Business & Finance / How Many Credit Cards Should I Have

How Many Credit Cards Should I Have

Credit1 Card is a bank plastic card by means of which the bank offers the customer a credit line2 bounded by a certain limit. It does not demand any collateral and guarantees. Thus the credit card is a loan that is given directly to an individual, whether or not he provides any property to the bank, letters of guarantee, etc.

Credit Card is known as a perfect way to buy different goods and services. There is no need to think about how much money in your wallet. Also, in condition you do not like borrowing money such card can be a fallback, if you do not own enough money to pay. As for the disadvantages, they may only include the limitations for cash set by the certain bank.

What does it require to get a card?

You must fill out the form and show your passport. Some of banks may require submitting an income statement and showing the second identification document (driving license).

How many credit cards should I have?

It depends on a bank, but usually a client may get from one to four credit cards. When considering an application for the second credit card the bank checks credit history3. If the client is still paying only the first credit, he will for sure be rejected. It is also need to note that "the limited number of bank cards" is usually a simple lure for customers to get the only one card with the supposedly favorable conditions. Actually every bank has the convenient credit conditions, but number of cards can not be limited, it is a kind of a publicity stunt. And as you see it always works. Therefore, specialists advise you firstly to pay credit on one card, then close it and get the second credit card with the conditions that seem favorable for you.

The cards of which types should I have?

Gold and platinum cards belong to the highest category of credit units, on which banks offer high credit limits and exclusive privileges.

A higher credit limit and other benefits of gold cards are especially attractive for people who travel frequently, for work and for personal reasons. The additional services for these cards usually include car insurance, traveler insurance and a guarantee for the certain types of goods.

You can also submit an application and get a platinum card with a smart set of additional services, but the requirements for the holder of it are also much higher. Some banks charge a fee for annual maintenance. Before you decide that you need gold or platinum card, analyze carefully the conditions of supply and answer the question to yourself: "And which of these additional services will I actually use?"

Do you need a co-branded card?

Sounds interesting, does not it? With the help of co-branded credit cards the holder can not only earn a free ticket, but also help his university or cultural institution. The co-branded card feature the bank logo, the payment system and the organization or company involved in the joint project. Every time a transaction takes place, the holder gets some bonuses or makes certain payments to the third parties.

So now you are able to choose the number of cards to possess. The best way is to get the cards with different conditions which are useful for your needs. If you are getting your card for the first time, it is better to use only it for some time. Pay the first credit and then decide if you can afford yourself to possess another one, or two, or whatever.
  1. Bank credit is the money provided by a bank for a fixed period and under certain conditions.
  2. Credit line is a credit provided to the client in parts (tranches) within the unused limit established by a bank contract.
  3. Credit history is a set of information about the timeliness of credit payments.
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