Do I Have To Apply For More Than One Credit Cards In India?

You should use your credit card for sensible reasons and follow sound management practices, provided no annual fees exist, or you are not overawed by maintaining multiple accounts. Your credit score improves if you use fewer credit cards since you have a greater credit limit and carry less debt, reducing your debt-to-credit ratio. Where the maximum credit card limit in India is concerned, the more credit cards you have, the less effect a new credit card will have on your “average account age” when you get one or when one of your older accounts closes.

Credit Cards Are Advisable, But Should They Be Used?

The decision to obtain a credit card is not taken lightly, as there are numerous reasons to do so. If you’re considering getting a credit card, don’t jump at the first offer; instead, research your options online before making a decision. Don’t even consider getting a card until you realize what it means for your future.

You may find that a credit card is the best option, but it must be treated seriously. You can create credit with a credit card when used responsibly. Credit card debt, however, can lead to severe financial difficulties if payments are not made on time. Even having more than one is not a good idea. 

You have a credit card in your wallet that is like an unsecured loan with the highest interest rate in the banking industry. Playing on individual greed and consumerism is the underlying theory. It is more than enough for any person to have one credit card. 

How you use your credit cards is generally more important than the number of accounts you have with them. Having several credit cards and spreading out your purchases may make it easier to keep your utilization rate low. 

A multi-credit card program can be a great way to maximize your rewards and travel perks if you enjoy using rewards credit cards, optimizing every purchase, and keeping track of your mileage or points in different programs. The lesser accounts you have to keep track of, the easier it can be to manage your finances. 

Manage Your Finance

If you use multiple cards, you might spend less on one account than another and be amazed by the total at the end of the month. A credit card for bad credit can be a good option if you have a low credit score. Platinum credit cards are recommended for people with good credit histories. Building a good credit history does not require multiple credit cards.

If you are choosing rewards credit cards, you will have more opportunities to earn rewards. In other words, you can take hold of advantage of both offers even if one card offers a bonus on supermarket purchases and another offers a bonus on gasoline purchases.

Besides this, you can also find credit cards with incentives for opening them, such as a 10,000-point bonus if you meet a purchase requirement within a couple of months.

In opening credit cards, you will be subject to a temporary “hard pull,” which will negatively impact your credit score. Even a few inquiries will not affect your credit score that much, and after two years, the inquiries will disappear from your credit report, allowing you to open up more credit card accounts.

It is Essential to Build Your Credit if You Can Pay The Balance off Each Month

If you pay your credit cards on time, you can increase your credit limit over time with two cards, theoretically doubling the amount of credit extended to you by banks.

You’re showcasing yourself as a low-risk person to lend to, and you’ll be able to access the emergency loan if the need arises (although hopefully, you will not need it). Having a good credit score is not just useful for loans, but it is also used for employment background checks.

Conclusion

Yes, you can apply for more than one credit card as long as you qualify for the credit card. If you have a credit card and you do not pay it on time, then your CIBIL score will drop due to which you will not be able to take another credit card, then to get more than one credit card, you have to make payment of each credit card on time and Even if a loan or bank balance has to be maintained properly from the bank, then you will be able to get more than one credit card.

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