BellaOnline Forums Money Abundance & Wealth Americans average 5 credit cards/is that too many?

I read that the average American carries 5 credit cards.

What do you think, is that too many, just right or not enough?

Is carrying just cash better than carrying plastic?

I have four major and one store, so that is five cards I have. I use my capital one rewards card, which is really a debit card hooked up to my bank, but used as a credit card to get rewards.

About two months ago I received $150 for doing a 1.5 hour online focus group with other capitol one rewards cards members to discuss future cards and incentives.

This is an interesting topic - I've read several books about this recently.

A full quarter of all US people have NO credit cards.

Another third do have credit cards but pay off the balance 100% in full every month (I'm in this group)

So only the remaining ones have *any* balance at all. So a group of them - with tons of cards - are the ones who make this "average" seem so high

That being said, I probably have 10, but most I never use. Store cards that have zero balance, no yearly fee, that I got at one point for a special deal.

I over did it with the credit cards when I first graduated from college. It was like FREE money. I learned my lesson fast.

I have a couple cards I use for car rentals, etc. and a gasoline card that I pay off the balance each month.

I mostly use my debit card that I get points on purchases or I use cash. I've been using cash more lately.

I've had my credit card/debit card numbers stolen twice in three years. Luckily we discovered it quickly both times and there were no consequences. I now have one card I use just on the internet for purchases or renewals.

Knowing me - too many credit cards, too many temptations.

I find I use my debit card more than anything - I can get rewards back everytime I use it as a credit card.

I have maybe a dozen credit cards. So does my DH who actually bought a house once by putting it on a credit card.
Doesn't really matter how many you have as long as you pay the balance in full every month.

I think there are many advantages to having and using credit cards if you pay off the full balance every month as we do. But I think having too many is a nuisance. I used to have credit cards for various stores but decided I was spending too much time doing the paperwork for each. So now I just have two cards and that is sufficient.

We used to have credit cards for everything. We now only cary one major credit each and I have one for Zellers which accumulates points.

Paying them off asap is the most important thing. These days we try to save up for an item in a special no charge savings account so we can pay off the card as soon as we get home from making a purchase.

It definitealy wasn't always this way. Practice makes perfect.

I have all of mine auto pay so there's never any confusion. If I use them, it just pays in full at the end of the month. That way I can use whichever one gets me the most points or cash or whatever.

The only card I use is my debit card. I learned a long long time ago to stay away from credit cards period. In reality, all they give you is a quick fix when you need it and then you have to pay the amount back plus interest and other fees, so to me, it's crazy and so not worth it.

I also prefer cash too. I'd rather make a purchase and take it home knowing that it's paid for and mine rather than wait for a bill in the mail.