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How many debit cards should I have?
Debit cards can be a convenient way to manage your daily expenses. They’re less cumbersome than carrying cash, and they don’t enable overspending the way credit cards can. But if you have multiple checking accounts, you may find yourself overwhelmed with debit cards.
There’s no correct number of debit cards you should have. Having multiple cards can help you keep your spending organized. However, having too many can cause you to lose track of cards, fees, and accounts. Read on if you need help figuring out how many debit cards you should have.
How many debit cards should I have?
There’s no ideal number of debit cards you should have. The number of debit cards that make sense for you depends on your personal preferences and circumstances.
Most people can benefit from having at least one debit card. Debit cards have a range of features that simplify day-to-day money management. For example, debit cards allow you to make purchases in stores and online, as well as perform transactions at ATMs.
For many individuals, one debit card is enough. But there’s nothing wrong with having more than one debit card — and in some cases, it might be convenient or necessary.
Some reasons for opening an additional checking account and debit card include:
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Merging finances with a partner or spouse and opening a joint bank account.
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Starting a business and needing a designated checking account for business expenses.
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Preferring to use separate checking accounts for certain expense categories, like bills and “fun” spending.
While it’s not necessarily harmful to have two, three, or more debit cards, you shouldn’t have more than you can manage. Having too many debit cards can come with challenges.
Read more: Prepaid card vs. debit card: What's the difference?
Benefits of having multiple debit cards
There’s no single number of debit cards everyone should have, but there are several benefits to having multiple cards:
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It can make it easier to separate and track expenses. For example, if you run a business, you know how important it is to keep your business and personal finances separate. Using separate debit cards makes it easier to track spending within each category and provide accurate reports to your accountant at the end of the year.
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You can avoid racking up debt. Relying on multiple debit cards for all your spending — as opposed to putting certain expenses on credit cards — can make it easier to avoid debt. Since you can’t spend more than what’s in your checking account, you won’t be tempted to spend money you don’t have.
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It can help you stick to your budget. Using multiple debit cards may help you stick to a spending plan without the need for a formal budget. For example, if you use one card for bills and another for discretionary spending, you can avoid spending money earmarked for bills on nonessential expenses.
Read more: How to budget: Your complete guide to budgeting for 2024
Drawbacks of having multiple debit cards
Despite the benefits, having multiple debit cards comes with risks too. Consider these drawbacks of having multiple debit cards:
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It can increase your risk of fraud. Debit cards come with less liability protection than credit cards. The more spending you put on debit cards and the more debit cards you use, the greater the potential to fall victim to banking scams and fraud.
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It can complicate money management. Using several debit cards — and therefore, several checking accounts — can make money management more difficult. Having multiple accounts means more logins to remember, more balances to keep an eye on, and more cards to keep track of.
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You may pay more fees. Checking accounts and debit cards often come with fees. Having multiple debit cards can lead to paying multiple monthly maintenance fees, potentially on top of other typical checking account fees, such as ATM fees and overdraft fees.
Read more: What happens if you use a debit card as credit?
Alternatives to having multiple debit cards
If you decide you have too many debit cards and want to downsize, there are some alternatives to carrying around a stack of cards. Here are some ideas:
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Use credit cards for certain purchases: Credit cards have better liability protection than debit cards and often come with rewards. Some people like to take advantage of these perks and put the majority of expenses on a credit card, limiting themselves to a single debit card. If you go this route, make sure you’re able to pay off your credit card each month to avoid racking up interest charges.
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Use a budget to manage your spending: Instead of separating and tracking your spending using multiple checking accounts and debit cards, you can use a budgeting tool or spreadsheet to do the same thing. A budget can help you track your spending, hold yourself accountable, and set money aside for specific purposes.
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Carry one debit card in your wallet: If you have multiple debit cards, you don’t necessarily need to use or carry all of them. Keep your most frequently used debit card in your wallet, and store any others in a safe place to reduce clutter and the risk of your cards being lost or stolen.
Read more: Lost your wallet? Here's what to do.
Despite these alternatives, you may decide you prefer — or need — to use multiple debit cards. And as long as your money management system works for you, there’s no need to change it.
Frequently asked questions
Is it good to have multiple debit cards?
Having multiple debit cards may be beneficial, but it depends on your situation. If having multiple checking accounts is a necessity or a preference, there’s no reason you can’t have multiple cards. But if having multiple cards causes you to pay extra fees, lose track of cards, or struggle to stay on top of money management, you may want to stick to one debit card.
Is 3 debit cards too much?
Having three debit cards may work for some people, but it may be too much for others. It depends on your circumstances and preferences. One example where having three debit cards might make sense is if you manage money with a partner and have a business. In this case, you may have a joint checking account, an individual checking account, and a business checking account — each with its own debit card. However, a single individual without a business may find three debit cards to be too much.
Does having multiple debit cards hurt your credit?
No, having multiple debit cards doesn’t hurt your credit. Debit card activity isn’t reported to the credit bureaus and, therefore, doesn’t influence your credit.
