Credit Cards Management: Credit cards have many benefits. In case you do not have money, you can make immediate purchase or payment using credit card. Not only this, by using credit card you also get many types of offers like cashback, reward points. But it is very important to use credit card wisely. If you have multiple credit cards, you need to be even more prudent. Here we will learn about those important things, keeping in mind that you can easily manage multiple credit cards and your credit score will always remain on top.
card limit
If you have multiple credit cards, then you should have correct information about the limits of all the cards. Experts believe that you should use only 30 percent of your limit. If the limit of your card is Rs 1 lakh, then you should do a maximum transaction of only Rs 30 thousand from that card.
due date
If you have multiple credit cards, the due dates of all your cards may be different. If you miss any card bill payment, not only will you have to pay a fine, it can also have a negative impact on your credit score.
on auto
If you are able to pay your bills on time, use auto pay. By doing this you will not miss any bill payment.
Minimum card usage
If all your work is being done with one card then there is no sense in having more cards. The fewer cards you have, the easier it is to manage. Additionally, applying for multiple cards can also hurt your credit score.
Terms and Conditions
Before applying for any card, read all its terms and conditions thoroughly. Many times people have to pay huge fines due to lack of these important information.
Make the most of cashback and rewards
The bank gives you cashback and reward points on credit card transactions. Never let these cashback and reward points go waste and use them as much as possible, so that you can save a lot of money. Take special care not to spend unnecessarily on cashback and reward points.
minimum due
It becomes a habit of many people that instead of paying the credit card bill in full, they pay only the minimum due. Doing this continuously may suddenly increase your debt burden. Apart from this, if you do this continuously, you may have to pay heavy fine. Apart from this, your credit score may also get damaged.
