When should you have more than one credit card?

I ask this question often when giving presentations.

Initially I was suggesting that there was no good reason to have more than one. However, I received some valid arguments against that point.

– some places may not take your visa/master card/(fill in the blank)
– identity theft – you can cancel the card and not be left without
– have one card with a low limit for online purchases to limit loss if your card is compromised
– for points, discounts, and other benefits
– in the event a card is not accepted due to a technical / fraud issue.

These are all good and valid arguments. I add a simple caveat.

Two or three cards? No problem! Providing you do not carry balances on any of them. If you are using an additional card, because your initial card(s) is maxed, problem!

Dr. Debt is provided courtesy of Haley & Associates Inc. www.HaleyTrustee.ca