Should you have more than one credit card?
By Danielle Buffardi

Is having more than one credit card a blessing or a curse? Some would say both and yet still others would agree that having multiple credit options can only help your credit report, that is if you can afford to keep up with multiple lines of credit. Let’s analyze four reasons why it can be good to opt for having more than one credit card.

Financial Safety: Let’s say that your wallet is stolen, but in your night stand drawer you keep a “back-up” credit card for instances such as this, then you’re covered financially as far as having an emergency line of credit. While you still will have to cancel everything else that was in your wallet and wait, perhaps, weeks for replacement cards, you can rest easy knowing that you have a dependable credit card for back up cash and purchases while you wait for your other cards to be re-issued.

Rewards: It’s no secret that different credit card companies offer numerous rewards depending on your purchase and lifestyle spending. Apply for at least two cards offering you rewards, such as cash back or low APR rates, and decide amongst the two as your making your purchases. If this month a new washer and dryer are needed and your family could use some extra cash back, then your choice would be simple...use the credit card offering you cash back for big purchases. Bank the extra cash back for the next unforeseen problem or use the extra spending money to treat your family to a mini-vacation during a long weekend.

Credit Score Boost: Need a few extra points added to your credit score? Then having a few extra credit cards may just give you the “get-ahead” needed to boost your credit score so that you can buy that new car without needing a cosigner.

Staggered Bill Paying: If you pay close attention to when your credit card bills are due each month, you can easily make purchases on them accordingly so that to not get bombarded with payments due at the end of the month. You’ll be able to make a bigger purchase on the credit card due in the middle of the month if that’s when your paycheck kicks in and save smaller purchases for the end of the month when money tends to be more scarce.

The key to having more than one credit card option is to make sure you are financially stable enough to be able to handle the payments on each card and also that you don’t spend foolishly, use the credit cards to focus your purchases on what you and/or your family needs and not as to what they want. Be sure to keep current on your payments and see if staggering the payment due date helps you to keep better track of monthly expenses. And always keep abreast of your credit score by requesting your free credit report from the three major credit reporting agencies.

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