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How many credit cards are too much for a twenty year old?

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So I have two credit cards under my name alone.
One is the Apple Barclay card for my iPhone and its almost paid off. The other has a balance that I'm trying to finish paying
I also have two credit cards that I share with my mom where she is the primary cardholder for both cards. One has a balance for my community college tuition but it's not a student loan. And the other card has zero balance.
Most sites say that six credit cards is too much. But my question is, of all those six does that include cards you share under a different primary cardholder?

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asked Nov 29, 2016 in Business and Finance by smyadmin
edited Dec 3, 2016 by smyadmin

1 Answer

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I don't think there is anyone best answer no matter what the so-called "experts" say. (IMO, it's the equivalent of taking retirement advice from someone who is not retired or savings advice from someone who has less money than you).

I think the real issue is how many can you afford to pay off every month.

I have 1 credit card from my credit union. I pay it off every month. I have not paid a fee or 1 cent of interest on it in 30 years.

I have several store cards (Menard's, Best Buy, and John Deere). I use these whenever I buy something from those stores. And again, I pay them off every month.

The ONLY time I do not pay them in full is when I make a large purchases like 12 months Same As Cash (SAC) deals, like when I buy a new lawn tractor (which I have to do again next Spring). What I do I divide the total not by 12, but by 11. This pays the entire charge off 1 month early and I don't pay any interest. I've been doing this for over 30 years. And it keeps my money in the bank.

Using charge cards in this way is the same as getting an interest free loan from my credit union every month.

I guess what I'm saying is there is a right and wrong way to use money. Most people haven't figured out how to USE money. They only know how to SPEND it. That's why they will always be poor.
answered Nov 29, 2016 by moscl

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