Is 15 Credit Cards Too Much? A Look at the Pros and Cons

With their rewards, convenience, and other benefits, having a lot of credit cards can seem like a good idea. When do you have too many cards, though? Is 15 credit cards too many to handle well?

While there’s no single right answer most experts recommend aiming for a credit card portfolio in the 3-5 card range to start. As your needs and financial situation evolves, you can build up from there. However holding a large number of cards comes with some potential downsides to consider.

How Many Credit Cards Should You Have?

According to a recent survey by credit bureau Experian, the average American has nearly 4 credit cards Most people tend to accumulate more over time as they age and take on more financial responsibilities. Here are some key factors to weigh when deciding the ideal number of cards for your situation

• Ability to pay on time: Can you reliably make payments on multiple due dates and balances each month? Missing payments hurts your credit.

• Reward optimization Do your cards align with your spending to maximize rewards earnings? Too much overlap wastes potential

• Benefits and fees: Are annual fees worthwhile for the card benefits you use? Make sure each card pulls its weight.

• Credit history: Older accounts help your credit scores. Keep your longest-standing cards if possible.

• Emergency coverage: More cards mean more available credit for emergencies. But too many could enable overspending.

• Getting credit cards from a variety of companies is a good way to build a healthy mix of credit. But if you open too many new accounts or hard inquiries, your scores could go down.

Most experts say to start with two to three cards and add to your collection as needed over time. But remember, the ideal number depends on your unique situation.

Is 15 Credit Cards Too Many?

While having 15 credit cards certainly isn’t unheard of, for most people it’s likely excessive and difficult to manage. Some potential drawbacks of having so many accounts include:

• Difficulty tracking payments: More cards mean more billing cycles and due dates to keep track of. This increases the risk of missed payments and credit score damage.

• Higher debt risk: With so much available credit, it’s easier to overspend and accumulate unmanageable credit card debt.

• Lower average account age: Opening many new accounts lowers your average account age, negatively affecting credit scores.

• Many hard inquiries: Applying for multiple cards in a short timeframe results in many hard credit inquiries, also lowering scores.

• Higher fees: More cards mean more annual fees to justify with sufficient rewards and perks.

• Credit availability: So many accounts could lower total credit available with other lenders, who may see too much outstanding credit.

• Fraud/identity theft risk: More accounts creates more vulnerability to criminals and requires rigorous monitoring.

Unless you have an extraordinarily large spending volume to necessitate so many cards, chances are just a handful of the right accounts could meet your needs.

Considerations for Managing Multiple Credit Cards

If your financial situation calls for holding a significant number of credit cards, here are some tips to maintain good credit health:

• Space out applications: Apply for new accounts no more than every 6 months to avoid excessive hard inquiries.

• Consolidate billing cycles: Group cards with the same issuer to align statement closing dates for easier tracking.

• Utilize autopay: Set up automatic payments to avoid missed due dates that damage credit scores.

• Assess annual fees: Cancel underutilized cards with hefty annual fees that don’t justify rewards earned.

• Monitor credit limits: Request periodic limit increases on older accounts to keep overall utilization low.

• Freeze unused cards: Freeze cards you rarely or never use to block fraudulent charges without closing the accounts.

• Review statements closely: Check all your statement activity thoroughly each billing cycle to catch unauthorized charges.

• Consider credit monitoring: Use a service to monitor your reports at all three bureaus for suspicious activity.

With diligent account management, you can potentially make a large number of credit cards work to your benefit. But be sure to periodically evaluate whether they all continue serving your needs without unnecessary risk or hassle.

Weighing the Pros and Cons

Before acquiring numerous credit cards, think carefully about the potential advantages and drawbacks:

Potential Pros

• More available credit for large purchases
• Ability to maximize rewards across spending categories
• Convenience of using different cards for different goals
• Build credit history and diversify credit mix
• Take advantage of numerous sign-up bonuses and perks
• Alternative credit lines in case of account shutdowns

Potential Cons

• Difficult to keep track of payment due dates
• Higher risk of late payments and credit score damage
• Harder to closely monitor account activity and statements
• More vulnerable to fraud, identity theft, and security breaches
• More annual fees to justify keeping each card open
• Lower average age of credit history
• Excess available credit could encourage overspending
• Too many new accounts can lower credit scores

Carefully weigh whether the benefits outweigh the risks based on your financial habits and credit profile.

Key Takeaways on 15 Credit Cards

While holding 15 open credit cards is certainly possible, it’s likely excessive for most people’s spending habits and financial needs. Here are some key points to remember:

• Shoot for around 2-5 cards to start as a healthy baseline to build credit.
• Add new accounts only periodically as your spending and goals evolve.
• Too many cards increase the risks of late payments, overspending, and fraud.
• Excessive new accounts can lower your average credit history age.
• Numerous applications trigger hard inquiries that ding credit scores.
• Extensive monitoring and diligent management becomes essential.
• Don’t open more cards than you can actually utilize responsibly.

The ideal number of credit cards depends on your unique situation. But unless you have an extraordinarily high spending volume, chances are a more moderate portfolio of 5 cards or less is sufficient for most people to maximize rewards and build credit effectively. Carefully assess whether the benefits of numerous accounts outweigh the drawbacks.