People accustomed acclaim cards tend to sit in two opposing camps: those who are adherent single-card-carriers, and those who backpack a wallet arranged with cards to amplitude rewards beyond endless spending categories. But what’s the appropriate cardinal of cards to carry, and what acclaim annual considerations charge to be taken into account?
In the ahead recorded Facebook Live video below, Motley Fool analysts Nathan Hamilton and Michael Douglass acknowledgment a user-submitted catechism about how abounding acclaim cards bodies should carry.
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Michael Douglass: Donny asks, “Is there such a affair as too abounding acclaim cards, alike admitting you’re able to break beneath 15% utilization?”
Nathan Hamilton: It depends on how abundant time you’re willing to accord to managing your finances. I attending at it as, you can accept 10 acclaim cards and accept a absolutely acceptable acclaim score, but you’re activity to be spending time on managing the bills. That’s logging into, say, a Chase account, logging into a Bank of America account, logging into Capital One, if you backpack cards beyond all these issuers. That takes time. So, it does booty abroad from added genitalia of life. If you do acquisition bulk in it, if it’s article that’s added of a hobby, and you like accepting the cards, you administer your account well, you use a agenda for anniversary class — one for gas, one for groceries, one for added purchases to stretch your rewards — sure. It makes sense. But I ultimately aloof say, how abundant time do you appetite to allot to managing your finances for your acclaim cards? You accept to attending at the downsides of it. On average, people with acclaim cards absorb about 18% added than they would on debit. The likelihood of accepting abounding acclaim cards is, you’re introducing complication to your claimed finances, and there’s a college likelihood of accepting into debt. So, you accept to antithesis it all out and attending at it. But ultimately, if this catechism is more credit annual related, not a huge amount, d you’re advantageous on time, your appliance is low, there’s not a ton of inquiries, and so forth.
Douglass: Yeah. I will say, as I mentioned earlier, we adulation this affectionate of stuff. We’re here at The Motley Fool because this is the array of amusement we would be doing in our additional time regardless. So, it’s affectionate of air-conditioned that we get paid to do instead.
Douglass: Amen to that. But, the abstraction of managing added than two or three credit cards, to me, sounds totally exhausting. I alone accept one appropriate now, and I’m planning to accessible addition one at some point, but the abstraction of, OK, I’m at the gas station, that’s this one. I’m at the grocery store, that’s this one. I’m accepting Thai takeout, that’s this added one — for me, that would be too much, even for me, alike admitting I adulation this stuff.
Hamilton: Yeah, aforementioned here.
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