Five credit cards are mine. Each card has a particular requirement attached to it. The Air Miles card, which offers privileges including free flights, is the first. Second, e-commerce cashback, third, no-cost EMI buying, and fourth, offering gas incentives. The corporate charge card comes in fifth. Every month, I make full payments on all of my credit card obligations. But is having so many cards acceptable?
According to BankBazaar CEO Adil Shetty, there is no standard for how many credit cards a person should have. Any number of credit cards are acceptable. In this, there is neither right nor wrong. Making responsible use of all available cards is the smart move. Recognize your needs. Keep thorough records of your spending. Determine which credit cards will enable you to reduce your spending. Credit cards typically offer discounts, rebates, EMI financing, special offers, etc. They may facilitate life.
Four things to keep in mind with credit cards
- Immediately pay the entire bill.
Only if you pay the amount in full each month will you be able to take advantage of all the perks of a card. If this is not feasible, the costs will be subject to interest. Due to interest, any profits can turn out to be worthless.
- Apply separately, not jointly. Do not apply for
many loans or credit cards at once. When you submit a request like this, the bank analyses your credit rating. A credit score will always be slightly lowered as a result of such rigorous screening.
- Receive a variety of benefits
Each card offers unique advantages. Check to see if you require it. If you don’t drive frequently, avoid getting a fuel card.
- Use consistently
If you have a credit card, continue to use it. If a card is not used for longer than a year, it may be deactivated.
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