Monica Eaton Discusses Credit Card Best Practices for Consumers
Chargebacks911 COO Monica Eaton is an expert in the payments and finance space. She was recently asked to comment on credit card best practices for consumers, and weigh-in on how many credit cards a consumer should have.
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When it comes to credit card usage, there’s no single answer that works forever consumer. “The answer varies from person to person,” Monica explains.
Different people may benefit from different cards based on their situation, lifestyle, and spending habits. At the same time, there are some overarching rules individuals should keep in mind. Monica points out that having more lines of credit available is only beneficial if consumers can manage them effectively.
“Having more lines of credit is beneficial to your credit score, as it lowers your cumulative utilization ratio. The more credit that’s available to you, the more appealing you are to creditors…It’s only a benefit, however, if you’re able to maintain a low rate of credit utilization,” Monica explains. “Ultimately, the best answer is to have only as many cards as you can manage responsibly.”
