Have a few credit cards and interested in opening another? Here's how many cards you should have.
, which offers 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases . These cards can help you maximize rewards so you can save money in the long run.Having more than one credit card has the potential to both boost and lower your credit score, but it all depends on how you manage your credit cards. Below, we describe how the main factors of your credit score may be affected by opening another credit card.
Ulzheimer explains that having multiple credit cards can help expand your buying power and gives you a lower balance-to-limit ratio, which helps your credit score. However, "the primary con is you can get yourself into a ton of really expensive debt if you're not responsible." Below, we provide an example of the potential positive effect having more than one credit card can have on your utilization rate: Millie has four credit cards and Carole has one card.Carole's total credit limit is $2,000:Millie:This example shows that it's easier for Millie to maintain a lower utilization rate than Carole when spending the same amount of money across four credit cards. But Millie should be careful not to overspend with her higher credit limit.
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