The Truth Behind Owning 20-Plus Credit Cards
Sunday, 28 April 2024, 18:00
The Myth of Limitless Credit Cards
To some, credit cards are like potato chips: You can't have just one. But can you really have 20 -- or more?
Legal Limits and Issuer Caps
- In the U.S., only about half of people have two or more credit cards, and a measly 13% of people have five credit cards or more.
- Yes, you can have 20 cards (and more!) There is no legal limit to how many credit cards a person can obtain.
Each financial institution has its own ceiling on how much money it is willing to lend you.
Organizing Multiple Cards
- For the folks who wonder how someone keeps track of 20-plus cards -- well, let me tell you, it takes work.
- Many cards don't get much regular use, especially travel rewards cards.
It's a slippery slope, folks. Tread carefully.
Payment and Repayment Strategies
- One missed payment can do bad things to your credit score, so set up autopay if you're prone to forgetting due dates.
- Never charge more than you can afford to repay quickly. Pay off your balances in full every month if possible.
These things multiply. One day you're just grabbing an airline card to make your next trip cheaper. The next thing you know, you have three wallets and a career writing about credit card rewards.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.