A recent survey by the Consumer Credit Counselling Service (CCS) revealed that Britons typically had the most credit cards of any European nation. The UK has a far more liberal approach to credit than many other nations with many Britons using one credit card for work, another for purchases and a third with a low balance transfer rate.

However, an industry expert has warned that while it can be useful for consumers to have a number of different credit cards for different financial purposes it can also end up being confusing and lead to debt as it is easy to forget when the repayments are due. It is important to remember that you are responsible for keeping up to date with your bills and staying on top of your credit with credit card companies reserving the right to change interest rates at any time.

Until recently it has been easy to obtain credit cards with credit card approvals being almost instant over the Internet. Some people take out numerous store cards at Christmas or during the sales to receive a 10 - 15% discount off their purchases. In essence, this is a good idea if you are able to pay off the balance straight away and close the account. However, if you are not able to do this you may find yourself paying more than you saved in the first place when interest charges are applied to your account.

Having more and more credit cards does not necessary make up a good credit score. The key factors are employment stability, paying as agreed and paying on time. Keeping up with payments will build a better credit rating rather than opening numerous credit card accounts. You may also find yourself penalized if you close long standing accounts to transfer to a better card because creditors are looking for a lengthy and successful credit history.

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Article referenced from http://myvesta.org.uk/articles/articles/4072/1/Determining-How-Many-Credit-Cards-Are-Too-Many/Page1.html