How Many Credit Cards You Should Be Carrying » Livetechnoid.com

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You don’t need to carry around every credit card you own, especially if you’ve got a lot. You only need the cards that earn you the most rewards. This guide will discuss the cards that are worth carrying around most often.

With new offers continually being presented to you, it’s tempting to want to take advantage of all of them, and that would seem crazy.

Not just one person. At a time, Walter Cavanagh of Santa Clara has done something like that. He holds the Guinness World Record for having the most collection of credit cards. He has 1,497 credit cards in his wallet.

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With $1.7 million credit, he keeps the cards in the world’s most extended wallet of 250 feet.

Everyone does not have to be like Walter Cavanagh to be successful with credit cards. That is why this article will share some statistics on how many credit cards the average American has, how many you should have, and some other things to consider before loading up your wallet.

How many credit cards does the average American have?

According to the 2017 Experian State of Credit report, it was reported that an average American has 3.1 credit cards.

We need to let you know that because 3.1 credit cards are taken as an average, that doesn’t mean it should be the same for you. There are many other factors to consider (especially your financial situation).

How Many Credit Cards You Should Be Carrying

How Americans are using their credit cards

Another interesting decision is how consumers are using their credit cards. According to a report from Ellen Sirull of Experian,

“…when it comes to paying with credit cards the most popular choice in the U.S. are cards with EMV chips (47 percent), followed by swiping a card (34 per cent) and contactless cards, which are used on smartphones and watches (five per cent).”

TransUnion which is one of the major three credit bureaus in America said this about recent credit card usage:

“The number of credit card accounts rose 2.6 per cent in the last year to 416.5 million in Q1 2018, up from 405.8 million in Q1 2017. In that same timeframe, the number of consumers with access to a credit card also increased by 2.1 per cent to 174.9 million from 171.4 million one year ago.”

With the adoption of payment methods like Apple Pay, a substantial part of the population may walk about without physical credit cards one day.

Sirull states that:

“…there will likely continue to be a growing number of options for consumers with the evolution of mobile wallets such as Google Pay and cryptocurrencies like Bitcoin still making the news.”

How Many Credit Cards You Should Be Carrying

How many credit cards you should have?

Like I was saying, it depends on the situation. Consider your present condition or the state you might run into. Below is my recommended number of credit cards for some cases.

If you are new to credit, start with a single credit card with a low credit line. This will not only build your credit but help you get used to using a credit card for the first time. Also, in the case you are rebuilding your credit, maybe you’ve experienced bankruptcy, charge-offs, or some other type of adverse credit event, I’d recommend you start with one secured credit card.

I’d recommend having a credit card that you can use primarily for your business expenses for small business owners. This will make things much easier for your business at tax payment time.

If you’re doing a balance transfer, I’ll assume that you already have one credit card with a balance you want to pay off. You should have at least one other card to get an excellent balance transfer promotional rate on to move the balance. Bear in mind that balance transfers are just promotions. It would be best if you had a good plan at hand to eliminate the debt.

An average of 3.1 credit cards will be good for someone who uses credit cards for everyday purchases. A Reward hunter should consider 4-5 credit cards. Just consider not opening them all at once. Try to include a cashback credit card, a travel rewards card, and a store card to maximize your shopping rewards.

High ROI on everyday purchases

Now let us consider the different types of rewards credit cards.

The different types of rewards credit cards

If you want to earn the most of the rewards available, there are three kinds of credit cards you should consider.

  1. Bonus rewards card

The first kind of credit card is used just for spending where you receive some bonus reward.

You are considering the Chase Sapphire® Preferred. It offers 2x points on all dining and travel, so if you have dinner often or have a lot of travel expenses, you’ll want to use your Sapphire card only a lot. Try tailoring your card to where you spend most. Other cards can offer bonuses on gas, groceries, office equipment, among other supplies. In addition, some cards provide you bonuses at specific stores or travel spots.

Some types of bonus spending are the sign-up bonus. In case you receive a sign-up bonus from a new credit card, you’ll want to use it more often.

  1. High ROI on everyday purchases

The second kind of rewards credit card that offers a high rate of return on purchases is the High ROI on everyday purchases. For example, the Wells Fargo Cash Wise Visa® card provides 1.5 per cent cashback on almost all purchases.

If your preferred card for non-bonus spending is an American Express, you may also have a Visa or MasterCard to use wherever Amex is not allowed.

  1. Personally important perks

There are credit cards that offer valuable cardholder benefits. Many airline credit cards will provide you with bonuses such as a free checked bag and priority boarding.

Personally important perks

Cards you keep and cards that you carry

If you’re really into earning credit card rewards, you may end up having ten or more credit cards. It is unwise to carry all of those cards with you at a time. You might end up having headaches if you’re taking all cards in your wallet.

Based on a lot of factors, I know you’ll want the following cards:

  • An everyday spending card that you use for non-bonus spending.
  • Bonus credit cards for your most frequent purchases

There’s no need to carry airline and hotel cards that you only serve specific travel benefits. Consider keeping those cards at home and have them only when you’re travelling.

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