How Many Credit Cards Should I Have?If you’ve been using Reddit as a business, or just for fun, you know how many questions you get about credit limits. It seems like just about the worst idea to spend money on a credit card when at the same time you can’t really afford it. As much as we’d all like to have a lot of credit, the reality is that most of us don’t. But if you limit your spending and understand the risk in overextending yourself financially, you can limit the number of credit cards you have.
Credit card companies all over the place are trying to entice people to use their cards by increasing their limits and offering special deals. But if a person already has a limit, how many of those credit limits do you need to have? That’s the question many editors want to know the answer to.
This is why many companies are now allowing their customers to use as many credit and debit cards as they’d like. They’ve realized that there’s no reason not to offer more than one or two limits. After all, why offer a credit limit if a person already has a limit? And why offer limits if a person doesn’t actually need those limits? These are some of the questions they want to answer, and they’re hoping that by answering them, we will be more apt to use their products.
Many of us already have multiple credit cards from different companies. Sometimes, those cards are paid off and we have no choice but to accept them. Other times, we use one or two of them every month and pay the balance off each month. Now, a company wants to give us even more credit cards! How many credit cards should I have?
It depends. One company may only offer a limit of three at a time. While that’s not very many, you’re only limited to three credit card transactions per month. If you use two of those cards, then those purchases will show up on two different reports (the credit card report and your bank statement). So if you want to keep the monthly costs down, you need to limit the number of credit card transactions you make each month.
Another company may only allow you to have a limit of two to four credit cards. Again, that’s just a limit on the amount you can charge to your account. You don’t have to use all of them, but you do have to maintain good records of each one. If you get caught charging more than you should, you won’t be able to increase your limit any further.
A third company may only limit your card numbers to two or three accounts. This is good, if you only have small amounts to charge and you pay your bills on time. The drawback is that if you get caught charging more than three times what you should, you could be out of luck. That means your limit could be increased without warning, because you were exceeding the company’s limits. So you should always make sure you understand the charges and fees associated with each account, as well as how the company applies those to your charges.
In general, knowing how many credit cards should I have editors to manage is important. But just remember to always keep track of how much you charge, and of each card. Also know how much each account you have had to spend before you apply for any new credit. And never charge more than you can afford to pay off each month. Being responsible about your spending and limiting your debt will go a long way in keeping you on the right track to getting and staying out of debt.