What’s in Your Wallet? Financial Experts Say Probably Too Much
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Here's your money briefing for Tuesday, April 11th. I'm J.R. Whelan for The Wall Street Journal. With many of your credit cards, debit cards, and ID information loaded into your phone, people are rethinking how much they need to carry in their wallet. Experts say less is more.
There's so many things that you can put on your phones these days. It turns out that the implementation of Apple Pay in subway terminals, on buses, and at grocery stores has actually helped to increase the number of people who actually put their credit cards on their phones as opposed to using the physical card.
So what should you have in your wallet? We'll talk to Oyen Adedoyen from the Wall Street Journal's personal finance team after the break.
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Even as wallets get thinner, most of us have more than we need in our wallet. Oyen Adedoyen from the Wall Street Journal's personal finance team joins me to discuss what financial advisors say you shouldn't leave home without. Oyen, thanks so much for being with us.
Thanks for having me, JR.
So, you know, Oyen, wallets these days, they're almost like accessories. They come in all sorts of colors and sizes.
Yeah, and they used to be a lot bigger. Technology has been shrinking wallets for centuries, from something more like a knapsack in Shakespeare's day.
Wait, a knapsack?
Yeah.
Okay.
How is mobile payment adoption changing what we carry in our wallets?
So they're a familiar flat shape after paper money became widespread and, again, after credit cards came about in the 1950s. All right.
And, you know, for a lot of people, their wallet is a microcosm of their financial life. They've got credit cards, like you said. They've got their ID, some cash, maybe a couple of store rewards cards. So let's start with credit cards. How many credit cards are too many, according to people you spoke with?
Yeah, according to financial experts, people should be carrying three credit cards maximum, and one of those should be a debit card. One of those should also be from a different company than maybe the other credit card. So, for example, if you have an American Express credit card, it might be good that your other one is from Visa.
All right, so three credit cards, one of those should be a debit card. But we live in a digital world. Is even that number too much? You know, is there anything that's best to keep in your phone versus your wallet?
Yeah, plastic is getting displaced too. 59% of Americans said that they increased their use of digital payment methods last year, according to MasterCard's new payments index. There's so many things that you can put on your phones these days. It turns out that the implementation of Apple Pay in subway terminals, on buses, and at grocery stores has actually helped to increase the number of people who actually put their credit cards on their phones as opposed to using the physical card.
All right. So let's talk about cash. We probably know just as many people who carry no cash as we know people who carry some.
Well, the pandemic also really played a big role in this, too.
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