by Christy Bieber | Feb. 6, 2020
With so many great cards out there, should you sign up for a couple or find just one that's ideal for you?
Today, there are tons of great credit cards on the market. Whether you want a travel card, a cash-back card, or a card that offers points to use toward merchandise, you can find a credit card that's a great fit for you. In fact, there are so many cards -- each with its own perks, pros, cons, and rewards program -- that you may consider using multiple cards for different purposes.
While this is a good idea in some cases, there are also some big advantages to using just one really great card instead of switching back and forth between different ones for different kinds of spending.
If you're deciding whether you should apply for multiple credit cards, this advice will help you make your choice.
There are a few really good arguments for getting multiple credit cards, including the following:
Of course, there are also some downsides, including:
Weigh the advantages against the disadvantages and compare them to the pros and cons associated with having one great card.
There are a few key reasons you may want to have only one card, including the following:
Unfortunately, you do have some downsides to think about as well:
You'll need to weigh the pros and cons of both options and think about your spending patterns when deciding what's right for you.
If you can qualify for one great card that has tons of valuable cardholder perks and a rewards program well matched to your spending, you may be better off with just that card -- especially if you pay a high fee for it. Likewise, if you get a card that gives you extra perks once you hit a certain spending threshold, you may want to stick with using that card only.
However, if your spending tends to be all over the place or you don't often spend on things card issuers offer bonus rewards for, you may want to opt for just one card that offers the most rewards or cash back for general spending. And this may also be the right option if you don't have the patience to keep up with multiple rewards programs and manage different cards.
But if you want to get the absolute most rewards for every single dollar you spend -- and you don't mind doing a little extra work -- juggling multiple cards is the right approach. The same is true if you want to keep your credit utilization ratio as low as possible or if you like the perks a few different cards can provide you with.
Whatever you decide, be sure to research the different cards available so you can find the best one -- or more -- for you.
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