Dcyphrz wrote:Yea "Congrats on that.....thing you didn't need at all. Hooray for CC apps!" LOL (One user literally never posts anything besides "congrats" LMAO) I get how exciting an approval can be when you're young or maybe with a particular CC (was super stoked to get my first AMEX!). I just don't understand what drives some of these apps. A $8000 Restoration Hardware limit would be of no use to me. I can see having cards that grant discounts exceeding what the cash back would pay but only if I was already going to be shopping there.
I think somebody here posted at MF how they wanna get back to fewer cards. I'm starting to think culling the herd might be a good move for me also.
What drives the apps is sadly probably very similar to a gambling addiction. It's an underlying problem and the "thrill" of getting approved makes people feel good, even for crap cards that they have no use for. That said, just like gambling, these people would be better suited finding another outlet for their desire.
Well, there's just the aspect of diminishing returns as you add more and more cards. Some people just want to go from bonus to bonus, and that's fine, but if we're just considering everyday earning, it becomes not really worthwhile to add more cards at some point. For every card you add, you (hopefully) aren't increasing your spend, so the spend is now diluted further and therefore so are the rewards.
If you have a massive income, you can get away with tons of cards/programs but generally I think people tend to spread themselves too thin. For an "average" spender, you aren't going to gain much traction in any program if you are spending across 15 cards. Just my viewpoint.