Use more than one credit card, these are the advantages and disadvantages

If you also use more than one credit card, then this news may be useful for you. While on one hand there are many advantages of credit card, on the other hand it also has some disadvantages. Let us tell you the advantages and disadvantages of having more than one credit card...

Credit cards have made life easier for common people. At present, most people use credit cards. Some have one credit card and some have many. While there are many advantages of using credit card for payment, it also has many disadvantages. Let us tell you in detail what are the advantages and disadvantages of having more than one credit card.

Benefits of credit card

Credit cards provide us with higher discounts on various items, extra offers on shopping and interest-free loans for 50 days. We can pay our bills with credit card. You can deposit installments and even withdraw cash at the time of need. Therefore, there are many benefits of credit card, but a little carelessness and ignorance can also cause big losses.

Disadvantages of having more than 1 credit card

If you have a credit card and do not use it, it can have a negative impact on your financial profile.

Inactivity charges start being imposed.

Credit score is low.

There is loss of reward.

Credit history expires

Credit limit also reduces.

Income tax may also keep an eye on you.

Keep these things in mind

The annual charge for each bank or company's credit card is different. There must be information about this.

In every credit card, discount is available only on shopping up to the prescribed limit. This should also be known.

Pay credit card bills on time only. If the limit is exceeded, interest up to 40 percent is charged.

No matter how necessary, never withdraw cash from the credit card. Because interest is charged on its cash from the beginning.

Surcharge is levied on refilling fuel through cards of many companies. Get information about this also.

When to get another credit card

Before getting another credit card, you have to understand your daily expenses and lifestyle and what things you spend more on. Then accordingly you should take a branded credit card. For example, if you travel a lot by flights then it would be better for you to get Air Miles Credit Card. At the same time, if you do a lot of shopping then it would be better for you to get a shopping credit card.