Do You Carry the Same Number of Credit Cards as Millionaires?

Keep things simple.

Word on the street is millionaires swipe with special cards. Think platinum, gold, or the legendary "black card" that offers fancy perks and sky-high limits.

According to The Ascent's research on how rich Americans use credit cards, the truth is less glamorous. Millionaires tend to use the same banks that average Americans do. And millionaires aren't saints -- many disregard sound financial advice.

The average American may be better off avoiding millionaire credit card habits. For one thing, millionaires carry a lot of cards. Too many, according to some financial advisors.

Millionaires lug around more credit cards

Seventy percent of millionaires carry two or more credit cards, according to The Ascent data. Of those, about half possess three or more cards. That's pushing the limit of expert credit card advice, which typically recommends people stick to one or two cards at any time.

Here's a breakdown of how many credit cards millionaires own compared to non-millionaires:

Most non-millionaires own fewer than three cards -- a smart move. Having too many cards endangers spenders; they become more likely to overspend or miss payments. By keeping credit cards manageable, users shrink the likelihood of going into debt.

Then why do millionaires own so many cards? Their wealth may give them confidence to weather missed payments -- only 33.07% of millionaires pay off their monthly credit statements. And millionaires are much less likely than others to care about interest rates.

Millionaires trust big banks

Millionaires tend to trust the same large banks as regular Americans. Big banks offer premium credit cards with zero annual fees. Here are the most popular banks among the wealthy:

• Bank of America (50%)
• American Express (38%)
• Capital One (35%)

Though luxury "black cards" offer big spenders bragging rights and fancy perks, the most exclusive credit cards typically have high annual fees, ranging from $400 to $700. Users would have to spend a lot for credit card rewards to offset fees.

Stick to one or two cards

Generally speaking, one or two credit cards are plenty. Juggling credit cards can be overwhelming and threaten your financial health. Americans can get the best rates with a high credit score and a standard cash back credit card.

That said, there are legitimate reasons to own more than two credit cards.

Folks might open three credit cards to maximize rewards. For example, say a credit card offers cash back on grocery spending. Frequent travelers may also want a second travel credit card that gives points for booking flights. They might also want to consider a gas rewards card that offers discounts at the pump.

Consider your risk tolerance and spending habits. Most important is to make your monthly payments on time and in full, whenever possible. Simple credit card habits lower the risk of overspending and keep your wallet happy.