Business Terminals

Is It Necessary To Use More Than One Credit Card?

The answer to the question posed by today’s blog isn’t an easy one to land on. In truth, it all depends on the person and his/her spending habits and needs. At the end of the day, if you can be approved for several credit cards, you are totally at liberty to have them. However, it’s important to be mindful of the impact having several open cards can have on your credit score.

So how many credit cards should you really have?

As mentioned, figuring that out can be determined by your personal needs. Then again, it can also depend on the credit limits you have on each card. Let’s say you’re just starting to build your credit and you have a credit card with a low $1000 limit. Naturally, if you need to make a purchase that exceeds $1000, another card may be necessary. points out that there is no hard rule about credit card ownership. But one thing is for sure: everyone should have at least one.

“The reason why comes down to the fact that credit cards play a key role in formulating a strong and diversified credit score,” says the website, “That’s important because everyone from lenders (such as banks) to landlords use credit scores to evaluate if someone is financially reliable and if they should be approved for an application…Without at least one credit card tied to your name, credit bureaus have less information about your financial profile and how you manage revolving credit.”

Is it bad to have a lot of credit cards?

How many credit cards are too many? It’s important to remember that simply applying for a credit card can impact your credit score. If credit bureaus review your profile and are given the impression that you’re looking to borrow too much money, it can reflect on your score negatively. Then again, as informs, carrying a combination of credit cards can sometimes be beneficial.

“It allows you to access rewards and perks from a variety of cards as opposed to those offered by just one,” notes the site, “Deciding on the right number of credit cards for you is, therefore, largely a personal decision that depends on your current credit score, spending habits, and financial standing.”

What are the advantages of having multiple credit cards?

Depending on your usage, you can actually help to improve your credit score by using several cards. As Amy Fontinelle informs us on, credit experts recommend that you should avoid using more than 30% of your available credit per card at any given time.

“By spreading your…purchases across several cards, it becomes much easier to keep your credit utilization ratio low,” she writes, “This component makes up 30% of your credit score. Only your payment history is weighted more heavily (at 35%) in determining your credit score.”

Do you accept credit cards in your store?

The majority of Canadians carry at least one. So, as a business owner, there is no doubt that you should accept credit cards as methods of payment! At Unity Payments, we believe that the easiest and most convenient way for merchants to accept credit cards is with the Poynt Smart Terminal. To learn more, please don’t hesitate to call us at 1-800-661-3761. You may also email us at