Credit card At this time there has been a lot of common financial product. A large number of people also keep more than one card. Credit cards give you a chance to shop with the money that you do not have at all. But don’t forget, next month you also have to pay all the money spent with the credit card. Many people are immersed in debt trap due to wild use of credit cards. If you are unable to pay the credit card bill, then there may be huge interest and penalty of up to 24%. The topic that we are going to talk today is what are the benefits and losses of more than one credit card. Let’s know.
Benefits of keeping more than one credit card
- A credit card has a 45 -day interest free cadit bicycle. When you have more than one credit card, you can use both for credit rollover. This means that a credit card bill can be paid by another, which can extend the credit cycle to 45 days.
- When you have credit cards from two different banks, you can take advantage of more rewards, cashback and offers. With this you can save money in your shopping.
- There are some credit cards whose offers or discounts continue for a long time. For example, some credit card movies always give a good discount on tickets and hotel booking. If you travel more or watch movies in the theater, then such cards are beneficial for you.
These are the losses of more than one credit card
- When you have more than one credit card, you have to make additional payment as an annual charge. Therefore, do calculations that the benefits of cards are not heavy on their annual charges.
- Keeping more credit cards leads to a lot of liability on you. Keeping more credit cards also reduces your credit limit. This increases the possibility of getting caught in the debt trap.
- When you keep more than one credit card, you have to monitor more than one time limits and credit bicycles. When there are three or more credit cards, some users inadvertently forget to pay the bill. Sometimes, it is better to keep things simple and more systematic.
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