Credit Card Tips: Do you have more than one credit card understand whether it is a gain or a loss
By Lokmat English Desk | Published: January 18, 2022 06:55 PM2022-01-18T18:55:46+5:302022-01-18T18:55:46+5:30
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Credit Card Tips: The use of credit cards is on the rise these days. Banks are also trying to give credit cards to more and more people. Often you come across a credit card issuing bank agent in a shopping mall, you will find many online offers.
We see that many people now have more than one credit card. But have you ever considered its advantages and disadvantages? Today we are going to tell you about the advantages and disadvantages of having more than one credit card.
The advantage of having more cards is the balance transfer facility. One of the advantages of having more than one credit card is that you can use the balance transfer facility when you are unable to pay the credit card bill due to financial difficulties.
In the age of online shopping, different shopping websites offer discounts or cashback on different credit cards. If you have more than one credit card, you will have more options to choose from and you can make purchases with the most discounted card.
It is very difficult for a job seeker to get more than 10 lakh credit limit on a credit card, but you can get 10 cards from different banks up to a limit of one lakh each.
One of the major benefits of having more than one credit card is that your credit score is much better if you pay on your credit card on time.
Just as there are advantages to many credit cards, there are also disadvantages. You can fall into the trap of EMI because more credit cards will make you buy more, that's for sure. It may seem easy to repay EMI but it is not. More credit cards.
The more credit cards you have, the more purchases you make, the more debt you will incur. Credit card spending is also a form of debt. In addition, if you have an annual charge on your credit card, you will have to pay a large amount each year.
Do not keep more than 2 to 3 cards to avoid this. If possible choose a Lifetime Free Card. There is no annual fee for such cards. Use your credit card wisely and think before you go shopping.
