subject: How to Organise Multiple Credit Cards [print this page] It's hard to resist owning multiple credit cards. Ad campaigns are so effective that they compel people to apply for plastics. Although with a few disadvantages, owning more than one credit card has its pros, too. Organisation is what's needed in order to optimise the use of a handful of credit cards.
Segregation
Different credit cards have different features. As a whole each of these set of features will be good for certain aspects of a person's life. For instance, for business, he can use a different type of card. If he's a traveler, he can use plastics with miles. He can also use platinum cards for purchases for his business. On the other hand, for wives for instance, they can use store cards for shopping. Certain cards may also be good for online shopping. Some of these give rewards and discounts at particular stores.
Well-planned Bill Payment
Bills and due dates can get confusing for a handful of credit cards. It poses a danger of missed due dates thereby lowering a person's credit score. Having more than one payment can also be too much monetarily. A person's current cash stock might not suffice for all the bills. One way or another, he may have to make a choice between sacrificing a bill for the others, which will result to a low credit score; or, he can pay all of them by the minimum and risk prolonging his stay on credit card debt.
The best way to tackle this problem is by arranging for each of the bills to arrive at certain times of the month when money is available. A person can set due dates every payday for a better chance of paying what he owes.
Comparison for a Better Rate
One advantage of having multiple credit cards is the chance to pit banks against each other to discover a better deal. A consumer can apply for the best credit cards at different banks and observe their performance. In some instances, one bank can give a better rate than another. But in cases where they offer similar rates, the deal breaker would be customer service and aptness to respond to problems. The bank that listens better to clients is a good choice because in case of any disputes, it can readily guide a client to a solution. A good bank can at least lessen the stress of owning multiple credit cards.
