soumya Ranjan padhi
KF Rookie
Having multiple credit card any problem or any trap ?
Credit card
- Thread starter soumya Ranjan padhi
- Start date
If you use your credit card just like your debit card i.e. living within your means it is not a problem at all. But the problem is many people spend more and can't realise how much they have spent until they get the bill at the end of the month. If they can't pay whole amount, then the interest cycle starts.
Skylar
KF Master
I have 10 Cards and I mannualy enter the ammount after very purchase so Never missed a payment
And have tab where I listed where I should be using the cards for getting max return.
If you can manage them, it’s okay to have any number of cards; it depends on you.
Regarding trap/overspending, it’s true that an overspender will continue to overspend, even if they have only one card. Responsible financial management is crucial, regardless of the number of credit cards one holds.
2nd to 24th
Are these billing dates ?
Skylar
KF Master
Yes, those are bill generation dates.
Then why didn't you change to one particular date ?
Is there any advantage with different billing dates ?
Skylar
KF Master
Different billing dates for credit cards offer advantages such as better cash flow management, distribution of expenses, extended interest-free periods, and a positive impact on your credit score.
For instance, most of my utility bills arrive after the 10th of every month. I use the Airtel Card, which has a billing date on the 12th, allowing me extended time to make payments.
Additionally, when a friend of mine exhausts their salary by the third week due to existing loans, I strategically use cards with billing cycles that come after their salary is credited.
While having all bills due on one day would be awesome as we don't have to remember multiple dates, but for my current situation has made these staggered dates work well for me.
Skylar
KF Master
It is peaceful to have all the bills on one day—no hassle of tracking multiple dates and keeping them in mind.
