Is there a benefit to having more than one credit card?

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Posted by Gillian Smith (MONEY FORUMS: 4, Answers: 1)
Asked on April 26, 2016 5:44 pm
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Possibly. What benefit would you like? My main objective is to increase my credit score. I have one card and it’s doing well at that. If you want a card for a certain store or to get access to the first class lounge or something like that – go for it. There’s no right number of credit cards but yes there are benefits to having many. In fact, there are actually no downsides to have lots of credit cards as long as you use them responsibly. Though note that each time you apply for a credit card, it drops your score about 3-5 points.

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Posted by Will Lipovsky (MONEY FORUMS: 0, Answers: 35)
Answered: April 27, 2016 4:41 pm
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It really depends on how you use credit cards. I have a few cards that give different benefits – for example one card gives the best cash back on groceries and gas whereas another gives best points return on office stores, cell phones, and internet. If you find that it’s hard for you to keep up with more than one credit card, though, you may just want to stick to one!

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Posted by Jessica Ozar (MONEY FORUMS: 2, Answers: 18)
Answered: April 26, 2016 10:05 pm