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I did answer that in the wall-of-text above:

> Note that I don't have to worry about losing the cred files themselves, because I don't store them on me [on the SD card]; I only keep the keyfile [on the SD card].

You could keep a copy of the TrueCrypt volume there, but besides making the SD card more worthwhile as a theft target [they would only need it + your master password, not it + your master password + knowledge of and access to your Dropbox], it introduces versioning/sync difficulties when you add or change keys. You're almost unilaterally using these keys to speak to remote hosts anyway, so you're going to be online enough to get to your Dropbox whenever you need them.

Did you delete your comment? It may have diverged a bit from the topic, but I found your method more compelling than using a password managing service.

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