I’ve Had 80 Credit Cards. Here’s What I’ve Learned.

I was in my twenties at the time, I had recently paying off my college loans, and my primary financial goal was staying debt-free

I used debit and cash for most transactions, as my general wariness of the credit industry had kept me from opening a credit card of my own

That all went out the window when the salesperson said the card came with enough bonus miles for two round-trip flights

The spect of visiting my girlfriend in Seattle twice without paying for airfare was too enticing to pass up, so I set my misgivings aside, grabbed a paper application and mailed it in when I got

After getting that first card (and the free flights that came with it), my attitude U-turned

In the nearly two decades since, I’ve opened over 80 credit card accounts, 20 of which are currently active

Those cards have helped me travel, pursue my passions and even for retirement in ways I couldn’t have otherwise

They’ve also made me an expert on the broader perks and perils of credit card use

Here’s what I’ve learned through holding dozens of cards over the past 20 years

Using a credit card doesn’t have to be riskyMy early distrust of credit cards was instilled by personal finance gurus Dave Ramsey, who advocates a debt-free lifestyle and famously discourages all credit card use

Ramsey’s teachings resonated with me as I worked to get out from under my college loans, and his strategies for budgeting and saving helped keep me on track

But once I spurned his advice and decided to get a credit card anyway, I realized his reasons for abstaining didn’t hold water for me

Because of my inherent thriftiness, I wasn’t worried overspending, and my practice of tracking every dollar showed me that I didn’t spend any more with a credit card than I did without one

I paid my balance in full and on time each month, so I wasn’t charged any interest or fees

When using my card wasn’t the best option ( when a cash discount was available), I simply paid another way

Furthermore, I found there were advantages to having a credit card

I started earning miles on each dollar spent that eventually netted me another free flight

Some transactions went more smoothly with a credit card versus a debit card, such as renting a car or a hotel room

I also had limited liability for fraudulent charges, which I appreciated when I lost my card and someone else took it for a ride at a Chicago shopping mall

Ultimately, I recognized my card for what it is: a tool. any tool, it could cause damage if used irresponsibly, but it served me well when used correctly

Some credit cards are worth having even if you don’t use themAlthough I have 20 active credit card accounts, I typically carry just two cards when I leave the house

One is always my American Express® Gold Card, which earns bonus points on dining and grocery purchases; the other card I bring depends on where I’m going, what I might be buying and whether I have a new card with a welcome offer

Having 20 credit cards might seem overkill if most of them rarely leave the house, but each serves a purpose

Some cards I use only for specific purchases

For example, I make utility payments with my Wyndham Rewards® Earner℠ Credit Card to earn 5 points per dollar, and I book travel with my Chase Sapphire Reserve® for its travel tection benefits

Many of my cards almost never get used, but I keep them for the benefits they vide

A few of my cards don’t get used at all and offer negligible value, but I keep them for an entirely different reason: to maintain my credit scores, especially if I’ve had the card for a long time

For example, my Frontier Airlines card has long outd its usefulness and now s in a drawer along with a few other bygone cards, but it’s my oldest active credit line, so I want to keep it open

I break out these cards once a year to keep the accounts active and my lengthy credit history intact

Getting a credit card doesn’t mean you have to keep itOf my 80 credit card accounts in the past 20 years, I’ve closed the majority of them — for a variety of reasons

Sometimes a card falls short of expectations, or a better option comes along that makes one of my cards expendable

Sometimes my needs or a card’s benefits change so a card I once valued is no longer worth keeping

Sometimes I simply dis features the online interface or customer service

Whatever the reason, I’m happy to cancel a credit card when it’s not a good fit

Using credit cards can imve your credit fileEarly on as my credit card portfolio grew, I worried that opening and closing numerous accounts would damage my credit scores

However, I found the opposite to be true: my credit scores ultimately grew due to all the accounts I held

That result is a duct of the factors that affect credit scores

The most impactful is payment history, which remains positive so long as I pay my bills on time

The next most impactful is credit utilization, which measures the amount of credit I use as a percentage of my total available credit

Creditors prefer low utilization since it indicates responsible borrowing

Each time I get a new credit card, it increases my total available credit and thus lowers my utilization, further bolstering my credit score

I did see some short-term negative effects on my credit scores

Opening multiple accounts quickly led to a low average age of my accounts and high number of recent applications, which are also factors in credit scores

However, those are less consequential than payment history and credit utilization, and their impact on my credit scores diminished with time

Now my credit scores are essentially pinned to the top of the scale, and the impact of opening or closing accounts is negligible

Credit cards work for some people if you put in the effortDave Ramsey’s view of credit cards conflicts with my own experience, but he makes some valid points

Credit cards don’t work for everyone

Re shows that credit cards tend to make people spend more than they would using cash, and typical credit card interest rates make carrying a balance painfully expensive

For those who overspend or neglect to pay bills on time, any rewards or benefits a credit card offers will pale in comparison to its costs

Now, I’m not here to say everyone needs to have 20 credit cards

In fact, even if you’re getting just one card, determining whether a credit card will work for you (or against you) requires taking earnest stock of your own financial and travel habits

It might even necessitate time to find high-value travel redemptions or track the benefits that you use

Most importantly, if you already operate on a budget, spend within your means and settle debts on schedule, then adding a credit card (or 20… strategically over many years) to the mix shouldn’t throw you off

How to maximize your rewardsYou want a travel credit card that prioritizes what’s important to you

A former aerospace engineer and long-time touring musician, Peter is now a freelance writer, covering a wide range of topics from travel and personal finance to art, sports, and human interest stories

His work has been at outlets such as Yahoo, Insider and The Points Guy