Updated January 4, 2013

How Many Credit Cards is Too Many?

Read more about Credit Card Deals

Nearly one-third of survey respondents, believe 3 credit cards are too many for one person to have, according to a recent CreditDonkey.com survey. And 23% said more than 4 is too many. Just 9% believe one credit card is too many.

How many credit cards is too many?
How many credit cards is too many? © CreditDonkey

How Many Should I Have?

How many credit cards do American consumers actually have? According to Federal Reserve Bank of Boston, the average credit cardholder has 3.5 credit cards.

If you want to maximize rewards by using several different cards in a strategic way, it's OK with your credit score, too – as long as you use them wisely.

Mitchell Weiss, author of Life Happens - a Practical Guide to Personal Finance from College to Career says "you really only need two cards---one for your budgeted expenses and the other for life's unhappy surprises. That way, your mainstay card will be balance- and therefore, interest-free, while the other card takes the hit. Just be sure to have a plan to pay it off as quickly as you're able."

What to Know

Before you consider opening a new credit card:

  • If you currently carry a balance and want to do a balance transfer to a low interest credit card, read our guide on the balance transfer game.

  • If you don't carry a balance and simply want to take advantage of some of the lucrative introductory deals out there, read our updated credit card deals blog post.

To be sure, you should routinely check your credit report to make sure you don't forget about that card you opened years ago to get a free pizza on campus (thankfully, a practice that is no longer allowed under recent legislation).

(Click Image to Enlarge)
Infographics: Credit Checkup
Infographics: Credit Checkup © CreditDonkey

(From November 19 to November 27, 2012, CreditDonkey.com surveyed 1,045 Americans, age 18 and over using multiple choice questions and short-answer questionnaires.
1,025 survey respondents answered the question "How many credit cards is too many?")

Share this on Facebook or Twitter

Follow @CreditDonkey or write to Naomi Mannino at naomi@creditdonkey.com

More Articles in News

Credit Card Deals

How to Find the Best Credit Card Deals

Signing up for a card with a sign-up bonus or an introductory offer can be a great way to get a head start on earning rewards or to get a handle on your debt. Check out the deals below to find one that’s right for your spending habits:

What do you think about How Many Credit Cards is Too Many?

Name (required)
Email (required; won't be published)
Website (optional)

or you can also trackback from your blog.
August
18
2014

What to Buy on Labor Day

The start of September offers a reprieve from the first few days of school and gives many of us a moment to reflect on our summer. Retailers know this and will come out in full force on Labor Day weekend to entice you off the lounge chairs and ...
More Articles in News







About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.