From the article: How Many Credit Cards Is Too Many
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
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
