Multiple Credit Cards: How many credit cards should you have? Know the advantages and disadvantages of having more than one credit card

Multiple Credit Cards: If you are also a credit card user, then you must be wondering how many credit cards a person can have in India.

Credit Card Limit in India: It is common today for people to have more than one credit card.

The advent of credit cards has made life very easy for people. Now they do not have to wait for their salary to come at the end of the month to buy something. Credit cards are also very useful in times of emergency. The trend of credit cards has increased so much today that it is a common thing for people to have more than one credit card. If you are also a credit card user, then you must be wondering how many credit cards a person can keep in India. So let's know how many credit cards you can keep and what are its advantages and disadvantages.

How many credit cards can a person keep with him at once in India?

Credit card is a type of short-term loan which can be used for shopping, bill payments and cash withdrawals. In India, a person can keep multiple credit cards at once and there is no limit on it. But experts say that a person should keep as many credit cards as he can manage and make full payment on the due date.

Eligibility for multiple credit cards

Most credit card issuing companies give preference to applicants with a minimum annual income of Rs 4-5 lakh. The applicant should be employed or self-employed. A high credit score also helps as it increases the chances of your application getting approved quickly.

Know what are the advantages and disadvantages of having a multiple credit card

Benefits of having a multiple credit card

• Having multiple credit cards means increasing your overall credit limit. You can use the increased credit limit to make higher-priced purchases and fund additional expenses.
• Each credit card has some unique features. So having multiple cards can help you gain more benefits, such as access to airport lounges.
• Your credit utilization ratio, which is a key factor in your credit score, can improve by using multiple cards. You can keep individual card utilization low by splitting expenses across multiple cards.

If you have a multiple credit card, keep these things in mind:

• Having multiple credit cards means that you will receive multiple bills at the end of every month. As many credit cards, so many bills. If you are unable to pay these bills on time, not only will you be charged a penalty but your financial burden may also increase.
• While purchasing a multiple credit card, people should know about the charges levied on it like joining fees, annual fees, transaction charges etc.
• There is a high possibility that your credit score can be affected by using multiple credit cards. Because if you are not able to pay the credit card bill on time, then your liabilities will keep increasing. Due to which your credit score can decrease. A bad credit score means that you may face difficulty in getting a loan in the future.
• You can get caught in a debt trap because having multiple credit cards increases your credit limit. Due to this, people sometimes become careless and buy things that they do not really need. In this way, you can get caught in a debt trap