How Many Credit Cards Should I Have?

There’s no perfect answer to how many credit cards you should have but keep reading to learn about the pros and cons of how many credit cards fit your budget.

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

A magic formula to calculate the number of credit cards you need doesn’t exist. There are many pros and cons. However, it ultimately comes down to your financial situation and spending habits.

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.

Credit Card Pros

Credit cards are easy to use and more convenient than cash. They take up less space in your wallet and allow you to keep more money in a high-interest savings account longer.

It’s expensive if you don’t pay off the balance every month. Credit cards have high-interest rates that can take years to pay off when only paying the minimum balance.

Credit Card Cons

There’s no punishment for not having or using a credit card. However, credit cards can help build credit. It’s hard for banks to give you a loan when you haven’t shown that you can pay the money back.

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