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Asked about “Credit Cards: Tips, Tools

Finance: The more credit cards, the better?

I never know if it makes sense to get different credit cards that have different benefits.  Is it better to just use one credit card, or is it better to get as many as you can to maximize on the sales?  Help me.  I have never understood much about finance and I want to be smart in my decision making.  Thanks!


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7388 thumbs up

Love is the battery of life....

Hi,
At the end you'll have to pay for all your expenses..... So it all comes down to 1 simple question: "Will I save money by having several credit cards ?".  To answer that question you'll have to ask yourself 3 other questions:
1.  If I have several credit cards will
     I spend more (than I intnded) ?
2.  Will I be able to use the variety
     of cards to save money (some
     credit cards give you special
     discounts in certain stores).
3.  How much (in total) do they
     charge me. 
After getting the precise answers you'll be in a position to answer the main question:  If in the bottom line multiple credit cards save you money than go for it (if it doesn't save you, better have just one). 
Personally I use several credit cards.... In my case it doesn't make me spend more than I intended and I use them to make smart purchasing. 
Best regards,


Posted 6 months ago ( permalink )
In reply to AimeeRed's question
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74 thumbs up

I personally don't use credit cards at all.  To me they are just a way to live beyond your means.  Some financial experts would recommend having only one credit card for things like booking a hotel room if you're on vacation.  But if you're like me and don't have the personal discipline to manage even one card, then stick with cash and pay as you go or get a prepaid card from your bank.  This way, once the money is gone it's gone.


Posted 6 months ago ( permalink )
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While credit cards can do wonders for your credit score (when used wisely), too many can have an adverse effect. Lenders want to see how you handle different types of credit. When it comes to revolving accounts, two credit cards is perfectly acceptable. The more you acquire, the more difficult it is to manage your finances. And remember to keep those balances low.

 http://www.expertsoncredit.com


Posted 6 months ago ( permalink )
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4 thumbs up

The ideal number of credit cards are 3.. 1 with major credit limit and 2 with minor credit limit.


Posted 5 months ago ( permalink )
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3508 thumbs up

Live simply, love generously and  care deeply.

 

Hi,

    Ideally, it is better not to have any credit cards at all so you don't have to pay any interest. Please visit DAVERAMSEY.COM.  It is a very good website.  He has helped millions of people get out of debt.  He teaches people to live below their means.


Posted 5 months ago ( permalink )
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