How many credit cards

[galaxyhi]

Tarajane:
It depends on WHAT you get with a card:

I have 2 cards that "pay me back" for usage, but have higher interest rates, should I need to not pay it off.

I have one card with low credit limit but has a very low fixed interest.

I have another card with a high credit limit {should I need it, and while in use positively affects my debt to credit usage rate}, but a lower adjustable interest rate.

I have one card that is a very high interest rate, but has been a card I have held for a long time, shutting it own could adversely affect my credit.

I have a joint store card form Walmart, due to good standing with them, they converted it to a Walmart general use mastercard account with higher limit, at a reasonable interest rate.

I have a joint gas card...I get $0.08 OFF a gallon of gas, and if you pay before the due date, gets you $0.05 additional off. Can't beat saving on gas!

plus I have a repair shop credit card I get 6 months interest free if paid off by then, so if hit with a high vehicle repair bill, I can spread payments out over the 5 months out of current income instead of dipping into savings!

Get a GAS CARD ONLY if it does something similar, otherwise you can use your regular card at gas stations. SOme, Like DIscover {which I hold} will occasionally offer cash back extras at gas stations, so I use it then instead of the gas card when gas is high as 5% cash back often gives me a better deal than the gas card does....

I don't eliminate an older more expensive card for a couple reasons:
1} the length of time held helps my credit score
2} the available credit to credit usage remains high and good to help my credit score
3} I have one card I only use out of town so If it gets compromise I have an idea where
4} I have one card I only use online ordering so when It gets compromised, I know how {both 3 and 4 have happened to me
5} when a Card DOES get compromised, while I await the arrival of the new card, I am not totally cardless {3 and 4 have happened far more than I'd like}

It iS up to YOU how many cards you want to hold, but if you find a better deal as you go along in life, DON't shut down a longer standing older card as it will ding your credit score, your credit score will recover in time, but it will also change your credit usage to credit available schedule-even if you are one who pays off each month-as while in use, at any time you have credit used against your available credit line it will give you a rating.

I have something like $55K of available credit on credit cards total. I NEVER use anywhere near that!

Just food for thought