The Right Number of Credit Cards

With all the different credit cards out there and the ease of paying for items with a credit card that has a relatively high limit, many people who are new to the whole credit card world will open as many credit cards as possible, maximizing their possible spending all at once. This strategy, unless you are independently wealthy, is usually a very bad idea. You will be spread very thin on rewards from these credit cards and often be inclined to spend too much money all at once, causing you to plummet very quickly into debt.

Due to our history in finance and knowledge of how to properly manage credit cards, we at PaydayLoansCashAdvance have offered some tips for how many credit cards you should try to have and how you can best manage them. These rules are not the same for everyone but are good ones to go by when you are first getting into the credit card lifestyle.

Figure Out Your Budget

The first thing you need to do before opening any credit cards is figure out your budget. How much money do you have to pay in rent and bills every month and how much money do you bring in every month in income? The difference in this amount is how much you have to spend on food, drinks, items you need to live and luxury items that will keep you happy and having fun. Some of that money might even be good to put away for a rainy day, but that’s not necessarily something worth discussing for this subject of credit cards. When you settle on the figure you have to spare for credit card expenditures every month, you will have a better idea of what you can spend and what credit card limits are right for you.

Look At Credit Card Rates

Different credit cards have different rates for how much they charge per year or charge as an interest on balances that are not fully paid. People with numerous credit cards often can’t totally pay them off and the interest on these cards can sometimes drive them into debt quickly. So if you worry about being in this situation, consider limiting yourself to one credit card total or a credit card that has zero percent APR for the first six months to a year. This way you won’t have to fully pay off your bill and won’t be charged a penalty for not doing so. All the cards you sign up for should ideally have a very low rate, so that if you ever can’t pay off your bill on all of them, it won’t cost you much more money.

Perks, Points and Miles

Most credit cards also have some sort of rewards program that is associated with them, so that you are encouraged to spend on the cards as much as possible and get other rewards that won’t cost you any money. These include miles for airline travel, points for purchasing items much like you would with cash and points for cheap to free hotel stays at luxury resorts. If you’re going to get multiple credit cards at once, make sure you are getting some of these perks for each card you set up. However, each card should garner different things. One should be for airline miles, another should simply be for points that can be used to buy anything while the third, if absolutely necessary, should collect points for hotels on your travels. This way you can focus your spending on each card based on what you will need discounts on in the future.

At the end of the day, the number of credit cards you set up all depends on your own personal strategy for future purchases and what you think you can afford. This will vary greatly for everyone, based upon income and spending habits, so the better you understand these two things about yourself, the easier it will be to figure out the ideal number of credit cards you should have in your wallet.

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