Any benefit achieved with multiple credit cards ultimately depends on the cardholder and how they manage their finances. Some prefer to live without a credit card to avoid the temptation of spending money they don’t have. Some do well with only one card earning cash back, while others keep two cards serving different purposes—one for everyday expenses and one for special dining out or travel experiences.
Some people (*cough* our entire staff *cough*) make a hobby out of maximizing rewards—particularly travel rewards. The veteran experts on our team keep binders full of credit cards and spreadsheets managing annual fees and monthly payment due dates. There are many routes to take with credit card ownership, but it is ultimately each cardholder’s choice as to which and how many credit cards will suffice.
Credit cards are a convenient way to make purchases and earn rewards. But how many credit cards do millionaires actually have? As a personal finance blogger, I was curious to find out.
I did some research by looking at surveys and studies on millionaire spending habits The results were pretty surprising! It turns out most millionaires don’t actually have as many credit cards as you might think
How Many Credit Cards Do Millionaires Have on Average?
According to a survey by The Ascent, millionaires have 2-4 credit cards on average. Specifically:
- 22% had 1 credit card
- 37% had 2 credit cards
- 21% had 3 credit cards
- 12% had 4 or more credit cards
So while millionaires do tend to have multiple cards, most don’t have huge numbers of them. In fact, The Ascent found that non-millionaires were more likely to have lots of cards – with 77% of low income households having more than one
Another survey, by Motley Fool Money, found that 70% of millionaires had at least two cards. But only 12% had four or more.
Why Don’t Millionaires Have More Credit Cards?
There are a few reasons why millionaires tend to stick to just a handful of cards:
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Simplicity – Having too many cards to manage can become complex and time consuming. Millionaires want to avoid this hassle.
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Credit utilization – Using fewer cards keeps individual credit utilization low, which is good for credit scores.
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Temptation to overspend – Multiple cards mean more available credit, increasing temptation to overspend. Millionaires are disciplined with spending.
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Security – Spreading charges over many cards increases fraud risk. Limiting cards reduces this exposure.
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Annual fees – Many high-end rewards cards have annual fees over $400. Millionaires do the math to ensure rewards outweigh these fees.
Do Billionaires and The Super Rich Have Multiple Credit Cards?
What about billionaires and the super wealthy – do they have walletfulls of elite black cards?
While some certainly do carry multiple prestige cards, it’s not the norm. Most stick to one primary card for simplicity and security reasons.
According to David Stephens, senior VP at JP Morgan Private Bank:
“We advise our billionaire clients to consolidate spending on one or two cards It’s easier to monitor charges for fraud And you can get elite benefits without having a drawerfull of black cards.”
He said the most popular card among wealthy clients was the Chase Sapphire Reserve due to its travel perks, protections and $550 annual fee.
The Bottom Line – Responsible Use Is More Important Than Number of Cards
The research shows that while millionaires often have multiple credit cards, they keep the numbers manageable.
This reinforces that it’s not necessarily how many cards you have, but using them responsibly that matters most. Even millionaires can get into trouble with credit if they don’t pay balances off each month.
The average American probably only needs one or two cards to cover different categories of spending. It’s smart to avoid opening too many cards in a short period, as this can negatively impact your credit.
So while having an elite black card may be glamorous, at the end of the day, a no annual fee cash back card used wisely is often the smarter choice!
Potential Issues With Having a Lot of Credit Cards
While it is not inherently bad to carry multiple cards, cardholders need to know what their own limitations are and what they can handle. It can be difficult to manage payments for multiple credit cards at once. If someone signs up for six cards through different credit card companies, then that’s six different mobile apps or websites in need of regular checking to ensure on-time payments. Each card will also likely have a different payment due date.
If cardholders don’t pay off all monthly balances on time, late fees and spiraling debt aren’t the only problems: A growing credit utilization rate will most likely lead to a decrease in credit score. We all drop the ball sometimes in life, but recovering your credit after dropping the ball on credit card payments can be a long and grueling process.
Many people carry only one credit card. They have had one card for years, maintain excellent credit and earn substantial cash-back rewards without worrying about which card they’ll pull out and take with them on a shopping trip or vacation.
Some folks successfully pursue big rewards and churn-and-burn. They continue to open new cards to chase bonuses or to capture the most deluxe travel rewards. This, of course, involves risk—but can also be rewarding.
Whatever future cardholders decide about how many cards to own, follow these three rules:
- Use credit cards whenever possible, making sure a reward is earned.
- Don’t buy anything with a credit card you wouldn’t normally buy with cash.
- Make sure to pay off each credit card balance in full each month.
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The number of cards you should have depends entirely on your financial situation and spending history. The most important thing to ask is: Can I pay off the full balance on every card each month? Having several good cards is a lot of responsibility, and if you doubt your ability to pay each monthly balance, it might be best to avoid collecting multiple cards. In the long run, it is always best to resist the temptation to keep spending.
How many credit cards should u have? #creditcard #creditscore #money #finance #cash #personalfinance
FAQ
How many credit cards do millionaires have?
Do rich people have different credit cards?
However, rich people use various types of credit cards that are generally available to anyone who qualifies, such as The Platinum Card® from American Express …May 16, 2025
What is the 2/3/4 rule for credit cards?
Are 7 credit cards too many?
There’s no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.