How Many Credit Cards Is Too Many?

Written on April 17, 2011 – 3:56 pm | by Nicole Gutierrez

With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it’s no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?

“There are two ways to look at this, depending on your objective,” says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. “A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn’t really matter since they will never carry a balance from month-to-month.

“The other card is one with a very low APR that the consumer will use for large purchases that they will have to pay out over a three-month period. For instance, if your refrigerator breaks, you need to replace it, but without adequate savings, will need to charge the purchase. We do not recommend paying out a purchase

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