Folk wisdom on credit cards ranges from “stay away from them” to “sign up for as many as you can, as early as you can.” With this level of cultural consensus, it becomes a daunting task to figure out how many credit cards you should have to maximize your financial health.
Unfortunately, no single, ideal number of credit cards will be perfect for everyone. Instead, the number of credit cards you should have is specific to your situation, preferences, goals, and financial health.
Individually, most modern credit cards offer various benefits, including: – Cash sign-up bonuse – Points, miles, or cash back – Access to exclusive discounts, deals, and membership
For one thing, managing a mix of credit and debit cards can be a logistical burden. Keeping track of it all gets more difficult the more accounts you add.
Rather than a one-size-fits-all number of credit cards that everyone should stick to, it is instead a more individual process to determine the sweet spot for your finances.
One card may be fine if you prefer debit cards or cash and only keep a credit card around for infrequent purchases or emergencies.
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