(NEWSER)– Walter Cavanagh of Santa Clara, Calif., holds theGuinness Book of World Recordstitle of "Mr. Plastic Fantastic," andMoneyrevisited his story earlier this week. As it recounts, Cavanagh has 1,497 valid credit cards, adding up to $1.7 million in available credit. The wild stats don't end there: His custom wallet, the world's longest, stretches 250 feet, weighs 38 pounds, and can hold only 800 of his many cards, not that he carries them around: TheLos Angeles Timesreported in a 2004 profile that all but one (which he uses and pays off in full in each month, giving him nearly perfect credit) are kept in a safe-deposit box. Cavanagh's card collection started as "silly bet" with a friend nearly half a century ago. Whoever collected the most cards by the end of the year would win a dinner. The final score: 143-138 in Cavanagh's favor.
With credit cards from gas stations, airlines, and an ice cream store, Cavanagh says he's only been denied credit once, by the now-defunct JJ Newberry Co., which said he had too much credit already. To maintain his title (which he's held since 1971, perABC News), Cavanagh has to keep amassing cards. If a card isn't valid any more, he doesn't count it as part of his collection. Cavanagh isn't the only collector of plastic. TheAmerican Credit Card Collectors Societywas formed in 1994 and holds regular conventions. But 29% of Americans actually have no plastic, per anApril 2014 Gallup surveycited byMarketWatch. A third of us have one or two, and only 7% have seven or more. (Here'swhy you should freeze your credit reports.)
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Walter Cavanagh of Santa Clara, Calif. has earned the Guinness World Record title of “Mr. Plastic Fantastic” by keeping 1,497 credit cards in his name, amounting to a $1.7 million line of credit. Of course, Cavanagh doesn't keep all of those credit cards handy at any given time.
(NEWSER) – Walter Cavanagh of Santa Clara, Calif., holds the Guinness Book of World Records title of "Mr. Plastic Fantastic," and Money revisited his story earlier this week. As it recounts, Cavanagh has 1,497 valid credit cards, adding up to $1.7 million in available credit.
There's not a one-size-fits-all solution for the number of credit cards a person should own. However, it's generally a good idea to have two or three active credit card accounts, in addition to other types of credit such as student loans, an auto loan or a mortgage.
Here's a story that would make most Americans gasp: A man named Walter Cavanagh, known as “Mr. Plastic Fantastic,” has 1,497 valid credit cards, a feat that has put him in the Guinness Book of World Records.
According to an Experian consumer credit review, Americans have an average of 3.84 credit cards per person. While that may seem like too many for some, others may consider it not enough. How many credit cards you should have in your wallet is a personal decision that's entirely up to you.
Terms may apply to offers listed on this page. 70% of millionaires carry two or more credit cards, which is more than recommended. Millionaires trust the same credit card issuers as regular Americans. Most Americans should stick to one or two cards.
Despite the wealthiest being associated with luxury credit cards and so-called "black cards," Bank of America is the most popular credit card issuer among millionaires.
The longer you've been using credit, the more it means to your credit score. Members of the 800 Club average just under 22 years of using credit. Even the youngest ones, Millennials, average more than 14 years.
There is no right number of credit cards — it depends on how many you can manage. Having multiple credit cards helps reduce your utilization rate and provides lenders with more information to better gauge your creditworthiness.
So, while there is no absolute number that is considered too many, it's best to only apply for and carry the cards that you need and can justify using based on your credit score, ability to pay balances, and rewards aspirations.
On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.
The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card in 2024 gives about 1% back.
As long as you're smart about using your credit card and practice responsible credit behaviors, such as making payments on time and in full, you can open as many credit cards as you want.
Of the four main types of credit cards—Visa, Mastercard, American Express and Discover—Visa is by far the most common, making up 58.3% of cards in circulation.
However, multiple accounts may be difficult to track, resulting in missed payments that lower your credit score. You must decide what you can manage and what will make you appear most desirable. Having too many cards with a zero balance will not improve your credit score. In fact, it can actually hurt it.
As of early 2023, Alaska was the state with the most average credit card debt at $6,652 per person (about $900 more than the national average). Conversely, Wisconsinites carry the least credit card debt. They average $4,700, which is over $1,000 under the national average.
Forever 21 Credit Card Accounts are issued by Comenity Capital Bank. Forever 21 Visa® Credit Card Accounts are issued by Comenity Capital Bank pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association and used under license.
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