Do’s and Don’ts While Managing Multiple Credit Cards

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Obtaining a credit card can be stressful at times.

Now, imagine buying more than one credit card, a little more stress, right?

And, what about managing them? You must know that if not managed well, these financial blessings (read credit cards) can turn into your worst nightmare.

While juggling multiple credit cards can prove to be a stressful task, we have listed some tips in the form of dos and don’ts that will help you beat this stress.

When used properly and responsibly, holding more than one credit card can have various benefits. However, managing the bills, balances, and spending on various cards can be challenging at times, even if you have the best credit card in UAE. Even a tiny mistake can lead to fines.

Here is a rundown on some dos and don’ts that will help in keeping your credit cards on track.


Make the Payments on Time

More than one card is equal to more than one bill every month. The more the number of cards you have, the easier it would be to forget making a timely payment or lose a bill. In order to avoid such situations, you can set up an online bill payment for the credit cards and save your pockets from late payment fees.

You can also set a monthly reminder on your smartphone or your calendar to sign in to your accounts and make payments. This way you would never have to get shocked by finding a late bill in your old mail stack.

Use a Suitable Credit Card for Every Transaction

One of the complicated parts of holding more than one credit card is deciding which one to use when so that you are able to maximize the reward points. Some of your cards may offer higher rewards against a particular type of transaction or at particular retailers.

If you hold multiple credit cards, you can consider creating a Google Doc or a spreadsheet and write down the key points related to the rewards program of every card. This will give you a quick point of reference while purchasing airline tickets or going out for holiday shopping, increasing the power of the purchase. Moreover, there are various mobile applications that can also help you in making the best choice.


Carrying Forward a Balance

Having a credit card balance will help you in building your credit Score. DO NOT believe this statement. It is a myth. What really has a positive impact on your credit score is making your credit card payments in full promptly every month.

There are 2 ways of handling the payment of balances when you have more than one credit card- clearing off the debts on the card with the lowest balance first or clearing off the debt on the card with the highest rate of interest first.

When you pay the credit card with a high rate of interest first, you may be able to save funds on interest. On the other hand, paying the credit card with the lowest balance first will be a quicker way of closing an account.

No matter which way you select, make sure that you make a lump sum payment on the card targeted while simultaneously making payment of the minimum due amount on other cards.

Choosing Credit Cards with Annual Fees

It is suggested that you avoid the credit cards that charge an annual membership fee for the convenience of using them. There are many cards in the UAE market that are free for life, that is, they do not levy an annual fee.

Also, there are cards, that levy an annual fee, but still put funds in your pocket by providing a rewards plan. For instance, a credit card levies an annual fee worth AED 100. After a course of annual spending on the card, you are able to earn enough reward points for buying a free airline ticket worth AED 500. You still end up in a profitable situation.

The Bottom Line!

It may be challenging to have multiple credit cards. However, if you are able to manage it properly, it will help your finances.

For example, there is a business traveller who has to make payment of his expenses out of his pocket before the reimbursement. The best option for him would be to carry separate cards for personal expenses and work-related expenses. This will help in avoiding the confusion between personal finances with work expenses, and he can earn a huge deal of rewards while spending his employer’s dirhams.

While using multiple credit cards can help you in earning free travel, cashback, racking up reward points, and many other perks, it may not be a money strategy for all. However, the key is to stay organized and responsible in order to remain on the correct financial track.

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