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

On a layover in Denver in 2006, I passed a kiosk where a salesperson was hawking Frontier Airlines credit cards to anyone in earshot. I was in my twenties at the time, I had recently finished 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 prospect 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 home.

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 save 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 risky

My early distrust of credit cards was instilled by personal finance gurus like 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 about 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 (like 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. Like 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 them

Although 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 like 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℠ Business Credit Card to earn 5 points per dollar, and I book travel with my Chase Sapphire Reserve® for its travel protection benefits.

Many of my cards almost never get used, but I keep them for the benefits they provide. For example, my IHG One Rewards Premier Business Credit Card gives me an annual free night certificate and the fourth night free when I book with points, and those two benefits alone justify paying the $99 annual fee. Similarly, The Platinum Card® from American Express grants me airport lounge access, plus various travel and other credits that provide enough value to keep my account open despite the $695 annual fee. Terms apply.

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 outlived its usefulness and now lives 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 it

Of 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 dislike features like 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 improve your credit profile

Early 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 product 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 effort

Dave Ramsey’s view of credit cards conflicts with my own experience, but he makes some valid points. Credit cards don’t work for everyone. Research 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.