How many credit cards do we need, really? Given the digital era we live in as well as the vast availability of countless advertisements, promotions, special deals and offers from banks – how many cards are really enough?
Truth be told, the precise number is up to you and you alone because we are all different, have countless diverse needs and whatnot. Given you know how to choose your plastic – you are free with your choices as long as you have the required minimum. Everyone should possess the minimum of five cards. I will explain why shortly.
But before that, I’ve just touched the juicy topic of choosing the best fitting plastic model. All I can say is that effectify.comcredit card service should be enough. This resource is downright brilliant at highlighting both the string sides as well as weaknesses of all the major credit card “brands”.
Now that that’s done, let us proceed, shall we?
The five card rule
Why do we need a minimum of five cards? Here’s a clear and definitive explanation:
- The fist card is used for travels. It can lie around untouched for a while, but when you choose to book a flight or hotel – it’s irreplaceable. That noted, with a travel-fit card, you can even withdraw cash in an ATM of a foreign country without paying a cent of commission. In certain cases this approach can reduce the price of the entire trip down to 20-40%!
- The second one is used for withdrawing cash in an ATM, but at home. The commission will be lower and you won’t be obligated to pay the bank a % of your hard earned money for something as simple as the benefit of holding them in your own hands. This way also saves up to 20% of your incomes in the long run if you are a diehard fan of cash.
- The third card should be used for cashless payments as well as money back offers. A lot of stores and banks support cash back programs that return 5-20% of what you have spent to your account after the purchase. The store is later refunded by the bank but that’s not the matter here. What matters is that you get some money back for something as simple as hopping and it takes a separate card.
- The fourth one is used for online shopping because of, well, the deals. It should have a lower commission for these kids of transfers for you to gain even more benefits.
- The fifth card is used to manage cash flows between the rest. Not all of them will be from the same bank and if you are willing to transfer money into your cards through digital means – you need to reduce the commission as well.
I hope that information was of use to you! Try not to spend too much.