October 14, 2006 7:56 PM
How Many Credit Cards Should You Have?
If you ask my opinion, I would recommend you keep as many credit cards as you can manage (without missing a single payment). I have 20 active credit cards, and this enables me to get the best deal possible (in terms of cash back, balance transfer and shopping discounts).
According to Steve Bucci, president of Money Management International Financial Education Foundation, the average person carries 11 “credit vehicles.” Typically, seven are different types of cards and four are installment loans for cars, furniture, student loans or mortgages. Some credit experts see people with 45 or more credit cards — many of them are high-income earners. Some are people who think that the more credit you have, the better, says Bucci, who also writes The Debt Adviser column for Bankrate.
He says a good rule of thumb is to keep two to six credit cards. “Make sure the credit cards you have are Visa, MasterCard, American Express or Discover, because merchants will take almost any of them,” he says.
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