Generally people do not consider it right to have more than one credit card. Many people believe that having more credit cards increases the chances of increasing the loan burden. However, according to financial experts, having more than one credit card can have many benefits if used properly.
While using the credit card, it should be kept in mind that it should be used only during the interest free period. On most credit cards, this period is 18 to 55 days. However, on withdrawing cash from an ATM, interest has to be paid from day one. Apart from this, you can also take advantage of redeeming them by accumulating reward points from card purchases, refueling etc.
These benefits can be availed
- Most banks offer instant loan facility on credit cards. If you suddenly need more money, then you can arrange money from it.
- Different e-commerce platforms keep getting discounts and cashback offers on shopping with different credit cards. In such a situation, if you have more than one credit card, then it can be taken advantage of. remains beneficial. In this case, you can pay the bill using the facility of balance transfer. In this, the bill of one credit card is paid with another credit card. For this some interest has to be paid.
- If you want to take loan from credit card, then having more than one card is a profitable deal. With this, you can take a loan at low interest by comparing the EMI before taking the loan.
- If you want a higher credit limit on the same credit card, then sometimes it is difficult to get it. In such a situation, you can easily take this limit by taking two-three cards.