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How many credit cards should I have?

How many cards I can have depends on my spending habits as well capability to pay off the outstanding accrued on them.

Basha Shaikh

04 Mar 2008

Very few people should require more than two credit cards. While theoretically you can have as many credit cards you want, an excessive number of cards can adversely affect you. Impulse buyers (and that describes a lot of us) with a large number of credit cards mean inappropriate spends and increased chances of entering into a debt trap.

Here is a list of factors that you can consider before you take on a credit card (or credit cards):


  • Payments - Have be made before the due date. One recorded late payment can pull down your credit score.

  • Spending - Ideally, spend less than 50% of the credit limit on the card.

  • Settlement - If you use a credit card to purchase anything, pay the outstanding off fully. If you can't do that, don't get a card in the first place.

  • Future loan eligibility - Too many credit cards can mean that lenders will not give other types of loans, turned off by your excess debt burden on the cards.

  • Number of cards --If you are in need of more than two cards, instead of taking a new credit card, ask your present credit card company to increase the limit.

  • Convenience - The lesser number of credit cards, the easier it will be for you to monitor your expenses. Appropriately.