How Many Credit Cards Should I Have?

Credit cards

Credit cards can seem a dime a dozen these days – you might pick one up from your favorite store to get some savings or get another to maximize airline miles. But more isn’t necessarily better, so “how many credit cards should I have?” is a question you might want to be asking yourself after exploring how to get a credit card. Read on to find out:

  • How Many Credit Cards You Should Have
  • How to Get Along with Multiple Credit Cards
  • When You Shouldn’t Use Too Many Credit Cards

How Many Credit Cards Should You Have?

As with many financial matters, your mileage may vary. That said, two to three seems to be a good number. Try two for personal use and one for work. Keeping the two personal cards on different networks is a good idea. When you’re picking out cards, try focusing on separate benefits. No use having two credit cards that both give air miles or provide cashback.

How to Get Along with Multiple Credit Cards

There’s no limit to the number of credit cards you can have – the world record was set at 1,497 by Walter Cavanagh of Santa Clara, California. You probably aren’t going that far, but you could see the plastic pile up when you keep signing up for store cards and other incentive cards. When that happens, make sure you:

  • Check all cards regularly to stay ahead of your finances
  • Keep your overall credit card utilization (the amount you owe) as low as possible
  • Secure access to more than one credit card network (Mastercard, VISA, American Express, Discover, etc.)

When Shouldn’t You Use Too Many Credit Cards?

Having more than a few credit cards makes it much harder to keep track of your finances, and a high number could affect your credit score. However, the more perilous path involves using new credit cards to cover old debts. You’ll only solve the problem temporarily, and you’ll face high fees. Instead, take out a personal loan to consolidate your current debt.

Speak to Xpress Cash About Credit Card Utilization and Personal Loans

You’ll find Xpress Cash branches across Idaho, Michigan, and Wisconsin, so don’t hesitate to contact us today if you’d like to explore personal loans or talk through your financial issues with an experienced team member.