How many credit cards should you have?

Home Forums Credit Cards How many credit cards should you have?

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    Jordan Moore
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    #32521
    Jordan Moore
    Keymaster

    The short answer: Experts recommend you own two to three credit cards. 

    The better answer: How many credit cards you should have depends on your situation, including your budget, approach to managing money, and credit score. 

    If you know that you’ll go rogue once you have a credit card in hand, it’s better to stick to just one for specific costs or emergencies. Having at least one card can help you build your credit history, especially if you don’t have much other debt from say a car loan, student loan, or mortgage.

    If you do feel like you can handle a credit card responsibly then you can aim to have a card for each of these purposes:

    • A card that lets you earn rewards for everyday purchases (like groceries and gas)
    • A card with a low interest rate for emergencies or when you need to carry a balance (though it’s recommended you avoid that)
    • A card for specific use like travel benefits or with higher cashback in certain categories 

    At the end of the day, it’s not really about how many credit cards you have but how you use them. Don’t spend outside of your budget and pay your balance in full each month to avoid paying interest. 

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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