In this electronic age, one cannot imagine moving around without a couple of smart plastics in one’s pocket. Credit cards are secure, empowering and convenient. With a huge array of cards available in the market, it can be difficult to just choose one of them. But are you equipped to handle multiple cards?
Banks are constantly improvising their cards and offer an assortment of co-branded cards, cash back, virtual cards (exclusively for online shopping), prepaid and secured credit cards, travel cards, for fuel and departmental purchases, etc. Each card comes with its set of benefits & offers. This brings us to the knotty question, “how many cards should one have”? Let’s find out.
Many Credit Cards – Arguments In favour
Credit cards are liberating. They ease out payments, easy to carry around and are a lot safer than cash in your pocket. Some more food for thought:
Having different cards for different purposes also helps keep track of your spending. For example, using one card for online purchases, while another for fuel and a third for ticketing aids easy management of expenses.
Many Credit Cards – Arguments Against
It can be easy to go overboard with something as addictive as credit cards. You get such a kick out of the monetary leverage they provide that sometimes you may not realise when to stop.
A Few Last Words
Looking for a credit card, apply online. But be careful on how many you want to apply for. Your credit report is inquired into every time you apply for a credit score. There are many benefits to having several credit cards, but only if you know the right way to handle them. Since there is no real “cash flying out of the wallet”, it becomes easier to lose focus and go overboard on your budget. That is the last thing you want to do.
Is there an ideal number of cards you must carry in your wallet? Well, no. It is all about striking a balance between your preferences and expectations of your card and the number of cards that will suffice them. Managing your “quiver full of cards” tests your financial prowess.
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