How Many Credit Cards Should You Have in Your Wallet?

Folk's wisdom on credit cards ranges from “stay away from them” to “sign up for as many as you can, as early as you can.”

With this level of cultural consensus, it becomes a daunting task to figure out how many credit cards you should have to maximize your financial health.

How do you go about finding the perfect number? Do you need to start applying for new credit cards immediately, or is it time to scale down on some?

As with most personal finance matters, the answer turns out to have a few conflicting sides.

What’s the Ideal Number of Credit Cards?

Unfortunately, no single, ideal number of credit cards will be perfect for everyone. Instead, the number of credit cards you should have is specific to your situation, preferences, goals, and financial health.

Benefits of Having Multiple Credit Cards

Having a wallet with at least a few credit cards can benefit your finances in several ways. Individually, most modern credit cards offer various benefits, including:

Downsides of Having Too Many Credit Cards

Cash rewards and a stellar credit rating aside, it would be unwise to sign up for a bevy of credit cards without first considering the risks.

A Few Factors to Consider

Rather than a one-size-fits-all number of credit cards that everyone should stick to, it is instead a more individual process to determine the sweet spot for your finances.

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