I only have 3 credit cards, and here's why.

Having credit card and using them in Singapore is a no brainer. The admin fees are often waived, and you are paid to use them (such as cash backs, more interest for your saving accounts, free luggage bag, etc.). The cards also let us track where our money is going through the transaction statements.

That said, whenever anyone tells me about a credit card offer, despite the many freebies I often reject them. Why?

The cash backs come with spending, and there's just this much I want to spend and they have been allocated to the existing cards.

Also, people tell me use this card for dining, that card for online purchases and so on. But credit card terms always change. I have better things to do than to keep up with these terms and conditions.

The most important thing is, the more cards, the more admin work I need to do! With just 3 cards, I have to check 3 bills each month and pay them. And what's more, I need to call up the banks 3 times a year to ask for a waiver of the credit card. I only want to spend a certain amount a month, and whatever rewards I can get is limited. Hence, the limited credit cards.

Another criteria I have is the credit card must belong to banks where I have deposit accounts with! This saves me time each month when I can check my deposits and my credit card transaction in one login.

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