Improving Your Credit Score: Having multiple credit cards can help improve your credit score. Having more lines of credit open and keeping them all below their limit can demonstrate that you are a responsible borrower. Initially, applying for and accepting the credit card may impact your score negatively. However, this will not last long, and once you are using the cards and repaying them, your credit score will positively reflect this.
It is vital that you keep your debt utilization low. Following credit card usage tips such as paying the balance in full each month and only using it for things that you need can help you to achieve this.
Always Have a Back-Up: It is a sad truth of modern times that fraud is on the rise, and it appears that nobody is safe. But this should not stop you from having a credit card. However, in the event that you are a victim of fraud, having multiple credit cards will mean that you always have a back-up. This can be particularly important if you use your credit card frequently, so always have a backup card.
Have the Option to Transfer Your Balance: If you have built up significant debt on one credit card, it can be useful to transfer the balance to a new card. This way, you can take advantage of interest-free periods, better perks or lower monthly repayments on the new card.
Having various credit cards gives you the freedom to move the balance of each of them whenever you please.
By Admin –
