How many credit cards is too many?

[moanthebairns]

I love credit cards, never used to but when I started actually using them I realised just how good they are.

In the last 18-24 months I’ve had 3, one is now closed (paid in full, no missed payments).

And the other two are still live. One with £2,000 of debt (loads of time to pay this off (interest free card)).

And a cash back card I use essentially as a current account. By that I mean purchase fuel etc with it and pay it off straight away, get cashback.

The cash back on this card is negligible now (% lowered) compared to others on the market so I was going to close it once I got my cash back and in the meanwhile get another few cash back cards and start using them instead.

Will this affect my credit rating negatively?

[moanthebairns]

Jonathan27 said:

Having multiple cards will affect your ratings. This doesn’t mean it will be a problem, but it will reflect in any report. As for how many is to many, I would say that any more than one is more than you need. I could perhaps see the case for an Amex and a Visa due to the lack of Amex acceptance (that being said I just use an Amex and a debit card). Credit cards should be used to manage your monthly spend and then repaid in full always, otherwise they are a very expensive way of borrowing money.

I have a nationwide 18 months interest free credit card. £1700 on it with over 12 months to pay. Its great for big purchases like a new bike or bathroom.