40 Prominent Finance Myths Debunked

31. You Need One Card from Each Major Company

Some people believe that you need one card from each big credit card company on you at all times. The theory behind this is that you may wind up stuck somewhere that only except one type and none of the others. For that reason, some people have a Visa card, MasterCard, Discover Card, and an American Express card.

Some retailers are picky and will only accept one type of card. That includes Costco, which only allows payments with Visa cards. Most people get by with one or two types of credit cards. It’s acceptable only to have one, and it makes life so much simpler.