Over the years I've collected a lot of cards - credit cards, that is. I collected them either because I liked the features and benefits, or I was attracted to the free gifts that were given upon application of those cards!
With so many cards in my purse, I find that I would be in for a lot of trouble if my bag goes missing one day (touch wood, though!). I would only be putting myself through a lot of credit card fraud should these cards land in wrong hands. And if this were to happen, I'm not sure that the banks would be kind enough to let me off the hook on fraudulent transactions.
So that's when I decided it's time to cut back on these cards. Besides, I don't make use of half of them, so I definitely don't need them all. It's best for me to start being smart and consolidate my spending on just one or two cards so that I get the most out of my point collection and start to redeem some great gifts instead of spreading all my points out too thin amongst so many others.
Lately I've also preferred to shop with cash instead. With the latest change of ruling about the interest-free period, it's sometimes not worth swiping the card and get charged additional interests. In such times when things are getting more expensive, it's wiser to spend smart.
2 comments:
Great advice. No one should surely ever need more than two or three credit cards. I use my credit card quite a lot, but I always pay the majority of the balance each month so that I stay on top of things. I tend to pay cash for the smaller purchases so that my statements are a little easier to go through.
paula, that's a smart and responsible way to use your card :)
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