If you don't pay the bill almost immediately, you get hit with a late fee. The card companies have resorted to an array of tactics to maximize fee income. Orr says changing terms is another reason to have only one or two cards. Most of us have a lot going on these days, and it can be hard to keep up with what's going on when you have a lot of credit cards. Nine times out of 10 those notices look like junk mail.
Some people choose a card for the wrong reasons.
Cards that offer frequent flyer miles, rebates or a picture of your favorite cartoon character on the front are not necessarily the smartest pick. Instead, consumers need to consider the APR, grace periods, fees and minimum finance charges. Not all costs are disclosed in the application you receive in the mail. The short and long of it is that whether a consumer uses charge cards, or lets the card companies use them, is up to the individual. Used wisely, they offer convenience, float time and more legal protection than cash or debit card transactions.