We now have it easier thanks to credit cards, which allow you to borrow money anytime you need it. When you only have one credit card, your perks are restricted, but when you have several, you may take advantage of a variety of features and bonuses. A single credit card has both benefits and drawbacks; the same is true of having many credit cards. By just comparing them online and applying for them, you can quickly find the best credit cards in India. You can have as many credit cards as you desire in terms of the subject of how many should be taken into consideration. But keep in mind that managing so many unsecured funds requires caution. With that being said, hereunder are the pros and cons of having multiple credit cards:
Pros of multiple credit cards:
The benefits of having several credit cards include the following:
- You can simply access the funds with multiple credit cards at times of need. such as for buying large items, paying for health insurance, etc., especially when money is tight.
- On various credit cards, you can take advantage of various bonuses. As an example, lifestyle credit cards allow you to earn reward points on your shopping costs, while travel credit cards give you access to additional travel benefits than other credit cards.
- One credit card with low-interest rates and more time to pay the balance due allows you to combine the balances of various credit cards into one.
- You can quickly raise your credit score if you have several credit cards.
Cons of multiple credit cards:
The following are some drawbacks of having several credit cards:
- If you do not know how to manage several credit cards, you could quickly slip into the debt trap.
- With many credit cards, it’s simple to overlook each card’s due date, which might result in costs for late payments. The associated fees and charges will increase along with the increased number of credit cards.
- Because having more credit cards entails greater liabilities, the likelihood of your credit score declining is also increased.
How many credit cards should you have?
As a result, there is no perfect quantity of credit cards to possess. Nevertheless, having 6-7 credit cards is a manageable quantity to have. However, having more credit cards than this is also possible but it creates hurdles in your way, particularly when managing them.
In conclusion, having several credit cards can help you in a variety of ways, but they are not without cost. You can apply for as many credit cards as you’d like if you can easily handle various credit accounts. One thing you must remember is not to send many applications at the same time because this could turn the credit card issuer off. To apply for a new credit card, you should hold out for a few months. Keep in mind to adhere to the timely repayment cycles and a low credit utilization ratio.
Additional Reading: How To Protect Credit Card Information Online?