How Many Credit Cards Should You Have?

Dharshaini Grace

Dharshaini Grace

Last updated 04 October, 2022

Owning more than one credit card can be scary to some, especially if you’ve heard of horrific credit card debt stories from your friends or family. But there are some major advantages to owning more than one credit card. It all depends on how well you manage your credit cards! 

Pros of Having More Than One Credit Card

One of the ways for you to improve your credit score is by having multiple credit cards that you have been using regularly and paying them off every month. 

  • Different credit cards to fit your needs

Take advantage of owning multiple credit cards with different features to fit your needs. For example, you can get a credit card that offers cashback, another credit card that’s best for traveling, and more. 

  • As a backup plan 

You can extend your credit limit by spreading out your payments over different credit. Hence, making your credit utilization lower for each card and you won’t have to max out your credit card every month.

Cons Of Having More Than One Credit Card

  • Pay for multiple fees and interest charges

Owning several credit cards also means paying multiple fees and interest charges. Not only that, you may also have to pay annual membership fees! 

  • Harder to manage 

You could drown in debt if you’re not managing your credit cards responsibly, as you’ll have to keep your spending habits in check. 

Now you know the pros and cons of owning multiple credit cards, the next thing to help you decide is by asking yourself the following questions: 

Questions To Ask Yourself 

1. What is your credit score?


It's important that you find out what is your credit score before applying for a new credit card to help you understand your current financial situation. Make sure you’re in the healthy credit score range of 697 to 850. You can calculate your CTOS score here

2. When was the last time you applied for a new credit card


If your answer is less than 6 months ago, you need to put a pause on that new credit card application! This is because your applications could be recorded as hard inquiries, should you apply for many cards at the same time. It’s where the creditor perceives a large number of credit score viewing as a sign of credit risk! 


3. Are your spending habits in check?


Credit cards offer some financial benefits, but they won’t do you any good if your spending is out of control. Be honest with yourself! If you’re an impulsive shopper with outstanding credit, then opening a new credit card is not a good idea.


4. Have you made any late payments?


Not only on your credit card repayment but also on your loans or other monthly bills because this also affects your credit score. Every time you add another credit card, you add another due date to keep track of. So if you haven’t been able to keep up with your monthly repayments, you may not be ready to get another credit card.


5. What type of credit cards are you looking for? 

You probably don’t want to get another credit card that offers the same benefits and features. Instead, your new credit card should complement other aspects of your lifestyle needs. For example, if you already have a cashback credit card, then get a credit card that gives you travel perks or rewards! Check out the right type of credit card that suits you, right here


6. Do I need another credit card? 


After answering all of the above questions, the last question is to ask yourself; do I need another credit card? At the end of the day, there really isn’t a right answer as to many credit cards you should own. It all depends on your financial situation. 


If you can afford it, go ahead and take advantage of the wonders a credit card can do for you. But if you’re not in a good financial situation with debts and late payments, it’s time to refocus your direction on getting your finances in check! 




Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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