10 signs you own too many credit cards

With the abundance of credit card offers found in mailboxes, advertised on TV and offered at retail stores, it’s no wonder Americans have a crippling amount of credit card debt. According to CreditCards.com, the average American had 1.96 credit cards in 2012, down from 3.7 in 2009. Credit card debt per U.S. adult, excluding zero-balance cards and store cards, was $4,878, although those who regularly carry a balance had almost double the debt at $8,220.

Plastic already disassociates consumers with the actual dollar value of their purchases; multiple cards only make this problem worse. Here are 10 ways to tell if you have too many credit cards.

1. You’ve Run Out of Slots in Your Wallet

Your wallet might be equipped with eight card slots, but that doesn’t mean you should have eight credit cards. Between your driver’s license, gift cards, frequent buyer cards and membership cards, those slots should be filled with some plastic that doesn’t come with a link of credit. Too many credit cards make it difficult to keep track of which charges were made on which cards, and hence, make it harder to maintain a budget. Plus, the more cards you have, the more damage a thief could do should your wallet be misplaced or stolen.

2. You Can’t Remember Which Retail Cards You Already Own

You’re out shopping and you are asked by the checkout attendant if you’d like to open a retail card with the store today. The opportunity to save 15 percent off your purchase is tempting, but you can’t remember whether you already have a card with this retailer or not. That’s a sign that you likely give into retail marketing a little too often and have way too many cards.

3. You’ve Been Denied Additional Credit Cards

You might have had a perfectly easy time qualifying for your first credit card and maybe the second, too. But depending on your line of credit and eligibility guidelines, you might have a hard time qualifying for another. If you’re applying for more credit cards and finding only rejection letters in the mail, it’s probably because your high credit utilization ratio and multiple credit inquiries are red flags to creditors.

4. You Can’t Remember the Mailing Address Associated With a Card

When making purchases online, you always have to include a billing address — and if you’re trying to make a purchase but can’t remember the address associated with the card you’re using, it’s might be a sign it’s time to pull the plug on a card or two. Consider consolidating your credit into fewer cards if you can.

5. You Can’t Keep Track of Your Spending

Tracking your spending can be difficult, but putting your expenses on multiple credit cards with different payment due dates doesn’t make financial management any easier. If you can’t tell how your credit card debt is adding up, or where your paycheck is going at the end of each month, you likely have too many credit cards to keep track of.

You can’t build savings if you don’t know where your money is going each month. If you’re relegated to a paycheck-to-paycheck existence on a sizable salary and can’t figure out how you’re left with so little income after basics, like food, housing and transportation, it’s time to look at your account statements to see when deductions are being made and to where. If you’re only charging $100 or less to a card monthly but are forgetting to pay your bill, that purchase could cost you big time in the form of higher interest rates and late fees — not to manage dings to your credit report.

6. You Have to Scroll Twice on Mint to View All Your Cards

Financial tools like Mint can be incredibly useful when trying to stick to a budget and manage your funds. However, if you’re financial management portal is filled to the brim with accounts, you likely need to consolidate your cards.

Mint and other online banking tools can be useful for tracking spending, but ultimately, too many credit cards could easily put you in the hole regardless of how meticulously you track your spending, thanks to an overwhelming supply of credit. Sometimes less is more.

7. You’re Getting Hit With Late Fees

There’s no excuse for paying a late fee when you have one credit card, but when you have multiple, it can be incredibly difficult to keep track of payment due dates. If you’re regularly getting hit with late fees and can’t keep payment due dates straight, it’s time to ditch the credit cards you’re barely using. The amount of money you’re spending on late fees — and possibly annual fees — could be used to help cover the costs that you can’t handle without credit currently.

8. You Open New Cards Because You Maxed Out Old Ones

Another credit card is not the answer. Everyone wants to maintain their ideal standard of living, but it’s not always financially realistic. If you’re too focused on keeping up with the Joneses, you’re not doing yourself any favors financially.

It’s time to go back to the basics: draw up a budget, follow a few best spending practices (such as the 50-30-20 rule) and live within your means. The days of having to open a new credit card out of necessity will become a distant memory.

9. You Have Trouble Earning Rewards

You know you’ll be charging many of your purchases on a card, so you figure why not earn rewards at the same time? The problem with having too many credit cards, and too many rewards cards, is that your spending is diluted, making it nearly impossible to accumulate enough points on any one card to earn rewards or substantial cash back. Even if debt isn’t an issue for you, multiple credit cards will inevitably divide your spending and prevent you from making any headway in a rewards program.

10. You Have a Stack of Credit Cards You Never Use

If you’re the type to have a go-to credit card and a couple “emergency” credit cards, you’re not doing yourself any favors. If you have a stack of credit cards that you don’t ever swipe but are in service and usable, you’re only opening yourself up for fraud, lost cards and inactivity fees. For all you know, there could be a lost credit card in your sofa cushions that you haven’t realized is missing.

Cut down on the “what if” cards and focus on what you need right now. Is it a monthly credit limit of $1,000? $5,000? Wipe the slate clean and consolidate any debt you have onto one or two cards that give you a credit limit within your budget.

ad-high_impact_4
Business
Las Vegas , airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like