How many credit cards should I have: find out here

Do you think about how many credit cards you should have in your wallet? Find out more about the right number of credit card numbers to have and the pros and cons of having multiple cards.


The best way to use credit cards to your advantage

how many credit cards should I have
Find out how many credit cards you should have! Source: Freepik

Whether you’re just starting with credit or looking to optimize your credit, having the right amount of cards is key. And one question many people ask is: How many credit cards should I have?

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Why do people have more than one card?

There are many reasons why people have multiple credit cards. It is a common consideration since it can bring many benefits to your financial life.

Be it for getting cash back or travel points to take their dream vacations, people consider rewards a significant reason to have more than one credit card.

It is not magic or a miracle, but having multiple cards can lead you to financial stability. Nevertheless, here’s one to think about: having more than one credit card can be dangerous too!

Pros of having multiple cards

how many credit cards should I have
The best way to use credit cards to your advantage! Source: Freepik

The first benefit of having multiple cards is having more credit for nonessential spending.

Whether entertainment, dining out, or shopping, it’s a great way to free up your budget and have more fun with your money.

Also, if one of your credit cards is compromised, lost, or even stolen, you won’t have to depend on only one credit source. So having a backup credit card can give you peace of mind.

Having access to different rewards programs that offer various benefits is the main advantage.

For example, some cards offer points that can be redeemed for cash back or merchandise, while others provide airline miles that can be used for travel.

Convenience is key, especially if a merchant only accepts one card type. In this case, it would be helpful to have Visa and Mastercard credit cards, wouldn’t it?

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Cons of having multiple cards

Having multiple cards is undeniably good, but some drawbacks must be considered to maintain a healthy financial life.

The biggest issue is that you can quickly spend more money than you can repay in cash. So you need to pay close attention to your spending.

Additionally, the more credit cards you have, the more due dates and limits you have to remember – well, it makes it harder to pay your bills in time.

Also, late payments and high credit utilization rates can negatively affect your scores.

Remember that having more than one credit card requires additional financial responsibility and costs.

Does having more than one card affect my credit score?

how many credit cards should I have
Learn if having multiple credit cards will affect your credit history! Source: Freepik

Having multiple credit cards will potentially affect your score. However, the number of cards you have won’t matter if you do not manage them correctly.

You must remember the main factors that affect your credit history, such as your credit utilization, which is how much credit you’re using.

So, having multiple cards may be helpful if you want more credit limits.

Also, your payment history is a highly determinant factor in your score. So remember to stay on top of your credit card bills. It will help you improve your payment history.

Next, your credit age is essential too. It’s important to have a long, stable credit history. Your creditors want the same thing! That is why they check the average age of all the cards.

Other things are also considered, such as types of credit you use and request for new credit.

Summing up, having more than one credit card won’t work if you don’t know how to use it properly in favor of your score.

How many credit cards should I have?

It might seem disappointing, but there is no correct answer to that question. Your spending habits will determine how many cards you should have and if you can afford payments and fees.

According to an Experian report, from 2021, Americans will have 2.3 (store) cards. Mostly, they use their credit cards to build their score over time.

Since there is no correct number of credit cards, you must consider some things.

First, get cards with multiple networks. It’s helpful to have other cards besides Visa and Mastercard, for example.

Also, don’t get credit cards with the same types of rewards. Make sure you get the most out of your cards by using them for different purposes.

Lastly, remember to ensure you’re using your credit cards responsibly. Make your payments on time, check your balances, and look at your credit reports frequently. 

Now you know about the advantages and drawbacks of having multiple credit cards. What about learning more about choosing the perfect credit card for you?

Check the following article to get a complete guide on how to choose the perfect credit card for you, and take one more step on your healthy financial journey! Let’s go!

girl holding a credit card

How to choose a credit card: a complete guide

Read this article and learn the best tips for you to learn how to choose a credit card. It will help you save money, keep your finances in order, and avoid mistakes!

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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