Wondering how many credit cards you should have? Well, that depends on who you ask. Some financial experts say zero….as in none. Others say as many as you can handle. However, the question may not be how many you can handle, but more so what kinds of cards you should carry. Co-founder of credit.com, Adam Levin suggests carrying an all-purpose card and a low interest credit card.

Your all-purpose card would be your rewards based cards, which are great for everyday use. It allows you to earn rewards for purchases. The interest fees are higher, but the goal is to pay off the balance each month.

Your low interest credit card is for emergencies and unexpected repairs. These cards give you wiggle room and due to low interest rates, you’re not overwhelmed with paying them back.

Everyone wants a low interest rate credit card. Unfortunately, everyone won’t qualify for one. If you want to try your luck and apply for one anyway, here are the best credit cards offered in America this month, according to Credit.com. Even though the better your credit, the stronger your chances are of being approved for these sweet deals, you still may be able to squeeze through the door with less than perfect credit. Keep in mind that if that’s the case your rate won’t be as great as someone with perfect credit.  Here are the top two credit cards this month:

#1 – Simmons Bank Via Platinum
This card offers extremely low interest rates with the cash advance rate at 11.25%. Cardholders get to view the card’s financial performance and vote on rates, fees and benefits.

#2 – PenFed Promise
This card has a very low interest rate with no fees. Rates for cash advances run as low as 7.99%. There are no annual fees. Plus, you can earn a $100 statement credit as a new holder when you spend $1500 inside the first 90 days.

When you’re ready to apply for a new credit card, keep in mind the terms and conditions. Read through them carefully. By doing so, you ensure that you are aware of all the following:

Introductory rates – These are rates offered by the company and will go up after the introductory period is over.
Annual fees – These are fees charged by the company each year for using the credit card. It is not the same as the interest rate.
Overseas transaction fees – These are additional fees charged if you use your credit card out of the country. This is important if you travel abroad often.
Details of any 0% APR – This is their guarantee that they won’t charge interest on anything you buy for a certain period of time.
Balance transfer fees – This is when you pay off the existing balance on a card by transferring it to another card.
Miscellaneous – These are any other things you should be aware of. Every company is different, so pay attention to details.

If you’ve been thinking about getting a department store card, be careful. Although there are advantages to having them, there are disadvantages as well. In part one, we covered the high interest rates and limited use of store cards. Now, we’re going to cover a couple of more disadvantages that you should be aware of.

Buyer’s Impulse: Many card holders tend to buy more impulsively when they have a card. Stores want you to spend more and with a card in hand, you may be more likely to do so.

Better Deals Some Place Else: This isn’t really a con, but more so a word of advice. Don’t get a card just because they’re offering you 10% or 20% off a purchase for a day. There are some stores offering much better incentives. You just have to keep looking around.

Now that you know the cons to having a department store card, you can make a much more informed decision before signing your name on the dotted line.