Sunday, February 04, 2007

More than one credit card

How many credit cards do you really need?

I have just one credit card. It's not a platinum card or even a gold card, it's a basic card, which I signed up for during a promotion.

It's really surprising when I learn that people have 4 or 5 or even more credit cards. I mean, why do you need to sign up so many for? if you spend more, then maybe you should upgrade to one with a higher credit limit.

While I was writing this my wife came over , read what I had written and said "I have 3 cards". So I posed the question to her.

Well she listed out the reasons:
- Lower credit limit of the first lead her to take a second one. She just couldn't let the first one go because of the loyalty points she had already accumulated.
- 0% balance transfers also help to reduce the interest on the cards.
- The third card was taken up during a promotion in order to grab some prizes, plus it didn't have annual fees, meaning free for life.

Some credit cards companies even offer cash back for credit card loyalty.
Just remember to compare credit card offers.

Take care not to fall in the credit card debt trap. Use them wisely.



CreditOwner said...

I have two cards for daily purchases and travelling and they are enough for me. I think that people can have as many credit cards as they are in need of and are able to repay. Otherwise they can accumulate debts.

Karen said...

I think two credit cards are enough. What for collecting different types of
credit cards
? You only bring yourself in financial problems.


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