Why do we need more than one credit cards?

The financial needs usually differ from one person to another person. There are few people who spend lots of money on fuel and there are people who spend lots of money on shopping or food. The preferences change from one person to another. When it comes to the preferences, we all look for good offers when we make a purchase. One credit card will not be able to satisfy all the needs of the individual. That is one of the reasons why people prefer having more than one credit cards. I would like to highlight some of the key factors that justify why we need more than one credit card for us.

The main concept of credit cards is to spend now and pay later. If we are able to get an advantage in spending now an paying later, people will obviously look forward to getting that advantage. And that is how the usage of credit cards became famous.

Extra credit limit

For every credit card that we hold, we will be getting a credit limit. Based on the credit limit an individual can make purchase using the credit cards. Credit limit is nothing but a virtual limit for every card. The individual may not be able to purchase anything above the given credit limit. The advantage in having multiple credit card is that you will be able to have extra credit limits. If you are someone with 3 credit cards, you can have 3 times the credit limit that you usually get if you have just one credit card. This credit limit gives you more freedom to purchase things for a higher value.

Special offers

Most of the credit card service providers provide you some special and unique offers specific to that particular card. The offer may not be available in another service provider. If we want to avail different offers from different service providers, we have to own multiple credit cards. During big sales that happen in online shopping websites, they provide exclusive offers for some specific credit cards. In order to avail that offer, we will need multiple credit cards.

Different type of cards provide you different benefits. There are some credit cards that are exclusive only for fuel purchases. Based on the fuel purchase you make, you will be getting additional points that can be redeemed for extra fuel. For example if you have a card that is exclusive for food, you will be able to get some good benefits and offers in restaurants where the card will be accepted.

Another card for Backup

We cannot completely rely on just one card alone for all our expenses. There have been instances for me where the card I give for swiping will have issues with the vendor’s machine. At that time it can be quite embarrassing if you don’t have any alternative card or cash with you. Having a card for backup is always good so that we can split the spending among both the cards. There are also people who use their credit cards based on the type of spending they do. One card will always be for food, one card will always be for fuel and one card will always be for shopping and groceries. This will also help them track their spending easily.

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