Deciding to use multiple credit cards is not a black and white decision. There are good reasons to use multiple cards, and bad ones.
There are many factors to take into account before deciding to add a credit card to your wallet or purse. They include the impact to your credit score, the rewards it offers, its annual fee, and much more.
Depending on who you are, if you heard a friend or family member had 5 credit cards you may either think they are a personal finance wizard or an irresponsible spender.
I definitely fell into the latter camp a few years ago, scoffing at anyone who had multiple credit cards as someone who clearly had no control over spending.
Though, over time, I’ve come to realize I was sometimes wrong (not surprisingly). There are a few really good reasons to own multiple credit cards that can help maximize your money, beyond the typical advantages that one credit card can offer.[Read more…] about Good Reasons to Use Multiple Credit Cards