The Top Benefits Of Multiple Credit Cards
Ready to play the credit game?
If yes, then this strategy guide to the top benefits of multiple credit cards will be a game-changer for you. There are certainly stigmas that surround opening multiple credit card accounts. However, it can actually have great advantages when it comes to building healthy credit. If you stay organized, keep an eye on your accounts, and maintain activation, then you’ll undoubtedly win!
Here are all the perks you should (and need to!) know about when it comes to opening multiple accounts…
Credit cards have amazing rewards systems that can add up beautifully when in good standing. Discounts on flights, restaurants, delivery services, hotels, gas, supermarkets and cashback to name a few! There is an abundance of benefits and points can earn you. (I mean, no one ever hated a discounted vacation to the Bahamas!). The best way to play this is to open cards that have different offerings. Then optimize the variety of advantages.
Maintain a Low Credit Utilization Ratio
Looking to improve your credit score? This will do the trick. Having multiple credit cards can actually help lower your credit utilization ratio. The amount of credit you’re using compared to the amount available. Using around 10% of the available funds is best for your score.
Here is a great method for a healthy credit score. Split the bills you already know you have across multiple credit cards. You can keep accounts active, maintain a low balance and pay for things needed for the month. Example: One card can be for food, another for your cell bill, another for your internet service, and so on. This can be a credit Win-win!
Provides a Plan B
Sadly we aren’t in control of fraudulent charges on our cards. If somehow your card becomes compromised, it can take days to sort it out with your bank. And even more to receive a valid new card. To avoid being stranded without any access to credit (and developing a massive headache), having multiple cards provides you with options.
Clearly, there are many pros to having multiple credit cards. They can aid in accruing healthy credit and additional bonuses, as well as provide options during life’s most unpredictable circumstances. The above perks definitely speak for themselves. As long as you’re smart about your payments. Remember to always have a pulse on your active accounts, you’ll see the silver linings and quick gains!