Credit cards are the double-edged swords of the modern era.

When credit cards are used properly, they can save you from a massive hassle and help keep your life in order. When used improperly, they can help you dig yourself a rather deep hole. To help avoid some of the worst downsides of credit cards, let’s look at how the rich use theirs.

The fiscal habits of wealthy people are often more intuitive than the broader public gives them credit for. Financial Reporter Tom Corley conducted a study on their habits, and found several interesting facts. Among the wealthy, only 8% use more than one credit card. This is a very good start, as credit cards are not ideal for much at all, apart from short-term and important expenses. Having only one credit card also simplifies your personal life, as it allows you only one outlet for spending money you don’t currently have on hand. Of course, the wealthy will usually have a very high limit on their one credit card.

The wealthy have a marked preference for credit cards with a lot of rewards and benefits. Air miles, lounge access, and credit on certain expensive purchases are all examples of things the wealthy value in their chosen credit card. Fortunately, you don’t need to be rich to own one credit card with a higher limit and great benefits. Try to choose a credit card suited to your lifestyle. Some common options include cash back on fully paid off credit card bills, or air miles for purchases at certain chain grocers/retailers.

When it comes to how you treat your credit card, you have to be considerate of your credit score. The wealthy tend to pay all of their debts on time and in full. Following their example will benefit you very well in the long term, as your credit score will increase and you will have access to the best interest rates for loans. Of course, debt is generally a bad thing, but if you are smart about it, credit can be your ally, not your enemy.