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Tips for Managing Multiple Credit Cards

Tips for Managing Multiple Credit Cards

With so many great credit cards on the market, it’s hard to just have one. However, the more credit cards you have, the more difficult it is to keep up with the payments and balances and be sure none of the cards are dormant. Here are a few tips to help you manage multiple credit cards.

Make your payments on time.

Paying on time is important for keeping your accounts in good standing, minimizing fees, and maintaining a good credit score. If you have trouble keeping up with your payment due dates, try scheduling payments or using a reminder app.

Pay in full each month.

It's tempting to pay just the minimum, but this is the easiest way to get into debt, especially if you continue making purchases. Paying in helps you save money on interest, which can get expensive across multiple credit cards. Stick to the rule of charging only what you can afford. That way, you can afford to pay your balance in full each month.

Have a purpose for each credit card.

Make sure each credit card you apply for has a benefit. For example, you might have a cash rewards credit card for everyday purchases, an airline branded credit card for travel, and hotel branded credit card for your hotel stays. Having a purpose for your credit cards also makes it easier to decide which credit card you’re going to use for which purpose.

Use each credit card periodically.

Some credit card issuers cancel credit cards that go unused for a long period of time, especially if the card has a zero balance. If you want to keep your credit cards open, you have to keep them active. Use each of your credit cards at least once every few months, making sure to pay off the balance in full once the billing statement arrives.

Read each of your billing statements.

This is where managing multiple credit cards can get time consuming. You may skim over your billing statements as long as your balance looks about right. However, it’s important to read through the transactions to you can spot any billing errors or suspicious activity on your accounts.

You can manage multiple credit card successfully as long as you stay on top of your accounts and keep your spending under control.

 

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Comments 1

Frank on Thursday, 29 September 2016 11:12

I have over 10 credit cards (long story), but what helps me is I organize everything in excel and map out my payments each and every month. This helps me stay organized and helps me track how much I am saving and how much I am spending. As long as you can keep yourself accountable, I don't see anything wrong with it.

I have over 10 credit cards (long story), but what helps me is I organize everything in excel and map out my payments each and every month. This helps me stay organized and helps me track how much I am saving and how much I am spending. As long as you can keep yourself accountable, I don't see anything wrong with it.
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Friday, 22 November 2019

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