How Many Credit Cards Should I Have? Best Practices for Credit Card

According to a Credit Karma report, the average American has 2.5 credit cards. Some have two; for others, it’s three. Of course, outliers may have more or less. 

The number is all over the place, which raises the question–how many credit cards should I have?

Credit cards come with some advantages that benefit owners. When used responsibly, credit cards make life easier and maximize your dollars.

There’s no arguing that money is essential. Credit extends your purchasing power for a home mortgage, to invest in a business, and to finance an auto loan.

In addition, you can use credit cards to build credit responsibly. You show creditworthiness with your flawless payment history and low utilization rate.

Nobody wants to spend more than they have to. So credit card companies may offer cashback or points on your everyday purchases to save you money with little effort.

In addition, many cards come with sign-up bonuses that encourage up-front spending for more significant rewards. Pay the balances off without interest, and you win. 

Swipe Up

for more finance, business, and real estate advice

Read More

60k a Year Is How Much an Hour? (And How Do I Budget for That Salary?)

What Is a Good Credit Score in 2022? Why Is It Important?