Credit cards are unique financial products that are well designed to suit customer’s distinct requirements. There are rewards and other incentives that make credit cards even more attractive. It’s a good idea to have more than one credit card, as you can take advantage of more discounts and maximize your benefits. However, you do need to keep track of their due dates and make payments on time.

Managing Multiple Credit Cards

Constantly Track Your Card’s Limit and Terms

After each transaction, check the credit limit of each card you own. It helps in effectively planning your monthly finances. Splitting the monthly expenses on each card aids in preventing reliance on a single card. 

It is also important to look into the fees associated with each card before applying. This includes annual fees, credit card interest charges, and more. Examine the fees charged and the benefits provided by each card regularly. If the costs outweigh the benefits, it is best to cancel and retain the one that’s best for you.

Pay on Time 

Having multiple credit cards means making separate credit card payments each month.  It is essential to pay at least the minimum payment due. To avoid paying interest fees, one should make the full payment on time. Here are ways that ensure you do not miss the deadline of your monthly credit card payments.

Setting up Autopay

Setting up autopay is a simple way to ensure that payments are always made on time. Even for people who pay their bills manually, autopay is a good contingency option. Failure to pay the bill or always paying the minimum amount due poorly reflects on your credit score and should be avoided. 

Set Reminders

Credit card companies can set up payment reminders whenever your statement is ready before the due date. This helps to prevent any last-minute payment issues.

Select the Right card

Having different cards allows you to use a particular card for a specific purpose. First, choose the right card for your needs. You should select the one that offers the most incentives while making purchases. There are three main criteria to select a card, these are:

Interest Rate Charged

At the end of every billing cycle, you have to pay the monthly expenditure along with the credit card interest charges. Before availing of the card facility, it is necessary to check the interest rate charged as it varies among different banks. 

Rewards Offered

The second important factor is the benefit to procure a particular card. Check for the rewards, cashback offers before getting a card.

Penalties

It is vital to read the terms and conditions related to penalties and fees before applying for a card. 

Using more than one credit card is an efficient way to receive several privileges like reward points or cashback offers. Managing several cards, on the other hand, is simple if you are cautious and plan a strategy to maximize the benefits.