How can you manage multiple credit cards efficiently?

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Credit cards have gradually become a premium payment method among the ever-increasing modes of payment all over the world. In India, around 36 million people own a credit card due to the varied range of benefits and offer they receive with a credit card and the easy availability of cash.

Coming to owning multiple credit cards, there are certain advantages and disadvantages to this. There are many people all over the world who collect credit cards for a living. From saving money to fuel, earning cashback offers from every transaction you make, discounts on flight and hotel bookings and earning points on all type's purchases made, different credit cards offer to cater to different kinds of people. To avail all the offers available on various credit cards, having the option of an extra line of credit, people tend to hold multiple credit cards.

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However, with its advantages, holding multiple applying for this credit card comes with its own share of cons. If you do not keep a constant check on the credit cards you own, the debt keeps on accumulating. Paying off these credit card bills can become difficult, especially if you have other bills to pay.

How to successfully manage multiple credit cards?

In order to manage the credit cards, you have, here are some pointers which you can follow.

Check and keep in mind the credit limit on each card

In order to manage the multiple credit cards, you own, the credit limit on each card must be checked whenever you make a transaction or purchase, no matter how small. The credit limit on a credit card is offered by the bank depending on your credit score and credit history. The lower your credit score, the lower your credit limit. However, you can always request a higher credit limit while applying for the credit card.

Keeping a constant check on your credit limit helps you plan your finances according to pay off the bill and also how careful you should be on spending with your other credit cards. Most people keep making purchases with credit cards thinking it is a small transaction, and at the end of the billing cycle, are left with multiple bills of large amounts to pay off.

It is essential that you plan your finances on each of the credit cards you own. Since you have two or more credit cards, you can split the monthly expenses between these credit cards to prevent any kind of excess expenditure made on one card.