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Readers Respond: How Many Credit Cards Should a Person Have?

Responses: 17

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I once heard someone say you need at least four credit cards - a VISA, MasterCard, Discover, and an American Express. Some people say you should only have two credit cards, a major credit card and a retail credit card. What's your opinion? How many credit cards should one person have? Leave Your Answer

If u are new to credit get one first

I have four major cards: Amex, discover, capital one and Chase freedom.i use them for various purposes based on their rewards patterns. I also have three store cards: GE Capital Hhgregg card (got it when I bought my TV,Laptop and GPS at HHgregg), macys card and target. I buy stuff for myself at Macys.I use the target card to get school stuff for my kids at Target. I don't see the harm in having a couple of cards u can use for basic rewards and convenience. Help yourselves people! I think it also helps with building your credit. That's another plus for those who care about credit reports and scores.GE Hhgregg is my oldest card though.
—Guest Tititii

Too many can equal trouble

Honestly one or two credit cards is enough. Don't limit yourself to any specialty card for a specific department store or etc. It's best to use something that allows rewards and can be used anywhere. Definitely check that there is no annual fee involved and use it wisely. Make sure your cards report to all 3 credit bureaus. The magic number is to maintain a balance of 20 to 25% of the limit. Pay off your card consistently at the end of each month with money you have already budgeted for that purchase. This way you are protected for the purchase you make that regular debit cards do not insure and you earn rewards points for a purchase you already expected to buy. Please make sure you do not make any rash decision and plan your purchase. Make sure you have the money in your checking account to pay off the credit card bill. Also establish your credit card for a long history and good payment history. Do not get too many inquiries on your credit as it can impact your credit. Be smart!!!
—Guest JJ

Many of you are missing out

Anyone who pays off their cards in full every month should have at LEAST 3-5 credit cards if they are interested in maximizing their rewards. 3-5 also helps give you a good debt to credit ratio which is excellent for building good credit quickly assuming you keep their utilization under 35%. 3-5% cash back is very achievable with no annual fees if you look around...
—Guest anon

132 and counting

I started collecting credit cards as a kid in my late teens and that hobby has continued to this day. I now have 132 active accounts with a total credit line of just a little over $2.3 million dollars.
—Guest Taloneye

As many cards as possible.

Every year I add at least 2 credit cards to my list which is already 19. For me to be a credit card member the bank has to offer at least $ 200 as start up reward and 0% apr for minimum of one year. My every new expense is channeled to the new credit cards. I never use the old credit cards, and they stay in the safe box. Once these cards are near the end of intro 0 % apr pay off them completely and shop around for new baits. It takes serious discipline to run this show.
—Guest Alex

As many as you can handle...

I currently have 5; An AMEX, Lloyds, Capital one, Barclays, RBS, Santander and a HHitlton one... to be quite honest i only use the AMEX or the RBS the others are just there incase and Lloyds is handy if for whatever reason i cant pay off a bill i shift it [forgot to mention its 0% balance transfer]... I like the benefits i get from the AMEX, Santander is good on ocasion and the Hilton card well it also has its perks. Dont get cards for the sake of having them though all of mine serve a purpose be it rewards, credit builder in the begining [Capital one] or just there incase id say theres no optimal level but it depends on your self control and ability to stay on top... if you start collecting to many cards and forget to pay some off in time you could be in for a good spanking by the issuer, personally id say 6-7 for someone who knows what theyre doing and actually utilizes them properly for someone who just wants the occasional spend two maybe three.
—Guest Calum

Twelve cards does it for me!

I have 12 cards, I only use 2 of them for the majority of the time.. I have a card from my local bank, I have one from bank of america, I have an AMEX Gold card, Chase Amazon Visa card, Citibank Diamond card (My favorite), Discover card, Wells fargo, capital one, barclays visa, GE Capital (sears), Paypal Mastercard, First nat'l of Omaha Dodge card, all of which have more than $10,000 limits. I use them all pretty often, and I always pay them off, except the ones with really high balances, those take longer. I do love the ability to buy realistically anything, that you couldn't regularly afford. It's great!
—Guest John

2 MAJOR cards

I currently have a Black AMEX card and a Chase Sapphire Card(VISA). I am a frequent world traveler(for work) and am also a frequent Costco shopper. The only reason I have the VISA is because not every place accepts the AMEX. Both cards give great rewards and great perks. I actually put my mortgage on the AMEX for the perks and points, and most normal day -to-day purchases on the VISA. I also have a Target Visa, and a Macy's Store Card. To me that is a tolerable amount because I am able to keep track of each card, and my bills, and effectively pay them off at the end of the month in full.
—Guest Jason

Depends on the perks

I have six cards- master, visa and then four store cards for the stores I shop at most. I pay all off in full monthly. I save literally hundreds of dollars a year from card member discounts at the stores and 1-3% cash back on everything else. Whats that? You want to let me you use your money to save money? No brainer. Just do not ever think of that credit as your money and never spend more than you can pay in a month.
—Guest Anthony

Solution: Keep your cards paid off.

I like the American Express Blue Cash card for 3% cash back on all grocery purchases. I also have a Visa, a lot of places don't take American Express. Also, American Express is the only card that costco accepts, so if you use Costco, you need to use debit card, an Amex card, cash or check. I just use the Amex for convenience. If you travel at all, the Amex has a good rental car insurance option that covers loss of use. You probably already have regular insurance for you car, but it won't cover loss of use. I have a third card that gives some nice rewards for travel when buying airline tickets. I have Amex Blue, Freedom Chase Mastercard and Visa Sapphire Preferred. I guess i could cancel either the Sapphire or the Chase Freedom, and may ultimately do that. I dont like this article, or part of it, "Ideally, your credit utilization should be less than 30%." Ideally, you keep your credit cards paid off every month, whether it is 1 or 5 or 9
—Guest devin

Two Is Enough

I think 2 major cards like Visa or MasterCard with nice limits is enough. This will allow you to stay out of debt, because if you don't have the money to pay them off at the end of the month then you're in trouble. You have to use common sense. Just because the world has all this credit to offer you doesn't mean you need all you can get; don't dig yourself in a bind. Two cards is sufficient for back up access.
—Guest Nichele

Depends on Your Paycheck

If you are paid weekly you should have 4 credit cards so you can pay one off each week. If you are paid monthly have two to stagger payments
—Guest Anthony Barnes

It Depends

I have one credit card that I pay off in full every single month. However, it helps to have a back-up, in case you break/lose a card, which happened to me during a move last winter. I have one of each major credit card--it helps me keep expenses separate when traveling or doing purchasing for a group pool. I recommended two in general--one card you use all the time and a backup in case the first card can't be used for some reason, but it really depends on what you feel comfortable managing, as after all, you're going to be the one responsible for any charges you make on any of those cards!
—Guest Maggie

2 Major Cards is Plenty

After speaking with a mortage broker, and being at the bottom of the barrell with my credit score I increased my credit score by around 100 points in a matter of months, not years, as long as you are on time with full balance payoffs each month you can get out of the rut you are in with credit scores holding you back.
—Guest john

It depends...

If you are someone who is prone to give in to temptation, only have one. If you are responsible but want to make your finances easy to manage, go with something like a Visa and Mastercard from the same bank. If you are diligent about paying them off every month and keep a low balance, don't be afraid to have more than 5. Find ones that give you the best rewards, (i.e. 5% on gas, 2% on everything, ect) and use them to maximize your rewards.
—Guest Leslie

One is Enough

One all-purpose card should be enough, whether it's Visa, MasterCard or similar type of credit card. I don't believe consumers need multiple cards, especially specialty cards like for department stores, gas stations companies, etc. They all take Visa and MasterCard. Having one card minimizes your ability to get into unnecessary debt.
—Guest Jennifer

how many credit cards should a personh

i think each person should have at least two credit cards. so that its easy to manage the payment.
—Guest susan

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How Many Credit Cards Should a Person Have?

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