If you have more than one credit card for your work , pay special attention to these things, otherwise you will be in big trouble
Many credit card holders need to be careful as often more than one credit card can be a hassle for you.
- Having more than one credit card can be a hassle
- Know the impact on your pocket
- A higher amount has to be paid every year
Nowadays many finance companies or banks offer credit cards by calling customers . They show so many advantages of credit card at zero processing fee that customers feel that credit card should be taken. However, sometimes this hobby can cost you dearly. Here are the disadvantages of having multiple credit cards .
Multiple Credit Cards Harmful Having more than
one credit card makes you feel like your purchasing power is increasing and you start making indiscriminate purchases. This only burdens you with debt and you start spending unnecessarily which you end up having to pay. Avoid having more than one credit card to avoid this.
Debt can mount up
Having more than one credit card will make it difficult for you to remember all the payment dates and you may default. This hobby of having more than one credit card can trap you in huge debt. If you frequently miss credit card payments, your CIBIL score may deteriorate.
Large
Annual fees If you have more than one credit card , you don't have to pay an annual fee in the first year. But it has to be deposited in the coming years. Thus you have to pay a huge amount every year in the name of annual fee to the bank or finance company. This may cause you financial loss.
Increasing monthly expenses
You may get tempting offers to pay off card payments through EMIs, but don't fall for them. If you pay the card payment as EMI then you will have to pay more than the fixed amount for the card every month which will increase your monthly expenses.
