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Having multiple credit cards can be beneficial, especially if you maintain financial discipline and use them responsibly.
As India increasingly adopts digital financial transactions, many people are turning to online payment methods like UPI (Unified Payment Interface) and credit cards. Credit cards offer the convenience of buying now and paying later in manageable installments.
If you already have a credit card, you might consider applying for another but worry about the risk of accumulating debt.
In India, numerous credit card providers offer a range of cards, each with unique features. If you’re considering having various credit cards, here are five benefits you can expect.
Having just one credit card can restrict your purchasing power if you max out its limit. On the other hand, owning several credit cards offers greater flexibility, allowing you to use different cards and keep a healthy credit utilization ratio. Ideally, aim to use around 30% or less of each card’s credit limit.
Using credit cards responsibly, whether you have one or multiple, can significantly boost your credit score. Ensure timely payments to avoid negative impacts on your credit rating. Keep your credit utilization ratio low to show financial stability. A long history of responsible credit use builds a solid credit history, and having many cards can diversify your credit mix, which is viewed positively by credit agencies. Additionally, multiple cards provide a financial cushion in emergencies, as long as you manage them wisely and avoid unnecessary debt.
Having multiple credit cards serves as a backup if one card stops working, is lost, and stolen. This is particularly beneficial during emergencies and when traveling. It also simplifies handling unexpected family health crises by providing alternative payment options.
One of the key advantages of having two credit cards is the extra perks that each card offers. But Before applying for a credit card, carefully research the rewards and benefits available, and select one that best suits your individual requirements.
Credit card issuers frequently provide introductory bonuses, rewards, or promotional interest rates when you open a new account. By strategically applying for new cards, you can make the most of these temporary benefits.
Applying for various credit cards can signal to lenders that you are in need of money and might be a credit risk. A hard inquiry, where lenders check your credit score, can remain on your credit report for up to two years. To avoid this, start with a soft inquiry to check your eligibility for a credit card. Keep in mind that being rejected for a credit card can negatively impact your credit score.
Still unsure about the benefits of having several credit cards? The answer depends on how well you manage them. Understanding and wisely using credit cards can offer several advantages. For example, with an HSBC Cashback Credit Card, you can enjoy 10% accelerated cashback on dining, food delivery, and grocery purchases, along with complimentary lounge visits and more.
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