Is 25 Credit Cards Too Many?
A big topic in the personal finance blogging world is often credit cards vs. debit cards. Another, somewhat related topic is how many credit cards should a person have? This is not a one-answer-fits-all sort of question, but I feel pretty certain that most people would agree that 25 credit cards is a bit much.
Meet Pete DArruda, not only does he have 25 credit cards with a total available credit limit of $300,000, but hes proud of it!
The crazy thing is hes a personal finance consultant!
Why would anyone, much less a finance consult, think so many credit cards is a good thing? Well, its about the almighty credit score. See, one of the major factors in determining your credit score is whats known as your debt-to-available-credit ratio (or utilization rate). This is simply a ratio of how much you currently owe to your total available credit.
Visa credit cards to get new look?
Many of the nations top credit card lenders, retailers and other businesses, as well as consumers, are concerned about the rising tide of fraudulent credit card debt, and now the worlds largest payment processor may have a new way to slow this crime.
Visa will soon begin issuing certain types of credit cards with a new redesign that some believe will make them more secure, according to a report from Main Street. The cards will now only present the issuing banks logo and users name on the front of the card, flipping the account number, expiration date and Visa logo to the back. Read more…