No, not if you use them responsibly. But having four or more credit cards might not be that beneficial either.Â
Here's why: It can be difficult to manage multiple cards and due dates. Plus credit card annual fees can chip away at your rewards. Card benefits are also more likely to overlap if you have multiple cards.Â
Your credit score will take a small, short-term hit when you apply for a new card. Your score could dip by 5 to 10 points for each hard inquiry on your credit report.Â
It may also temporarily lower your score by decreasing the overall average age of your accounts.Â
Thankfully, points gained from paying your credit card bill on time and maintaining a low credit utilization ratio can offset those small dips, especially in the long run.