How Many Cards Do You Have? How to Reduce The Amount of Cards I Have?

I have the below cards. I feel so overwhelmed with having four accounts. What do you suggest I do to compress or what do you suggest? Is this normal to have four bank accounts?

StGeorge: All the direct debits come out and my wage goes in there.

AMP: Keeping savings there for interest

HSBC: 2% cashback

Commbank: Joint bank account with separated husband with nothing in there unless paying for something or transferring to each other .

Comments

  • -7

    I urge you to start a small business or a self managed super fund to really boost those numbers!

    Perhaps drop the Commbank and say you will transfer to the exe's account directly? But then you won't be able to see if they paid the bill.
    And decide if the AMP account extra interest is worth the hassle. It is likely delivering very little. And if you really hate it, drop the HSBC card too, if 2% of your expenses is worth less than the hassle.

    The big banks offer combination products that do most of these functions with less attractive interest rates and cash back, but maybe they would be less hassle?

  • +4

    That's nothing for this site. I suggest you get more accounts otherwise you're missing out.

  • Four cards is fine. just depends how or if you use them. some suggest 6 is good.

    "The six bank accounts everyone needs;
    1. The Cash Hub
    2. The Food, Fuel and Fun Account
    3. The Emergency Fund
    4. The Short-Term Savings Account
    5. The Long-Term Savings Account
    6. The Other Emergency Fund"

    • 4 of 6 running on empty!

      • +1

        Yeah, personally, I find either The Emergency Fund or The Other Emergency Fund to be a redundant/ duplicate, same with The Short-Term Savings Account and The Long-Term Savings Account. but that's me.

  • I have 5 debit cards (no credit card) in Australia, but none of them cost me an account fee so I'm keeping them for different reasons.

    Commbank: First bank I ever joined in Australia, occasionally using their cardless cash function. Salary usually get into this account first so I never have to pay the account fee.

    NAB: The closest bank from where I live, occasionally I have to deposit coins over the ATM.

    ING: Used for transactions and savings (1.35% pa). Used to deposit money in term deposit pre-covid, now only using their Saving Maximiser saving account.

    Macquarie Bank: Used for transactions and purchase of giftcards through their Marketplace on app, most commonly WISH giftcard for grocery (4% discount). As I hit the $100K ceiling in ING Saving Maximiser, any further saving is deposited here at a slightly lower interest rate of 0.95% pa, even the transaction account has an interest rate of 0.20% pa.

    Wise: Not really a bank, but a currency exchange service I use to transfer money overseas to my family. I did get a free debit card that allows me to receive and store foreign currency.

  • Can you add them to your phone so you don't need to carry them?

    Or do you not want 4 open accounts in the first place?

  • got about 4 debit cards.

    Suncorp for gift cards
    ING for freelancing work
    CBA for salary and all things spending
    UP for international transfers but they are slower than Wise so I am keeping it for now but maybe ill just close.

    But I think I have too many accounts!

  • -1

    how many Credit cards? 0
    1 debt card to pay bills and shopping with.
    1 bank account.

    how do you get rid of them? cut them up and stop using them for stupid shit.

  • If it makes you feel better, I have many cards:
    - HSBC for International Transactions
    - Westpac for the 3% interest (and my pay)
    - Commbank for the local ATM deposits/withdrawals until they removed the branch
    - Westpac Altitude Platinum Mastercard as a "rewards" credit card
    - American Express Qantas Discovery as a "better rewards" credit card
    - Qantas Money Everyday Mastercard as an "emergency" credit card, linked to someone else's account….
    Anyone else know how I can cut back on these cards?

  • 1.UBank, pay goes in, Bpay bills payments go out. 2. + interest rate in saver account
    3. ING, for ATM fee refunds, inc. international ATMs (yes, still have a need for this).
    4. Macquarie, for ATM fee refunds and Opal tap on/off using the debit mastercard.
    5. Up, for eftpos payments, and
    6. 86400, also for eftpos payments to avoid surcharges at Aldi and other stores/restaurants. I cant split them, still trying out their apps

  • Got 10+

    But only a few that I actually use often…
    * ubank. Main account
    * Kogan. For points when spending online.
    * HSBC. For tap & go cashback.

    Cards that I use yearly but not often…
    * Wise. For USD purchases.
    * Amex. Shop small & other deals.
    * Bankwest. Travel insurance, but not since 2020.

    If the question is cards, not just ones from the bank. I only use Coles, Woolworths gift cards when shopping there.

  • I got 6:
    1- ING: Wages, saving, Payid
    2- HSBC: transaction account, international transfer (cashback, international transaction)
    3- Up: Travel (opal), online subscriptions, bills
    4- Citibank: Travel (internationally), hidden saving accounts
    5- Commbank: Joint accounts+ CC

    Used Macquarie as a main account before and all of sudden my account got locked (no reasons) and customer support have no clue. Lesson learned since then, different cards/banks just in case one not working.

    • How come you don't use Up for international travel? When we can eventually travel again that is my plan (was previously using Macquarie but Up is much better to use).

      • cause citibank atm is ~everywhere~, some places like Thailand and Singapore charges extra for foreign cards but last time i tried Citibank atm does not (Macquarie does tho)

        • Oh I see thanks will have to look into that then, can't have too many bank accounts when it affects nothing and with Osko it's easy to move money quickly.

  • Got just 1 debit card.

    • That's not the OzBargain way :)

      • It's my way. :D

        • Yeah fair enough!!

    • dont loose it.

  • I have 10+ at any one time, but typically use just one (whatever credit card I'm using this month to meet minimum spend for bonuses).

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