How many credit cards and debit cards are ideal to own by a person?

Hye everyone 

Hope you all are doing great.

So this time i will be discussing with you all how many credit and debit cards are ideal for a person to own .

So before jumping to that let us understand the basic meaning of Debit and Credit cards.

DEBIT CARDS - 

Debit card is a card allowing holder to transfer money electronically from their bank account when making a purchase.

Now the next common myth is whether Atm and debit card the same?

Answer to it is - A debit card looks just the same as that of Atm card ,and we can use it at ATM's .The difference is that a debit card has a visa or mastercard logo on its face .This means you can use a debit card whether VISA or MASTER CARD debit cards are accepted example for departmental stores ,restaurants ,online transactions etc.

CREDIT CARDS-

Credit cards are a small plastic card that is issued by banks ,building society etc allowing the holder to purchase goods or services on credit .

Now let us understand what are the basic differences between DEBIT AND CREDIT CARDS -

1. CREDIT CARDS are debt instruments but DEBIT CARDS are not.

2.Unless a checking amount comes with an overdraft as debit card users can only spend what money available on his or her account .

3. A standard debit card is linked to a checking amount , a prepaid card is not .

4. A credit card is linked to a line of credit offered by a company that has issued the card .

Now let us undertstand as to how many debit and credit card a person should own ?

Having multiple debit cards is not a problem ,although one should never need more than two .

Multiple credit cards can be a big problem unless you are good at controlling your excessive spending .An act of applying multiple cards will lower your credit score when each card issuer does a credit check on you .

Having 2 cards are feasible as per me .

Hope you guys like this article .

Thanks for stopping by .

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