How many credit cards do you have and what’s their combined credit limit?

Personal finance

Here’s my contribution to JLP’s Question of the Day Marathon:

How many credit cards do you have, and what’s their combined credit limit?

We have three: two Citibank Dividend MCs and a Visa from our credit union. We use the first two, serially, to get up to $600 cash back each year (since there’s a $300 reward cap on each one), and the third for when we’re outside the US, because it “only” charges Visa’s 1% foreign transaction fee for purchases made outside the country. (The Citibank cards charge 3%.) Total credit line for the three cards is over $34K, which I find pretty ridiculous since that represents an unhealthy chunk of our post-tax income. Apparently, though, having a low credit utilization positively impacts your credit score, something I didn’t know ’til I did a bit of research for this post.

Now it’s your turn. And thanks in advance for sharing and reading!

Update: Interesting how many responders don’t use/own credit cards. MyFico has some and lists the average number of credit cards at 9!


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