People keep multiple credit cards for a host of reasons. They might need extra credit or want to increase their credit score and want more benefits out of that spending. But, whatever be the reason, here are some easy and quick tips to help you manage multiple credit cards with ease and efficiency

 

Don’t use multiple cards

There are many people who believe that having a single credit card for all the expenses have made it easier to pay the bills monthly. Consolidated debt payments every month will make sure that you don’t miss your payments, make their payments on time and keep an easier track of your deadlines

 

Avoid carrying a balance

Make sure that you do not carry a balance on your credit cards from one billing cycle to the next. Reward cards generally have higher interest rates, which can come back to bite you in case you forget to pay your payments for your bills on time. Remember that any interest you pay we’ll offset and may even offset the value of rewards that you earn with a card

 

Payback your balances on time

Along with paying off your balance each month, you must make sure that you are making your monthly payments long before the due date. An automatic, online bill-pay system can be ideal for this purpose if you are particularly forgetful. This will make your payments easier and ensure that you never forget a deadline. Should you miss a payment incidentally, it is highly suggested that you call the credit card issuer right away and ask for the fee to be waived. If it is your first late payment or it is a new card, the company is often happy to oblige

 

Skip cards with a cost

Having cards with annual fees make things difficult for you in the long run. Paying an annual fee every year means that you are actually paying more than you would pay if you use cash for all your purchases. Thus, it is a smart move to opt for cards that do not charge an annual fee at all in the UAE. These cards are called free-for-life credit cards. If you find a perfect credit card for yourself but it has an annual fee, consider asking your credit card company to waive the fee for you. It never hurts to ask, does it?

 

Pick the right card for your purchases

Perhaps the most challenging part of having multiple cards is maximizing the reward points for yourself. It is important to pay attention to each card’s features which might include fraud protection, extended warranty for travel insurance. These features come in handy when you are making a major purchase with your credit card

 

Keep tabs on your purchases

Knowing where you spend your money every month is essential to paying off your balance effectively. Reducing expenses, avoiding large purchases and keeping an eye on your monthly statement will help you keep an accurate tab on your purchases. This will ensure that you have made the correct number of transactions or spent the correct amount to gain the bonus that your bank for credit card company is offering on the card

 

Consider the impact on your credit score

It is very important that you do not overlook the impact of your credit score on your credit lines. Your credit score and the length of credit history is one of the most important factors that your lenders scrutinize before they give you a loan. Having a low credit score will not make you eligible for your loans when you need them