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What to Do if You Have Too Numerous Credit Cards?

What to Do if You Have Too Numerous Credit Cards?

That’s a question numerous of us grapple with. Do we enjoy too numerous credit cards? Should we cancel some of the cards? If yes, which cards to cancel? What about the abatements or cashback you might miss out on? Or should we just keep the cards indeed if we don’t use them? What are the implicit downsides? But how did you end up with so numerous credit cards in the first place? That was no way the idea, right?
The Number of Credit Cards Builds up over a Time
You applied for your first credit card when you took up your first job. also, a salesman from a foreign bank pitched you with a credit card. You apply for it too. later, you figure out that your favourite shopping app offers abatements cashback on a certain credit card. You add that too. And also your favourite app keeps changing.
Gradationally, over time, you end up having 4- 5 or indeed more cards. Indeed though you may not be using all the cards, you still enjoy them. And that can be messy.

How numerous Credit Cards Are Too Numerous? What Are the Problems?

No fixed answer but 2- 3 credit cards is a good number.
4 or further cards will be delicate to manage. You must flash back the statement dates. However, you dodge a penalty and pay a high-interest rate on the balance quantum, If you skip the payment for any reason. This can also affect your credit score negatively.

With too numerous credit cards, there will also be an advanced accretive credit limit available which if used irresponsibly can move you near to a debt trap. It’s delicate to keep( internal) track of your yearly charges if you spread your charges across multiple credit cards. And that’s generally how you get into the fiscal mess.

Some of the credit cards have periodic freights too, which is a gratuitous expenditure.

With too numerous cards, it’s also possible that you may lose one of these cards without you indeed realizing it, which can also be misused. Or your bank may levy charges on your credit card for some reason. Since you have NOT been using the card, you may not notice the charge and let it balloon through service charges and penalties. You may dispute the charge with the bank and come up with trumps but you know it’s a long drawn-out process. Note that the bank won’t let you close the credit card if you have pending charges on the card.

What Should You Do?

Close the cards with a periodic figure that you don’t use important. That’s a low-hanging fruit. Next to go are the free credit cards that you don’t use important.
Retain those credit cards where your favourite store’s caffs shopping apps or websites generally offer abatements or cashback. Or the credit cards where you’re relatively happy with the service. Flashback it’s NOT just about abatements and cashback. A credit card may not offer you abatements but may offer much wider adequacy at the places you visit or travel to( or field Chesterfield access). You might want to retain similar cards too.

Cut down the numbers 2- 3. And be happy with your choice.

Cut down the numbers 2- 3. And be happy with your choice.
Don’t make the mistake of NOT cancelling the credit card you don’t use. You might suppose, if you aren’t using a card, you can just let that be. Why take the pain of cancelling the credit card? Not the right approach. There could be fraud that goes unnoticed. Flash back your liability in a credit card fraud depends on how soon you report the fraud to the bank. However, you might miss out on similar information, If you’re indifferent to communication from a particular bank.
thus, once you decide not to use a card, approach the bank with a formal cancellation request.

What about the Deals You May Miss out On?

Yes, that’s possible, but you can’t do much about this. similar tie-ups keep changing all the time. This month, the app/ website/ store offers abatements to cardholders from ICICI Bank. Coming month, the reduction may be available to HDFC bank credit card holders. You can’t hold credit cards from all the banks to maximise out savings from every deal.
therefore, be happy with what you have. Accept the chance that you won’t have the credit card on which the app is offering abatements.

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