Credit cards offer lots of benefits, from cash back rewards to airline miles and more. But some of the most enticing credit cards offer you no-interest financing for a period of time. It may be tempting to apply only for zero interest credit cards, but how many of those can you have at once?
Number of cards: no limit
There’s no official limit on how many credit cards you’re allowed to have at once — at least, not technically — whether they’re of the 0% interest variety or not.
In reality, each lender has its own limits on how much credit they will extend to any individual. For example, a bank might accept multiple credit card applications from you, but they’ll cap your total credit, thereby limiting your total account balances.
No interest credit card offers are attractive for those interested in balance transfers — that is, transferring the balance of another card to your 0% APR credit card so you can pay it off interest-free. It’s a great way to save some money while paying down your debt, especially if there’s no balance transfer fee. If there is a fee, make sure it doesn’t cancel out the savings on interest over the introductory period.
Some credit card issuers may not allow you to transfer balances between two of their cards, so you’d probably have to apply for a card from another issuer. Pay special attention to the length of the 0% offer — free credit doesn’t last. If it’s not realistic for you to pay the transferred balance down before the introductory period runs out, you might end up spending more money on interest than you would with a low interest credit card. Check out the best credit cards for balance transfers
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Before you apply for several 0% credit cards at once, consider your credit score. You can only have so many inquiries into your credit history before your score starts to take a hit. Additionally, the length of your credit history counts for 15% of your credit score. If you take out multiple new accounts, it can lower that portion of the score.
If you’re getting 0% interest credit card offers already, you probably have above average credit, and that’s a great asset. You might want to think long and hard about how having many credit cards can affect it.
The takeaway
Yes, in theory you can have as many 0% interest credit cards as your heart desires, so long as your applications are approved. Whether or not that’s a good thing for your credit and finances long term is another thing entirely.
You can have several 0% interest credit cards, so long as your applications are approved. But, it's not always a good idea. Anisha is a former personal finance writer for NerdWallet.
How many 0% interest credit cards can I have at once? There's technically no limit to the number of credit cards you can have at once, and the same goes for 0% APR cards as well – as long as your credit is good enough to get approved and you use your cards responsibly by making payment on time.
There's no definitive cap on how many credit cards one can own, and for some, having multiple cards is a strategic financial move. The key is to use them wisely to maintain or even enhance your credit rating, while avoiding the pitfalls that can lead to debt and damage your creditworthiness.
As many as you want, as long as you stay below your credit limit. The best balance transfer credit cards give you between 60 and 120 days to transfer balances in order to qualify for the 0 percent intro APR offer, so try to transfer and pay down your balances as quickly as possible.
Carrying higher balances after introductory offer expires
Carrying high balances on a 0 percent intro APR card might cause short-term damage to your credit score — but carrying those balances after the introductory APR expires creates a long-term problem.
Yes, in theory you can have as many 0% interest credit cards as your heart desires, so long as your applications are approved. Whether or not that's a good thing for your credit and finances long term is another thing entirely.
While a 0% utilization is certainly better than having a high CUR, it's not as good as something in the single digits. Depending on the scoring model used, some experts recommend aiming to keep your credit utilization rate at 10% (or below) as a healthy goal to get the best credit score.
This means you'll need a FICO credit score of at least 670 or a VantageScore credit score of at least 661. If you have very good or excellent credit, which means a FICO score of at least 740 or a VantageScore of at least 781, your chances of approval are even higher.
Too many credit cards for most people could be six or more, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don't use it to make purchases, but the exact number of cards you should have differs by person.
Depending on how long your 0% APR offer is for and how high your balance is, this could be a good or bad deal. For example, if your credit card carries a 23% APR, you'll pay $230 interest on an average $1,000 daily balance over a year. A 0% balance transfer APR with a 3-5% fee makes sense in this case.
A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.
When your intro APR ends, your credit card's regular APR will kick in on any remaining balance and new balances. It's important to know when your promotional period ends so you can work on paying off your balance beforehand and avoid being surprised by mounting interest on a residual balance.
Avoiding interest is always a good goal, but zero-interest loans can lead buyers to overspend and come with a lot of strings attached. Carefully evaluate your purchase—is this what you intended to buy, and will you realistically pay off the loan within the given time? Proceed with caution. Experian.
First, understand that making a late payment on a 0 percent intro APR credit card can cause a forfeiture of the card's introductory APR period. This is because late payments are normally a violation of the introductory offer terms.
Interest-free deals let you take goods home or go on a holiday and pay off the cost over time. But interest-free doesn't mean cost-free. Fees can add up quickly and if you don't repay the balance in the interest-free period, you'll be charged a lot in interest.
Keeping a low credit utilization ratio is good, but having too many credit cards with zero balance may negatively impact your credit score. If your credit cards have zero balance for several years due to inactivity, your credit card issuer might stop sending account updates to credit bureaus.
Balance transfer fees can apply to transferred debt
If you plan to use a 0 percent intro APR credit card to consolidate high-interest debt, you'll likely owe a balance transfer fee that typically falls between 3 percent and 5 percent of the amount you transfer.
Sometimes, though, an issuer will offer you a 0% period for a card you're already carrying, in an attempt to get you using the card more often. To qualify for a 0% offer, you'll typically need good credit or better (generally defined as a score of at least 690).
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
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