How Many Credit Cards Should You Have?

Blog Post08/01/2017
Debt Management

How many credit cards you keep in your wallet is one of those personal decisions that doesn’t always lend itself to a right or wrong answer. Whether you have one card or 10 comes down to personal choice and your own unique habits, but you might want to keep a few considerations in mind.

It’s How You Handle Them

The number of credit cards you hold isn’t nearly as important as what you do with them. Sarah Davies, senior vice president of product management and analytics at VantageScore, says it’s better to have just one or two cards with a spotless payment record than a multitude of cards with high balances and missed payments.

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Those Tempting Rewards Cards

Rewards cards can be another big reason to keep at least two credit cards. Some offer very nice perks like airline miles. The catch is that these cards often carry higher interest rates. If you use one card for big purchases so you can tally up airline miles toward next year’s vacation, you might not want to also use it for an occasional dinner out or gasoline for your car. Having more than one card — one with rewards and one with a lower interest rate — can allow you to balance your purchases and make the most of your credit without going broke paying exorbitant interest rates on all purchases.


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