Do I need another Credit Card?

Nowadays people have more credit cards, each member in family has multiple cards. It’s because credit card has become a common way of bill payment for the items.

But is it good to have many credit cards? Would have control over your credits?

The best solution for this is analysis yourself, budget your spending. There are many advantages of budgeting. Now lets analysis our existing credit cards based on following parameters below:

Card issuer
Network Provider
Annual Fees
Credit Period
Credit Limit
Financial Changes
Balance Transfer Rate
Other fees
Offers
Date of expire
Ease of bill payment
Service

Chart out a table and list all details of your card and select the top three. It’s ideal to have three cards in this highly demanding world. But you should always have total control over your three cards. You should be aware of the due dates and the spending you make through each of the three cards.

The other side if the coin, analysts say you may be tempted to overspend if you have too many cards. You may find it more difficult to keep track of purchases you have made and how much money you have spent when you have several credit cards if you are not organized and budget your finance. Always know your spending and manage repayment properly.

Again, when your credit score is calculated or when debt security ratio is calculated creditors may look at you as a poor credit risk because of the amount of credit you have available. You may not carry large balances (credit limit), but you have the potential to run up large amounts of debt. The more cards you have, the less eager new creditors may be to give you more. So it’s advisable to always keep you credit limit with in your potential. Too much credit limit and a bad repayment track record can damage your credit score. Creditors and Credit card issuers look for your credit score and DSR. If this is not healthy then you have less chance of getting credit.