How many major credit cards should a person have?

For most people, carrying two major credit cards is ample. One is for primary use, and the other is as back-up in case the primary card is lost or stolen. They should be VISA or Mastercards--it really doesn't matter which. Some people also carry an American Express or a Discover, but that isn't really essential.

If you have business expenses, you would likely want to carry a third card just for business use.

Comparing the cards should be based on:

--Preference to cards that have no annual fee

--Preference to cards that have a low annual interest rate

--If you travel a lot, preference to cards that allow you to earn airline/rail points

--Preference to keep open cards that you've had for some time, since that factors into your credit score

--Preference to cards linked to the bank or credit union where you normally conduct business

Three - seriously. One Mastercard, one Visa, and one American Express (the only card Costco takes, but not accepted as widely otherwise).

But I have 5 or 6, **because each gives me different rewards. Some gave me $100 to sign up; and right now I am making a major purchase with 0% for a year. {I carry my main 3 in my wallet.**}

P S What is an interest rate?? I never pay interest.

Also, sometimes (if you keep the cards paid off) one card will make a cash advance offer too good to pass up, so I take it, and then set it aside, and charge things on my other cards.

One is enough if handled properly. Two if one is from your business for those purchases only.

There is no "should". 2 ought to be enough for anyone. There is no advantage in having more.

Don't do it.

Your credit rating is based, in part, on length of credit history. It's also based, in part, on percentage of credit utilization. If you eliminate a credit card, your percentage of credit utilization will rise. And depending on which card you eliminate, you may be reducing your length of credit history.

If you absolutely must do it, ideally choose the card you've had the least amount of time, the highest interest rate, and the smallest credit limit. Eliminating that one (if there is one that meets those criteria) will hurt you the least. But if you've had them all for 20 years and the interest rate is about the same--please keep them all.

Hope that helps.

I always carry two credit cards in case one is declined.