Credit Cards: Singular or Plural?

How many credit cards are enough? One? Five? For that matter, what kind of credit cards should be in your wallet? Americans are as opinionated in their credit card habits as they are in the kinds of clothes they buy or the types of automobiles they drive. Here, we take a look at a few obvious facts along with some of the higher ranked credit card offers available that might have you convinced one is enough.

The Facts

There are some consumers who struggle with their self-discipline. While that’s not a character flaw in and of itself, those who have little control over their impulses and buying habits will often choose to not carry credit cards at all, or if they do, they might only carry one. That works for them and it works well for even the most disciplined consumer. On the flip side, there are those who can easily manage a dozen credit cards. The best way to gauge how many credit cards you should carry is by taking a look at your spending habits and the degree of self-control. In many ways, it really is that simple.

That said, credit card debt and medical bills are the to biggest reasons many Americans struggle with their credit scores. These two dynamics are also the biggest reasons many file bankruptcy. In 2010, there were 1.5 million bankruptcies, and that number reflects a 9% increase from 2009’s total of 1.4 million; clearly the recession took its toll.

Finding a single credit card that allows you to earn rewards points, transfer your balance from higher APR credit cards while also enjoying a low interest rate might seem unrealistic, but it is possible. Here are a few ideas that should set you on the right path.

Discover More Card

Discover is known for its “one size fits all” approach. It’s a formula that works and has stood the test of time, regardless of the financial climate. The More credit card offers a 0% APR intro rate that can be applied to both your purchases as well as your balance transfers. Further, the Discover network has consistently ranked #1 in customer satisfaction- in fact, it’s done so for nearly two decades. There’s no annual fee, plus you never have to worry about fraudulent activity as there’s a $0 fraud liability protection that provides peace of mind. This credit card has it all and if your credit is strong enough, it just might be the offer for you.

Chase Slate with Blueprint

The Chase Slate vertical credit card is another impressive offer that has many consumers clamoring to it. With a 15 month 0% APR for purchases, no annual fee and 24 hour access to live customer care, this is another offer that has perks across the board. Transferring your higher rate balances is a breeze and the BlueprintSM program is a great way to manage your finances. Its fraud protection system is one of the best in the industry and you can easily set up text and email alerts so that you’re always a step ahead.

Simply Cash American Express

Finally, we take a look at a business credit card. The AMEX Simply Cash card offers cash back in a number of ways. From 5% cash back on wireless services for your business and office supplies to 3% cash back on fuel costs and 1% cash back on everything else, it’s an excellent way to keep your business running smoothly.

With no introductory annual membership fee, no limits on how much cash back you can earn, this is a powerful tool, especially for small businesses. Plus, with the travel accident insurance, special offers for business owners and purchase protection for everything you buy with the Simply Cash card, you know you’re in good hands and can run your business with confidence. The strong your business, the lower your APR.

Deciding on how many credit cards you ultimately carry, a healthy dose of self discipline is your most powerful tool when it comes to your credit. A commitment to keep it a priority will help ensure you always enjoy the perks and freedoms that better credit histories provide.

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