Consumers with multiple credit cards face hidden costs

Financial data shows a continued rise in the number of active credit cards held per person. Many consumers now keep several cards in their wallets, which creates challenges in managing limits, fees and rewards.

Holding multiple cards increases the risk of selecting the wrong card at checkout, causing users to miss out on cash‑back, mileage or discount offers. Separate annual fees add up, while differing billing cycles and minimum‑payment requirements can lead to higher interest charges and lower credit‑score ratings. Financial advisers urge users to treat their cards as a portfolio, monitoring fees, payment dates and matching each purchase with the card that offers the best benefit.