How many credit cards should I have?

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Posted by Team CentSai (MONEY FORUMS: 9, Answers: 0)
Asked on September 15, 2015 9:09 am
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As many as you are comfortable taking on. For some people, that is none. For others, taking on two or three is ideal. And I know some very organized, finance focused folks who have 10+! Your best bet is to look at your spending and payment strategies. If you are unable to pay off your debts every month, don't give yourself the temptation by getting more cards and credit. Stick to one or two and keep the balance at under 30% (or, ideally, 0).
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Posted by Michelle Diamond (MONEY FORUMS: 0, Answers: 26)
Answered: September 29, 2015 6:14 pm
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Look at your 3 major purchase categories and get one or 3 cards that go alone well with them. If you spend a lot of groceries, find a card that gives you a good cash back % on groceries. Same goes for fuel, Amazon purchases, etc.
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Posted by Will (MONEY FORUMS: 0, Answers: 18)
Answered: September 27, 2015 5:45 pm
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There really isn't a magic number of credit cards everyone should have. More credit cards could actually boost your credit score, which is important for getting loans, saving on insurance rates, and even getting a job (plus get the other benefits and rewards you mention), but having multiple cards can also be more risky. It's a little tricky because not having enough credit history could also set you back.
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Posted by Beth (MONEY FORUMS: 5, Answers: 2)
Answered: September 24, 2015 1:28 am