How Many Credit Cards You Must Have

by Gily Tenorio on April 23, 2012

in Credit Card


Our family uses only one credit card and one debit card. before, we used to have two credit cards but the other one was already expired and I didn’t renew it because the bank wanted me to make a deposit of around 3,000,000 Korean Won (roughly US$2,800) in order for them to process my renewal application. I politely declined because I think it is not worth the payment, I’d rather use my debit card than depositing that big amount just to get a credit card.

Maybe some of you already know that I’m using Samsung Bonus Point credit card powered by MasterCard. I have been using it since 2007 and I like its benefits and services. It is also my first credit card that I ever used.

I also got another credit card in the past as a backup for my first card. During that time, my Samsung card was broken so I was forced to get a new card from other bank, Kook min Bank of Korea. Since I was a foreigner, the card is good until the date of my stay here. The best benefit I got from that card is the $100 cash back reward when we purchased our 42-inch LED TV.

So going back to the question: What is the ideal number of credit cards you must have? In my opinion, two credit cards is the ideal number per person or family. One card must be used as the primary credit card while the other one should be used as a back up in case of lost or damage of the primary.

credit cards

As much as possible, the two cards should be a cash back or rewards card that can give you points or cash back from your purchases and no annual fee or very low fee. Make sure also that one card must be a MasterCard and the other one is a Visa because few establishments may not accept a Visa or a MasterCard so you can get the benefit of either of these two companies.

However, I will not advise you to apply for a credit card if you are an impulse buyer or you don’t have a regular job or income. I’m a little bit surprised that some people are asking me questions on how to apply a credit card even though their gross annual income is low compared to the requirements of major card companies.

I don’t know their reasons and motives why they want to get a credit card, I’m just assuming that maybe they will use it for purchasing some stuffs or gadgets which I think is not a good motive. I’m not against using credit card because actually it is good when you use it for the right reasons.

I see many people owning different kinds of credit cards but some of those cards are barely used. Having two cards will give you the maximum benefits, give you reward points and allows more space to your wallet. How about you? How many credit cards do you have?


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About the Author:

GilGil Tenorio is a blogger, a husband, a father, and an active Christian. He likes playing guitar, C.S. Lewis, Plants and Zombies and NBA. Follow him at Facebook, Google+, YouTube and Twitter. Thanks!


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