How many records in Redis?

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Hi,

We are very happy to use Redis. It's enormous fast and now we know how we can use the 'key', we want to use it more.
But. We want to use save the API response, before we want to process the result.
Redis has a limit of 100MB. We want to store the JSON response. That's 500 bytes. This should means we can store 200.000 JSON records. 

But, is that the correct conclusion? Or does the key count also? 
And what happens if we go above the 100 MB? Does it override the first record of do we get a failure message?