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How Many Credit Cards Do You need?

By Edited Nov 13, 2013 0 1

Credit Cards (38643)

It's a very narrow road to walk these nowadays between having adequate credit cards to have some financial freedom and having too many cards to keep up with all the payments. Determining how many credit cards you need can be very difficult sometimes , particularly if you've never had a credit card before. Depending on your way of living, the number of credit cards you should have can vary.

Credit cards are valuable therein that you'll be able to spend money that you do not really have, so long as you are able to repay it back later. This can really be a big benefit if you maintain your other payments with your credit card, or it can be a means of getting yourself into more debt.

If you're a student Choosing a Student Credit Card can be a big task...Trying to choose the right one. For those of us who have credit cards already Choosing a Credit Card will be a bit easier.

Before you go out and get a brand new credit card with a ZERO balance...Ask yourself if this purchase is something you NEED or just something you WANT. In most cases, people just want credit cards to help them purchase items they WANT and they otherwise cannot afford. That said, if you're ever short of cash in hand, credit cards can rescue you from a difficult financial situation.

To Help Answer This Question... How Many Credit Cards Do You need?

Let's look at some Credit card advantages...

>>> Are a better means than carrying around large sums of cash.

>>> Can assist you keep better control of your expenses by providing statements at the end of each month.

>>> Are convenient to shop with. Can, used wisely, give you a good credit history and rating.

>>> Occasionally credit card companies offer up benefits for using their cards instead of the competitions, such as cash back, discounts on products if you purchase with your credit card, travel discounts...Like air-miles, added warranty coverage for the items you purchase.

>>> Having numerous credit cards means that you may possibly reap a lot of these rewards. So long as you are able to control your Money Problems.

Credit Card Debt (38644)
What about the disadvantages of Credit cards...

>>> The main disfavor is the possibility of amassing up considerable credit card debt.

>>> The more cards you've got, the more probable your debt will step-up. And since you are spending money you do not really have, it's simple to dig yourself into a great big hole.

>>> Once you owe the bank or Credit card company money and can't pay it back, it will give you a bad reputation. Having a bad report with the bank could limit you from other things such as qualifying loans elsewhere.

So, how many credit cards do you need?..If you have got through life this far without a credit card, probabilities are that you might never require one. All the same, if you can see a means to use credit cards to purchase things and have 30 days or so to pay for them without falling behind in your payments, then credit cards perhaps may just be right for you.

Maybe the more important question to ask yourself is, [How much money do I make?] The more money you make, the less hazardous it will be to take the chance of possessing multiple credit cards. If you're uncertain about managing several credit cards, it may be in your best interest to consult a financial consultant.

If you're convinced in your ability to manage credit without mistreating it, then go ahead. In the end, the decision [and the obligation] is yours.



Jan 28, 2011 1:10pm
Great write-up. I have one credit card that I pay in full every month and use for the rewards points, and another back-up card for emergencies. Don't feel the need for too many right now.
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