I have far too many: 2 through my bank, a David's Bridal card, Target card, Kohl's card and a credit line through my bank. I started off with the reserve line and 1 credit card because when I divorced my first husband he left me with a ton of a debt. I didn't have the money to pay bills and my student loans. I was young and naive, didn't know what the heck I was doing. When I started my business, I got a credit card for business expenses. I got the David's Bridal credit when my current husband and I were planning our wedding. My dad offered to pay for my dress, shoes and well as my bridesmaids' dresses and shoes but instead of giving me money or a check he told me to get a credit card and he'll make the payments on it. Well, that never happened but my mother-in-law offered to do that instead, I'm very grateful for that. As for the Target and Kohl's credit cards, I shop there a lot so I thought I'd take advantage of the perks. After I make a purchase, I go straight to customer service to make a payment.
I used to have 3 credit cards. At first, I find them very convenient especially when it comes to shopping. But then, bills were coming one after another. I woke up to the reality that I am paying a huge interests plus their annual fees is killing me. I finally decided to get rid of them before I go bankrupt. Now, I have only one card and it is a debit card.
Kinda shows you 'what money really is'---sort of like a "proof-of-employment/income," in that you are able to buy 'whatever' if you "know" you've got 'Log In*.' (In MY example, I don't have a high-enough income to guarantee purchases above 'an amount in the 10- to 20-thousand dollar-range'---i.e. I'm sure I would be able to repay eventually, but 'people with power to GIVE me credit' aren't going to do so ... even though my income is as dependable as a solid foundation!) (*The phrase made me think of a popular TV-commercial with the slogan-song, "Money's on the way With CashNetUSA!" but the page shows that they're not even OFFERING short-term loans in Oklahoma (my state)!)
I used to own 3 credit cards and now I cancelled one and have only two. But they are joined from the same bank, have the same limit and the same payment date. I had to cancel one of them just because I was completely losing track on my expenses and it was becoming quite dangerous.
I had my first credit card in my early twenty's and the experience was not good. I was an impulsive buyer and I suffered a lot paying it all off on the time that I should be enjoying my income. Now, I am in my early 40s, I have two credit cards that I now use responsibly to make sure that I will earn a very good credit score in order to impress the bank of my credit history when it is time to get their support (through loan) and make my own business.
And I bet you hope someone can use your early mistake to avoid mistakes in their own early-twenties. I bet we all were given advice similar to that; but 'the idea behind credit-card use' (buy now, pay later ... you've got ALL the TIME in the WORLD! ) makes "buy-buy-buy!" too great a temptation. But ... here's hopin`!
Credit Card owners is the reason why Banks are so wealthy. Banks are purely in the business of making more and more money, all they want, is to have a steady stream of money coming into their hands and the credit card is one such way to have this happen, If you think of a credit card, It acts like a loan, whenever you use your credit card, you are borrowing, Is it wise to always be borrowing?
You can never have too many. There are such good sign up bonuses, the banks are desperate for your business. As long as you pay off your statement each month and keep a zero balance, it's a win/win. The banks get their two percent from the merchants and you get the perks such as sign up bonus, cashback, or points.
I once had just one credit card few years ago, wasn't using it much I preferred using my debit card more so I returned it back. That was then, now I am trying to apply for another. I wouldn't like to own more than one credit card at a time.
I have one and never used it. I prefer to use my debit card as I hate burden and debts. I have kept it for emergency and wil use it only then.
I have one credit card (Visa), Because Visa is accept in all sites (the same way Master Card). So, When you have more credit cards.. you wish to buy things increase. It is necessary to have control.
I don't have any because I can't control myself in shopping. But my husband have one, we just use it for grocery.
I don't have any credit cards and only know maybe one person that survived a credit card-but they were very retired and established so it works out. I think with the younger people though its very hard because these companies know how to make money off your financial mistakes-you are given this card with a line of credit but you really have no money to speak of and so the credit card company encourages you to fall into debt.
I have only two credit cards and they are enough to meet my needs. I like the ease they give me because I do not have to walk with money.
I have 3 credit or debit card in 3 different banks just as you do. These 3 banks are, First Bank of Nigeria, Zenith Bank and Diamond Bank. The reason I have fund in all these 3 different institutions is because I don't feel comfortable having all my cash deposited in one bank for security reasons. Should anything go wrong with one bank, I would use the other fund in the other banks as a backup and not to get bankrupt.
