• Credit History
  • Finance
  • Investment
  • Loan
  • Mortgage
  • Commodity
  • Debt

Mine Loan

  • Credit History
  • Finance
  • Investment
  • Loan
  • Mortgage
  • Commodity
  • Debt

The benefits of using multiple credit cards

0
  • by Jay Sonaidan
  • In Credit History
  • — 2 Apr, 2018 at 11:22 am

Why more than one card could be no bad thing.

According to Experian, we tend to average around 2.3 credit cards per person. So, using multiple credit cards at the same time is something that most of us are very familiar with even when we also have guarantor loans or other types of secured loans. In fact, depending on the way that you use the credit cards you have, there could be all sorts of benefits to having more plastic in your purse and it can be a good way to avoid the higher interest costs of borrowing such as loans with no credit check.

Credit cards and credit score

A well managed credit card that is paid on time, used every couple of months and not stuck at the same balance could support your credit score. It provides lenders with evidence that you already know how to manage credit and that you’re actively doing it well.

Paying less interest

With multiple credit cards you might be able to juggle balances and purchases so that you pay less for credit. So, for example you may have one credit card that offers 0% on balances and which you’re using to clear a debt from an older card. At the same time you may have another card with 0% on purchases that you use at the store or online so that you don’t pay interest when you buy. As long as you can maintain all these cards properly to take advantage of the 0% interest then there is a financial benefit in doing so.

Reducing the potential for fraud

With multiple cards you can allocate one card purely for online shopping. Online fraud is on the rise at a rate of about 16% per year and many of us have already experienced it. If you have just one card that you use online then that threat is removed from your other credit cards. If that card is compromised you’ll still have others that remain untouched and you can limit the losses and consequences that you experience if you do come across a fraudster.

Financial back up

If you’ve got more than one card then you’ve always got a back up if something happens to the other cards – or your bank account is compromised. Your wallet might be stolen, for example, or you might lose a bag that contains bank cards and other credit cards. With multiple cards – as long as they are not all kept in the same place – you’ll have a financial back up if loss or theft does occur.

Rewards

Credit card rewards are a big motivator for those who have multiple cards. You might have one card that generates air miles, another cash back and a third that helps you to earn vouchers for high street stores. As long as you’re clearing or reducing the balances on the cards on a regular basis then you’re getting something for nothing by using multiple credit cards to collect rewards.

Travel convenience

For frequent travelers it’s often useful to have more than one card to use when abroad. Some cards aren’t widely accepted and some may have fees attached to foreign use. If you have more than one then you know you’ll always have a card that you can pay with and one that won’t incur lots of fees when you’re overseas.

Share
  • Previous story How to Raise Personal Loans?
  • Next story Getting a Jumbo Loan? Consider These Things First
  • Tabs

    • Recent Posts
    • Most Popular
    • Comments
    • Tags
    • Factors That Should Be Considered While Writing Resume November 3, 2020
    • Build A New Home In Singapore With Proper FundsNovember 19, 2019
    • The Many Benefits of Bitcoin TradingOctober 3, 2019
    • All about best Micro loan SingaporeSeptember 17, 2019
    • Application Auto Finance Bitcoin Dealers broker Business Financing cheap pet insurance company Credit Score Dealing debt financial financing Financing Tips firms Fixing Credit funder funds home loan Income Financing insurance Investment Loan Money Mortgage Deal Mortgage Deals Mortgage Loan payday loans payment payments profit retailer shares stock taxes traders value Vehicle Finance Deals Web
  • Recent Posts

    • Factors That Should Be Considered While Writing Resume 
    • Build A New Home In Singapore With Proper Funds
    • The Many Benefits of Bitcoin Trading
    • All about best Micro loan Singapore
    • Wedding Loans: Perfect Finance Choice for an ideal Wedding
  • O'Dell & Company Is A Full Service CPA Fort Collins & Accounting Firm provides services such as tax planning, tax prep, and bookkeeping.
  • Archives

    • November 2020
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • May 2019
    • March 2019
    • December 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • October 2017
    • September 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • August 2016
    • July 2016
    • May 2016
    • April 2016
    • March 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • November 2014
    • October 2014
    • September 2014
    • August 2014
    • July 2014
    • June 2014
    • May 2014
    • April 2014
    • March 2014
    • January 2014
    • September 2013
    • August 2013
    • May 2013
    • April 2013
  • Categories

    • Commodity
    • Credit History
    • Debt
    • Featured
    • Finance
    • Investment
    • Loan
    • Mortgage
    • News
  • Tags

    Application Auto Finance Bitcoin Dealers broker Business Financing cheap pet insurance company Credit Score Dealing debt financial financing Financing Tips firms Fixing Credit funder funds home loan Income Financing insurance Investment Loan Money Mortgage Deal Mortgage Deals Mortgage Loan payday loans payment payments profit retailer shares stock taxes traders value Vehicle Finance Deals Web
  • Inquire Now

Copyright © 2019 Mine Loan. All Rights Reserved.