MSN recently ran an article on how many credit cards people carry, and the personal finance world has been abuzz since then. The question is on par with asking someone how many people they’ve slept with! It’s top secret stuff!
I’m fessing up…
We’re In Debt (a definite daily read) has 11 credit cards, but a distinct gameplan for using them. I have a comparable 12 credit cards, including store credit and major cards, and I like to think I have a gameplan. Two currently have sizeable balances, another is used for work expenses only so that I can utilize the rewards, and one store card is used and promptly paid off to receive reward points.
The main reason why I have so many credit cards, is because I’ve taken advantage of some balance transfer offers in the current years. I only transfer when there is no fee involved and the promotional rate is valid for 6-12 months.
How many do you have?
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