll receive 60,000 HHonors points. Depending on the quality of the hotel, I can use these points for up to 6 nights. I signed up for myself and one for my wife so we have two of these cards as well. I also got approved for Marriott credit card where I’ll receive 50,000 points. These points will also get me up to a few nights for free. All together, including my everyday Discover CardChase Freedom Mastercard, and my new AMEX Everyday card, I have a total of 10 credit cards and my wife has 2 cards under her name, giving us a grand total of 12 cards. However, I still advocate having only three or four credit cards at a time as a general rule of thumb.

Credit Cards Credit Limit
Chase Freedom $12,000
Discover More $10,000
Amex Everyday $25,000
Target $3,000
Banana/Gap $3,000
Amex Hilton $15,000
Amex Hilton $7,500
Southwest $10,000
Southwest Biz $5,000
Hawaii – BoA $7,500
Hawaii – BoH $15,000
Marriott $7,000
12 Cards Total $120,000

Now, I don’t recommend just anyone to go crazy with credit card signups. If you don’t know what you’re doing and if you’re not careful, things can get out of control pretty quick. The last thing you want is to find yourself in a massive credit card debt. All together, I have over $120,000 in credit limit now. That’s insane!

Things To Consider
Before you apply for any credit cards, make sure you consider the following things:

1. Credit Score – Every time you apply for a new credit card, your credit score will take a hit. Typically, they’ll be anywhere from 3-8 points for each hard pull in your credit report. Make sure you have enough wiggle room in your score to take a few points off of your score. My credit score was 830 from Experian so I was still able to afford to lose a few points from my overall score without compromising any future borrowing power.

2. Issuing Bank – Most banks only allow a few credit cards to be opened at any given time. If you already have three cards from Chase, then you may be declined if you were to apply for another Chase card, despite your credit score. If you already have three cards from Chase, think about opening a card from Citi or Bank of America.

3. Promotions – Oftentimes, you can take advantage of a promotion by signing up and spending a required amount of money within a certain time period. Make sure you read the fine print and that you are able to meet the requirements to release the promotion. Some cards have as much as $10,000 spending limit in order to receive the promotion.

4. Canceling Cards – If you change your mind and need to cancel your cards, you should wait at least 6 months from your apply date. If you cancel too early, it could lower your score by a few points. If you wait at least 6 months, there should be no penalty in your score. Also, if you cancel too soon, you could be blacklisted from the issuing bank. The longer you hold on to the card, the better it is. I don’t plan on keeping all 12 cards forever. I will probably cancel a few cards within the next twelve months.