How many credit cards can you have? As many as creditors will give you. But, how many credit cards should one have is dependent on many factors, including Your age; Where you live; Your lifestyle; Your financial management; and The cards’ expenses. Most people have between two and four credit cards. Younger people tend to have fewer, while older folks collect more over the years.
You might be surprised to find out that the average number of credit cards a person has changes by area.
For instance, residents in New York, Miami, Los Angeles, and San Francisco average three cards per person, whereas the average is two-and-a-half in Minneapolis and Seattle.
Families often have more cards than single people. They may use each for a different purpose, such as a card for:
· Household expenses, like groceries and bills.
· Each spouse’s personal spending.
· The kids or animals.
· Emergencies, like hospital visits or car repairs.
· Traveling if other cards do not work abroad.
You might think that three credit cards are too much to handle while your best friend can easily juggle seven or more accounts. Do not obtain more accounts than you can keep track of. The last thing you want to do is get into debt by signing up for a bunch of accounts.
Some credit cards have annual fees. Unless you can afford it, you may not want to pay hundreds each year on charges.
You should weigh the benefits of the card against the fee. Do you use the card frequently enough to reap the benefits? Do you actually use the benefits? Do the rewards expire?Still wondering how many credit cards should a person have? Getting rid of some could ruin your credit score.
By Admin –
