Go through your wallet and see how many credit cards you have? One, two, or maybe 10? Experts have noted that most Americans carry between five and ten cards, with some holding as many as 50 credit cards. So now you may ask, how many credit cards should you have?
Most experts say that there’s no magic “right†number of credit cards one should carry. Rather, it all depends on what your spending habits are and what you are able to pay off on time. However, Credit Agencies frown upon people with a whole stack of credit cards. Simply because the more cards you have the bigger of a risk you carry for racking up debt and damaging your credit.
The general rule of thumb is to have two to six credit cards. When applying for credit cards, make sure they are Visa, MasterCard, American Express or Discover. These are the most popular ones and merchants will take almost any of them.
By having more than two credit cards, it allows you to split your purchases between your cards. Being able to do this one of the benefits of having more than a single credit card. Lenders typically do not like to see your cards maxed out because they consider that to be a risk.
It may be easier for you to keep track of your statements if your credit card count is between two to six. This allows you to go through your monthly statements so that you’re aware of all the fees and interest rates that are being charged to you. Having more cards mean more bills to track which can lead confusion. The main thing to remember is that you always want to be able to manage your account.
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