5 Tips to Manage Multiple Credit Cards

Holding Multiple Credit Cards? Then this is what you need to know! |  Business News – India TV

Keeping multiple credit cards can sometimes put you in a tight spot. However, it might be a necessity. Many people like entrepreneurs, business travellers, and others sometimes have to carry more than one card at a time.

Managing multiple credit cards can be difficult, but some people seem to be acing it. If you are planning to have them, you need to know how to check your credit score. A higher credit score improves the chances of being able to obtain cards with higher limits.

Here’s a list of five brilliant tips that you must go through if you also wish to excel at managing multiple credit cards before you start applying for free ones.

Don’t Carry Balance on Your Credit Cards

When you are carrying multiple credit cards, the chances of a lapse in payment tend to increase. Besides, the high-reward credit cards also levy higher interest rates on the balance amount. For this reason, you must never leave any outstanding balance on your credit card.

Pick the Cards with Annual Fees

Annual card fees can become a crucial factor when handling multiple cards. Choose cards with a lower fee because when you have to carry many cards, they can add up to become a burden. Also, if you are a regular traveller, or use your cards a lot, look into credit cards with various rewards, bonuses, and incentives. If a card provides significant rewards such as welcome vouchers, discounts at your favourite restaurants, fuel surcharge waiver, or lounge access in airports, it will more than offset the fees you have to pay.

Create Due Date Alerts and Set Up Automatic Payments

Keeping track of due dates and setting up automatic online credit card payments can help simplify an otherwise confusing and stressful process of payments. When you carry multiple credit cards, the chances of lapse in payments are higher. If that is the case, the next time you check your credit card score online, you’ll find out that it’s taken a hit.

Choose the Right Card for Each Purchase

To maximize the benefits in terms of rewards points, you must know when to use which card. If you do a bit of research on your cards, you’ll know what to purchase with a particular card. You can go a step further and mark each card and use them accordingly. For instance, when making a  purchase it’s nice to pay attention to each card’s features such as fraud protection, extended warranties, or travel insurance to utilise your cards in the best way possible.

Keep Tabs on Your Cards

It is advised that you must stay fully updated about each card that you carry. For starters, it’s nice if you know how to check your credit score. Keep yourself abreast with your credit history by frequently running an online credit score check. Keeping track of the factors like the number of transactions or expenditure up to an amount with a particular card can help you gain much more reward points.

The bottom line is that if you plan your expenditures and remain aware of payment timelines, having multiple credit cards won’t lead to issues.