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There are hundreds of credit cards – here’s how you can pick the right one for you
How many credit cards do you currently have? Americans fear opening credit cards because they don’t want to accrue debt — but did you know that having four or fewer credit cards open may actually be damaging to your credit?
Don’t go crazy opening a ton of credit cards because you’ll have a hard time managing them all, and it’s easy to miss a payment. Most credit card companies check your credit, so we don’t recommend opening too many accounts in a short period of time. Overall, we view five to six credit cards (including retail cards) as the sweet spot.
Make sure the balance on your credit cards is under 30% of the credit limit. Maintaining this balance will maximize the benefits of credit cards.
So How Do I Pick Between Credit Cards?
Picking the right credit card can be a daunting task. There are so many options available on the market and a lot of fine print to read over. By considering a few key factors, you can find a credit card that best fits your needs.
The best way is using a comparison tool. Wealth Wire has compiled a list of credit cards along with the benefits, recommended credit score, and all other information you may need before making a decision. Check out Wealth Wire’s top credit cards for 2023!
You’ll want to have your credit level and benefits like cash back, travel, and balance transfer handy when you’re choosing. This makes it easy to find a card that fits your budget and lifestyle.
The average American has five to six credit cards. Most experts agree that’s the sweet spot for most people. Remember, keep the balance under 30% of your credit limit per card and allocate spending across multiple cards.
If you’re looking to open up a credit card, check out our credit card comparison tool to get all of the information on the top cards for 2023 and make an informed decision!