The question I often ask myself these days is: how many credit cards should I have? When I put this shiny piece of plastic in my wallet, it made me happy and I didn’t think much beyond that. Over time, as I became more financially conscious, I saw people trying to improve their credit utilization, trying to build credit history with multiple credit cards. This made me ask myself the question: How many credit cards should I really have?
Unfortunately, there is no perfect number for the number of credit cards that works for everyone. It is all about your financial habits and discipline. I have learned a lot from personal experience over the years and I will be sharing what works and what doesn’t.
How Many Credit Cards Should I Have As a College Student
I’ll never forget my first days at university, and I’m sure it’s the same for you. Having a credit card at that time made me feel like an adult. Everywhere I looked I saw booths offering “student cards” with small rewards. The real question here was: Not whether or not to get a credit card right away, but how many cards should I actually have?
I can honestly tell you that when I was a university student, one credit card was more than enough. Because: I’m a student, I have classes to focus on, so two or three credit cards are just a mess. It was also more advantageous to build my credit history and avoid debt. I could track my spending more easily and pay off my balance each month easily. By doing it this way, I was not overwhelming myself and I was learning credit management slowly and wisely.
My friends jumped the gun a bit and opened multiple credit cards, attracted by the rewards and the sound of store discounts. Some of them handled it well, others, unfortunately, did not manage the payments well. What I saw made me very aware of the issue of multiple credit cards and I am now more careful about it.
How Many Credit Cards Should I Have in My 20s
For someone who had just turned 20, how right was it to have a credit card? My friends in the same age group around me had three or four credit cards. After doing some research on the subject, I contacted my bank, made a few small mistakes and then I understood very well: Having the right number of credit cards in your 20s is all about how you manage them.
Financial experts recommend that a 20-something should have two or three cards. This is because having more than one card can help you lower your credit utilization ratio. This is an important factor for your credit score. Spreading spending across two or three cards can also help you earn rewards and build a better credit history over time.
Of course, more than one card is not always better. For example, I started with a student card and then added a separate card for groceries, another for gas, and finally a travel card. Whatever the reason, I had an excuse to get a card.
The main point here is this: Develop healthy credit habits in your 20s. Spend carefully, don’t carry a balance, keep track of every purchase. If you can do these things, you are fine to use two or three cards. In my personal opinion, though, one card is ideal to start with.
Should You Have More Than One Credit Card?
Based on my experience over the years, I can say the following:
For a beginner, one well-managed card is enough. Instead of getting two or three cards, it would be better for a newcomer to focus on making payments on time and keeping your balance low. Your goal here should be to build a clean history and get some budgeting experience. You can then consider adding a second or third card.
But if you struggle to keep track of bills or have a history of overspending, more cards can create more problems. The goal is not to collect credit cards, but to use them as tools to support your financial goals.
