What is the Maximum Number of Credit Cards One Can Own?
Well, technically speaking there is no hard and fast rule about the number of credit cards one can have. The number of cards solely depends on the number of cards you can afford and the way you manage your debt. In the UK, on average there are just one or two cards per cardholder. If you have many cards then it may have a negative impact on your credit history as it suggests that you are always in spree of borrowing money. If you do not have any credit history then it hints that you are not borrowing money and so, the credit card provider loses interest in you.
Number of cards depends on one’s financial management of the debt and the ability to meet the repayments. Also, people buy cards due to a variety of requirements but the best practice is to use one credit card over the years and manage the debt well. This also improves one’s credit score and creates a good image to the credit provider. So, normally one card is enough except you may have some special circumstances which demand a new card, such as a balance transfer card.
Shall I apply for another card?
Yes! You can but check the need first. Accumulating credit cards will not do any good to you. In fact, it may hamper your credit score. Still if you want one then:
Which type of credit card should one buy?
Credit cards offer different kinds of services. Based on your need you can select the one that suits you the most. The following types of credit cards are available in the UK:
Based on your need, you can select any of the different types of cards. The only thing should be to maintain the finances. Nonetheless, shopping for cards frequently may leave a bad image that suggests you are always looking to borrow money. So, no need to get fascinated with more number of cards. The idea is to keep the number of cards and balance small. All the Best!
Shop around on freepricecompare.com for the different types of cards and choose the best one for you. For more details, feel free to call us on 02034757476.