by Christy Bieber | June 26, 2019
How many credit cards do you have? Find out here how you compare to the typical American.
Did you know that most people have more than one credit card -- and in some cases, many more? The average number of credit cards varies by generation, as revealed in a recent study conducted by The Ascent. Baby boomers and Gen Xers have an average of four cards each, while millennials average three.
Of course, these are averages. Some people have none, while others have a wallet-full. In fact, across all age groups, 10% of survey respondents said they had six or more credit cards.
Having a lot of credit cards can be good, but it can also lead to problems. Let's take a look at some pros and cons of having tons of cards. Then we'll discuss things to consider when deciding if opening another card is the right choice for you.
Having access to many credit cards can be good for a few big reasons.
Unfortunately, there are also downsides to having multiple cards. Here are some of the biggest drawbacks of having tons of credit cards in your wallet.
Ultimately, only you can decide if you have enough cards or if applying for one more is worth it. When deciding whether to get a new card, consider
Having more cards than the average person isn't necessarily a bad thing. But if you find you're regularly maxing out your cards or missing payments, it's time to put some of those cards away for good. You may not want to close those accounts, as this could drop your credit score, but you don't need to use them on a regular basis.
Having fewer cards than average is okay, too -- so long as you have one or two good cards for building your credit history and getting rewards in return for your spending.
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