Ritesh Srivastava, Founder & CEO, FREED, says “I would advise consumers that it does not give you points to own four or five credit cards. The key is to identify your needs. What is it that you will have the ability to pay in full at the end of the month? Just own those many credit cards and keep one for rainy day expenses but as long as you are financially disciplined. Credit can be a great asset for an individual, but if not handled wisely, can soon turn into a big debt trap.”
How many credit cards do you own?
I own about four credit cards but I use two credit cards very frequently.So, I may own four, but I only use two credit cards when it comes to running any charges on it.
So, you have four, but then you actively use only two of them. So, what is this kind of strategy? Could you also unveil that a bit so that it will be helpful for all those viewers who are into having multiple credit cards? You know how banks are selling credit cards these days, keeping the festive season and the time when people splurge a lot in mind?
So, honestly, there is just one answer for it which is that prior to owning credit cards as entitled one may feel acquiring those, the key is to do a proper budgeting analysis and understanding your propensity or your ability to pay.
For example, in my instance, I am using two credit cards, one primarily for putting up any expenses and one for travel. There are travel rewards associated with a card versus the other one is for my other expenses and that