How many credit cards should you kept? Answer this Question here

Having more than one credit card increases your chances of spending and falling into a debt trap. Also, having more than one card reduce your credit utilization ratio for each card.

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You should have a credit card that matches your spending pattern. For example, if you do more online shopping then a shopping card will be right for you.

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With this, you will get many benefits like offers, cashback. If you use your vehicle to go to office, then it would be better for you to have a co-branded fuel card.

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If you are taking a credit card for the first time, then you should prefer Visa or MasterCard. You can also avail cashback and reward points on these cards.

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The advantage of multiple credit cards is that you have a higher credit limit. If one lakh is two then you have a 2 lakh limit card

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However, it is important to keep in mind that having more than one card reduces your credit utilization ratio for each card.

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Remember that your credit utilization ratio should not exceed 30 per cent of the available credit limit. Crossing this limit can affect your credit score.

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