Having more than one credit card is generally not considered good. It can lead to the addiction of extravagance. Also, it is not easy to manage more credit cards. Despite this, many people have more than one credit card.
Credit card has now become an important part of the life of many people. They use it for all important tasks from shopping to bill payment. Many people even have more than one card. In such a situation, the question arises that how many credit cards can a person have and what are the advantages and disadvantages of having more than one credit card?
Financial institutions check your credit score, also known as CIBIL score, while giving you a credit card. If you have a good CIBIL score and meet other criteria, you will get credit cards from many banks. If your income is low, financial institutions may hesitate to give more credit cards. But, if you have a good income, you can get as many cards as you want, as there is no limit on having a credit card.
Many people keep up to 8-10 credit cards. There are some benefits of this. Your credit limit increases. You can get more interest-free money. Many products are available on no-cost EMI on online shopping platforms such as Flipkart and Amazon. In such offers, you only have to pay for the purchase through EMI, not the interest. Many banks also offer facilities like free airport lounge access and fuel surcharge refund at petrol pumps on their credit cards.
Having more than one credit card makes it difficult to manage them. Many times there is a risk of missing the last date of bill payment. Due to this, you will have to pay heavy interest and your CIBIL score will also be affected. To avoid this problem, you can set reminders for the due dates of all credit cards on your mobile. For this, you will also get many apps, which will make it easier to manage credit cards.
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