In today’s world, what’s the one thing that you will find in the wallets of your friends and colleagues? Plastic money. For a generation that’s always online, Debit and Credit Cards are essential financial tools.

You can have savings accounts and a corresponding Debit Card. It’s quite common for people to hold multiple Debit Cards. But when it comes to Credit Cards, you may be slightly apprehensive about holding multiple Credit accounts. 

In truth, having more than one Credit Card can be a good credit management strategy. Having multiple Credit Cards can improve your credit score. So, if you’re thinking of adding another Credit Card to your wallet, you may be headed in the right direction.  

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Here’s why you need to get another credit card:

1. Better credit management:

You can divide your expenses between two or more Credit Cards. That way, none of your cards will be maxed out. You can also pay the bill of one Credit Card with another, to manage your Cards better.

2. Business Credit Card:

If you run a business, you can easily keep track of personal & business expenses by using separate Credit Cards for each. That will make bookkeeping easier for your business. 

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3. More rewards:

We all know that Credit Cards come with rewards. Different Credit Cards come with different benefits. While some cards give you rewards for shopping, others offer rewards on fuel or entertainment.  

4. Improve your credit score:

That’s right. Your credit utilization ratio is likely to improve if you hold multiple Credit Cards. It’s simple math. Your credit utilization ratio is a ratio of the sum of all your debts to the sum of credit limits of all your accounts. 

5. It’s good to have a backup:

Have an emergency but your credit card has hit its limit? Need your card immediately but it is stolen or lost? In such scenarios, getting a new Credit Card issued from your Bank could take a few days or even weeks.