I asked ChatGPT how many credit cards are too many; Experts filled in the gaps with what AI missed

How many credit cards should a person have?

Do multiple credit cards increase the risk of a debt trap?

• Paying only the minimum due every month: Doing this means the rest of your balance keeps building interest at rates that may cross 40% a year.
• Using one card to pay another: If you are letting a balance carry over several month, or covering daily expenses on credit, that's a concerning sign. Missing due dates or turning every purchase into an EMI are warnings too.
• When credit utilisation ratio crosses a threshold: When the amount of credit you use compared to your total credit limit across all cards goes above 30%, it's a sign of concern. This often indicates that you are relying too much on credit instead of your own earnings to fund your spending.

When should someone consider closing an unused credit card?

How do using multiple credit cards affect credit utilisation ratio and score?

What ChatGPT said on how many credit cards one should hold and risks of over reliance

• Use one card that offers high cashback on online shopping.
• Use another that gives extra rewards on travel, fuel, or dining.
• Keep a premium card for airport lounge access and travel benefits.