How many credit cards should you have?

Posted by Fitz Villafuerte under Loans, Debts & Credit Cards on November 8, 2011

Personally, I believe you only need two credit cards. One should have a high credit limit for emergencies, big-ticket item purchases and installment purchases. And the other one, with a low credit limit just enough to cover your monthly expenses.

The high credit limit card, you only bring when necessary. While the low credit limit card is the one you bring with you everyday.

Also, it’s important that at least one of those credit cards has a virtual card which you can use for online / internet purchases.

But all these is just me. What about you? How many credit cards does one person really need?




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5 Responses to “How many credit cards should you have?”

  1. jm says:

    I have 3 credit cards before I came to know this blog, as a result. I cannot pay 2 of them and become deliquent. The remaining one , I hardly make it afloat. As having only paying the minumum amount required. Now, Because of this Blog, i think and hopefully believe that im more smarter than before. I will try to settle this card until next year, and will pay and settle the other delinquent card. Thank you so much Fitz .

  2. daBayrus says:

    i don’t have any credit card. twice denied on credit card application due to “lack or non-existent credit history” .. shame..

  3. patrick says:

    This is just me…

    Credit cards (CC) is good. The bad thing is how the person use this wonderful CC. CC make life easier. Before when I was still in PH, I don’t have CC, as my mom always tells me CC is not good, so I believed by not having atleast 1. But when I was here in SG, I applied 1 CC, my reason to take advantage the perks I can get from it, discounts on this/that stores where Debit cards not offering. Thru CC I accumulated miles, so some of my trips were free… Bottom line, we must be a Responsible CC owner, regardless how many CC we have. For me, 1 card is enough.

  4. tincabzh says:

    though i dont have any credit cards yet, planning to get 1.
    for me 1 is enough. just for buying things i cant buy in one off payment.
    like my mom’s dream of having a la germania. or a netbook i can use
    for my online business. 😀

  5. Dexter says:

    Get a credit card that gives a better option, like low monthly rate or even free yearly annual membership fee. For me I think 2 credit card is enough.

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