5 Signs You Should Stick to a Single Credit Card

Some people do better with just one card.

With so many great credit cards out there, many people find it advantageous to sign up for multiple cards.

Carrying several cards allows you to make the most of the rewards programs each offers by strategically picking a card for each purchase. If you select cards with different membership perks, you can also get lots of benefits such as early hotel check-in, airline lounge access, rental car insurance, return protection coverage, merchandise discounts, and more.

But having multiple cards isn't the best choice in every situation. To help you decide what's best for you, be on the lookout for these five signs that having just one card is the right option to meet your needs.

1. You're worried about overspending

Although credit cards offer perks and rewards, it's not worth trying to earn them if you suspect you may end up carrying a balance because you can't control your spending.

Credit card interest rates tend to be very high, and the interest you pay will be far higher than the value of rewards and cardmember benefits if you don't pay your card in full by the deadline each month.

The more cards you have, the easier it is to get in over your head. So if you suspect that trying to track your balance and stay within spending limits would be difficult if you have multiple cards, then stick with one -- or none.

2. You've had trouble making credit card payments on time

If you find it difficult to remember making payments, then you likely also want to stick with one card.

With a single credit card, it should be easier to keep track of when your payments are due. It's also easier to set up an automated payment for just one card rather than several, as you'll always know when the single payment will be withdrawn so you can reduce the chances of overdrafting your account.

Even a single late card payment can do long-term and serious damage to your credit. If you suspect that having multiple cards may mean missing the payment deadline, don't do it.

3. You're pretty consistent in what you spend money on

If most of your spending is concentrated in one area, you can find a card that gives you extra bonus rewards for that particular type of expenditure. There's less benefit to getting multiple cards when having just one strategically chosen card will allow you to earn extra rewards for most or all of the spending you're doing.

4. You don't want to be bothered managing multiple rewards programs

Juggling multiple cards undoubtedly requires some extra work. After all, you have to keep track of which card to use for each purchase to get the most rewards. If this sounds like a lot of hassle to you, then you may want to just get one great card and focus on learning the ins-and-outs of its rewards program.

5. You don't spend much on your cards

If you don't spend a lot of money on credit cards, having multiple different ones may not make sense since it could end up taking forever to earn enough points, miles, or cash back to redeem them. In this case, concentrating your spending just on one card allows you to earn rewards more quickly so you can actually benefit from them.

If you spot any of these five signs, then it's clear getting one great card is right for you. Since you'll be relying on that card for all of your benefits and rewards, just make sure to research to find the right one.