People often debate how many credit cards they should have. For me, I like to keep things simple. I have two, a Discover and a Visa. The reason I have two credit cards is due to the fact that:

• I do not like to carry a lot of cash
• The card may not work correctly
• Location of use simply does not accept your card
• I have no need to encourage myself to take on more debt
• Visa, Discover, Mastercard, and American Express are the most widely accepted cards in America

Personally, I like to have low rate credit cards that reward you in the form of points or cashback bonuses and have no annual fee. It is a good idea to have cards for purchases at stores you are likely to visit often (clothing stores and book stores to name a few) so as to consistently reduce your expenditures on items by a good percentage. However, try to leave these types of cards at home because you will be more inclined to use them as an excuse to buy more. You are probably thinking, “Hey you just told us that it was a good idea to have credit cards for purchases at particular stores, why can’t I use them?” The reason why is due to the fact that you should always look first, restrain from buying, and then go back a week later if you absolutely need to have the item.

If you build up too many credit cards your credit score may actually decrease if you cancel on them often. Try not to get in to habit of bouncing around to different credit cards to ge t the lower rate. Although I commend you on trying to lower your interest rate and transferring the balances, you can not afford hurt your credit. Always try to pay off your balances so that your two credit cards are completely sufficient.