How Many Credit Cards Should You Have When You Are In College?

Many credit card companies send invitations to young people, especially college students since this is the time they need to establish their personal credit. There is nothing wrong in getting your own student credit card as long you’re ready to take on your payment obligations. But the question is, how many credit cards should a college student have? Why are young people encouraged to limit their freedom in obtaining student credit cards?

The Risk of Owning Too Many Credit Cards for Students

Can you really have too many credit cards under your name? The fact is, college students are not the only ones who should be concerned about this issue. Even adults can be put at risk of bad debt if they own too many credit cards in their wallets. It actually doesn’t matter whether you’re a college student or not. Everyone should think about the risks each time they sign up for a new credit card account.

Sadly, young people are more at risk. Issuers of credit cards for students may take advantage of this vulnerable market. Since there is a great number of college students in the market, credit card companies spend a lot on advertising campaigns directed to this group of market. If you’re not careful, you may find yourself easily enticed by the seemingly attractive deals from student credit card issuers.

How many credit cards should you get? According to financial experts, one or two credit cards for students should be enough. One to two cards should be sufficient to help your personal credit history and provide financial support.

Why must college students avoid getting multiple student credit cards? First, managing too many accounts can be complicated. There is also a bigger tendency that you will use your credit card if you know you have available credit. The challenge of repayment may come later. Unfortunately, many youngsters find themselves already stuck in bad credit before they even realize that they had a problem. Yes, uncontrolled credit card use can be avoided if you only have one card in your name.

Don’t Give In to Credit Card Debt

Some students may reason out that they’re conscious about their spending and that they will never fall in the debt trap. This could be true but if you really seriously think about it, there’s no good reason why a student should apply for multiple credit cards.

Remember that you’re still in college and you’ll most probably be paying off your balances from the money your parents send you. If you are a working student, imagine how burdensome it would be if you had to juggle between multiple balances from each of your credit cards. Yes, you’ll lessen the risk of bad credit if you stick with just one to two credit cards.

Owning many credit cards will not boost your credit score. Instead, you can build good credit and keep it that way if you stick with just one card and be consistent with your payments. So if you plan to get a student credit card, pick out the one that matches your needs and use smartly.

About the Author

Samantha Wilson is a consultant for credit cards for students. For years she has written student credit cards articles that would help build student credit.
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