When too many credit cards are actually too many?

Checking Credit Card

Yes, we know that opening up more than one credit card does come with a few advantages! The sign-up bonuses you can get for a few are pretty tempting, not to mention those rewards credit cards with their own bonus categories, giving you points or cashback after each purchase.

While there’s nothing wrong with having a few extra ones, there are situations in which you will probably conclude that you have too many credit cards. And, in the following lines, we’re going to talk a bit about those situations.

You keep forgetting about your rewards programs

Ok, so we get it, you’re in for the rewards. But let’s be honest, credit card rewards programs can be really complicated sometimes.

Ever found yourself in a situation in which it was almost impossible to tell which one of them offers the best rewards for different types of spending? If the answer is “yes”, we have some news for you: you have too many credit cards and it could be a good idea to consider closing some of them.

In fact, being involved in multiple rewards programs should allow you to take advantage of all perks. If you’re struggling to do it, simplifying things could be a better idea.

You’re always late with your payments

Too many credit cards also mean a few extra monthly bills. And, in some cases, it can be a bit tricky to keep up with all of them. After all, we’re talking about multiple things to pay for.

Obviously, the ideal scenario is the one in which you pay off your full balance on each and every card, in order to avoid interest charges adding up and ending with a lot of debt. If you can’t do this, however, you should really think about letting a few of them go.

The rewards are not enough

Last but not least, let’s not forget that if you sign up for multiple credit cards just for the sake of the rewards, you might as well land in a really weird situation. Specifically, you may never actually earn all the rewards needed on any one card, in order to redeem the points you’ve earned. Rough, right?

On the other hand, this isn’t a problem on all cards but it can become an issue depending on the rewards programs you’re enrolled in. But if it does happen, you really do have too many credit cards and could close some.

Cutting credit card