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Credit Card: Nowadays, everyone has a credit card, but do you know that having too many cards can be a burden on your finances? Learn how many cards financial experts recommend for an individual and how managing them correctly can boost your CIBIL score.

Credit Card: In the digital age, a credit card is no longer just a plastic card, but a status symbol and a necessity. Lured by reward points, cashback, and airport lounge access, the number of cards in the pockets of working professionals is constantly increasing. But have you ever wondered whether this multi-card culture is beneficial or detrimental to your financial health? Experts have now clarified the ideal number of cards.

How many cards are right for your wallet?

Financial experts believe that there is no single fixed number of credit cards that is right for everyone, as it depends on each individual's spending discipline. However, for an average professional, having 2 to 3 cards is considered best. Having more cards not only makes them difficult to manage but also increases the burden of unwanted expenses.

Smart benefits of having more than one card

If you use your cards with discipline, having more than one card can be profitable for you:

• One card can save you money on groceries, while another can save you on petrol or travel. With different cards, you can maximize rewards on every transaction.
• Having multiple cards increases your total credit limit. If you only spend 30% of your limit, your CIBIL score improves rapidly.
• If one card fails during a trip or due to a technical issue, another card can save the day.

More cards can become a headache, here's how:

Where there are benefits, there are also warning signs. Experts have warned against these 3 major risks:

• Each card has a different billing date. If you miss even one payment deadline, hefty penalties and interest can wreak havoc on your budget.
• Many premium cards have very high annual fees. If you're not utilizing the card's benefits, it's like throwing money away.
• A high credit limit often tempts people to overspend, which can gradually lead you into a debt trap from which it's difficult to escape.