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Give Your Credit Card Optimization A Shot

Give Your Credit Card Optimization A ShotGetting the credit card and using it wisely is not enough when you have multiple credit cards. You need to manage the credit card portfolio effectively to make the best from it. Credit card portfolio is nothing but keeping the track of all your bill dates and making the payments on time. Maintaining effective credit card portfolio will help save the money on all late fee you end up in paying.  This also mitigates the confusion financial and you will be able to gain better control of finances.  The current article details you information about how to maintain right credit card portfolio.

 Know your personality

It may sound surprising for you what your personality is going to do with managing the credit card portfolio. You should analyse if you are a person who never likes to overuse the card or spend first and think later kind. If you belong to the second category, you should choose the cards the gives more offers and rewards. If you belong to the first category who have an understanding that the credit cards should be used only in the case of emergencies, other credit cards should be your option.

Analyse market

You should never hit the credit card that comes on your way blindly. As you have narrowed down your search results on the basis of the personality, hunting the right credit card should not be a tough game.  You should keep eye on your spending habits and payment habits to choose the credit card that fits your requirements.  In these scenarios, you should aim to search for the low-interest credit card rather than picking one that comes your way. Here is a caution! Don’t let the introductory offers blind you. Make sure you read the fine print of the agreement to know another related fee to make an informed decision.

Right set of credit cards

Not every credit card that is available in the market will suit your needs at the best. After analysing your needs and requirements, you have to check if you hold right set of credit cards. Having multiple credit cards is wrong but; make sure that they fit right in your lifestyle.  You should also keep in mind that you should not apply for multiple credit cards simultaneously which will damage your credit score. If you are applying for multiple credit cards, make sure you space out the application.

Scan your wallet

Apart from chasing multiple credit cards to suit your requirements, you should also check for those unnecessary credit cards that are laying idle in your wardrobe. If they are multiple credit cards with high annual fee lying idle in the cupboard, it is better to closer them. If two credit cards can comfortably address all your expenses, closing the others would make sense.

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