Credit cards offer lots of benefits, from cash back rewards to airline miles and more. But some of the most enticing credit cards offer you no-interest financing for a period of time. It may be tempting to apply only for zero interest credit cards, but how many of those can you have at once?
Number of cards: no limit
There’s no official limit on how many credit cards you’re allowed to have at once — at least, not technically — whether they’re of the 0% interest variety or not.
In reality, each lender has its own limits on how much credit they will extend to any individual. For example, a bank might accept multiple credit card applications from you, but they’ll cap your total credit, thereby limiting your total account balances.
No interest credit card offers are attractive for those interested in balance transfers — that is, transferring the balance of another card to your 0% APR credit card so you can pay it off interest-free. It’s a great way to save some money while paying down your debt, especially if there’s no balance transfer fee. If there is a fee, make sure it doesn’t cancel out the savings on interest over the introductory period.
Some credit card issuers may not allow you to transfer balances between two of their cards, so you’d probably have to apply for a card from another issuer. Pay special attention to the length of the 0% offer — free credit doesn’t last. If it’s not realistic for you to pay the transferred balance down before the introductory period runs out, you might end up spending more money on interest than you would with a low interest credit card. Check out the best credit cards for balance transfers
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Before you apply for several 0% credit cards at once, consider your credit score. You can only have so many inquiries into your credit history before your score starts to take a hit. Additionally, the length of your credit history counts for 15% of your credit score. If you take out multiple new accounts, it can lower that portion of the score.
If you’re getting 0% interest credit card offers already, you probably have above average credit, and that’s a great asset. You might want to think long and hard about how having many credit cards can affect it.
The takeaway
Yes, in theory you can have as many 0% interest credit cards as your heart desires, so long as your applications are approved. Whether or not that’s a good thing for your credit and finances long term is another thing entirely.
Yes, in theory you can have as many 0% interest credit cards as your heart desires, so long as your applications are approved. Whether or not that's a good thing for your credit and finances long term is another thing entirely.
How many 0% interest credit cards can I have at once? There's technically no limit to the number of credit cards you can have at once, and the same goes for 0% APR cards as well – as long as your credit is good enough to get approved and you use your cards responsibly by making payment on time.
As many as you want, as long as you stay below your credit limit. The best balance transfer credit cards give you between 60 and 120 days to transfer balances in order to qualify for the 0 percent intro APR offer, so try to transfer and pay down your balances as quickly as possible.
Carrying higher balances after introductory offer expires
Carrying high balances on a 0 percent intro APR card might cause short-term damage to your credit score — but carrying those balances after the introductory APR expires creates a long-term problem.
Keeping a low credit utilization ratio is good, but having too many credit cards with zero balance may negatively impact your credit score. If your credit cards have zero balance for several years due to inactivity, your credit card issuer might stop sending account updates to credit bureaus.
Carrying a balance can negatively impact your credit score by increasing your credit utilization ratio. It is important to have a plan to pay off any balance before the end of the 0 percent intro APR period, and to make at least the minimum monthly payments on time.
Credit scoring models don't consider the interest rate on your loan or credit card when calculating your scores. As a result, having a 0% APR (or 99% APR for that matter) won't directly impact your scores. However, the amount of interest that accrues on your loan could indirectly impact your scores in several ways.
A lower interest rate can ensure you pay less in interest over time, so it's worth asking for. You may also be able to qualify for a 0 percent APR on a credit card for a limited time, although you'll typically need good credit or excellent credit to qualify for that type of offer.
Still, a card with no annual fee and a 0% introductory offer on balance transfers is quite valuable. Interest charges add up quickly and are often far more costly than a one-time 3% to 5% fee.
A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.
Card issuers typically have rules surrounding the amount of debt you can transfer in relation to your credit limit. Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit.
Avoiding interest is always a good goal, but zero-interest loans can lead buyers to overspend and come with a lot of strings attached. Carefully evaluate your purchase—is this what you intended to buy, and will you realistically pay off the loan within the given time? Proceed with caution. Experian.
First, understand that making a late payment on a 0 percent intro APR credit card can cause a forfeiture of the card's introductory APR period. This is because late payments are normally a violation of the introductory offer terms.
This is where charging large purchases to a 0% intro APR credit card could cause some trouble. Sure, you may not pay interest for a limited period. But you'll bring up your credit utilization, effectively bringing down your score. The damage isn't permanent, but it could affect your personal finances in the short term.
Whether you're trying to build or rebuild credit or earn rewards, it may be tempting to apply for multiple credit cards at once. But this could end up having a negative effect on your credit scores.
Too many credit cards for most people could be six or more, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don't use it to make purchases, but the exact number of cards you should have differs by person.
By closing a credit card account with zero balance, you're removing all of that card's available balance from the ratio, in turn, increasing your utilization percentage. The higher your balance-to-limit ratio, the more it can hurt your credit.
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