I was reading an article on Bankrate  about the advantages of having multiple credit cards. The author asserted that having multiple cards was a good thing because it boosts your credit score, gives a sense of security, and allows users to obtain extra rewards and discounts. All of these are valid points. However, I think that having multiple credit cards is never justified no matter your financial situation. It can be a lot more trouble than the cardholder ever bargained for.

Here are a few reasons why it doesn’t pay to have multiple credit cards.

More Debt

It’s pretty straightforward. More credit cards equals more debt. The more available credit that you have, the more you will be tempted to use it. How many people do you know that have 3 or 4 credit cards and never use them? Most people with multiple credit cards have large balances and rely on those cards for their daily needs. It’s best to break the cycle of credit dependency and just carry one credit card for emergencies.

More Fees

Having multiple cards means having to remember multiple payment dates every month. It’s a lot more likely that you would miss a payment on one credit card if you have three of them than if you had just one. Late payments equal late fees. Let’s say you don’t ever use the card. You would still have to remember to send in the payment for the annual fee. All it takes is one late payment to incur additional fees and surcharges from your card company.

Risk Of Loss

Carrying multiple credit cards in your wallet or purse makes it tougher to keep track of fraudulent activity. You have to physically keep track of each of these credit cards. It can become a job in and of itself just making sure that you are not accidentally charged for something that you didn’t want. It will also be an extra headache keeping your cards and mail away from identity thieves. Besides it saves trees anyway!

As you can see carrying multiple credit cards just isnt worth the hassle. Today, you can get an all in once card that offer travel rewards, sales discounts, and has a large enough credit limit to meet all of your needs.


Mark Riddix is the founder and president of New Horizons Financial Management, an independent investment advisory firm that provides personalized investing and asset management consulting. Mark is a regular contributor to Seeking Alpha and has written financial columns for Baltimore and Washington, D.C. area newspapers. Mark publishes his own financial blog, BuylikeBuffett.com and has written the book Your Financial Playbook.