The power of credit cards cannot be undermined. They not only bring about convenience but also help you tide over shorts periods of financial crunches. But if not used in the right manner, these cards can turn into objects of financial destruction. High-interest costs and revolving debt can prove very costly for anyone.   

When the benefits of holding a credit card are evident, many individuals look to own multiple cards thinking that the benefits will be doubled, tripled or even quadrupled.  It is true that having more than one card also brings in more benefits, but one has to successfully manage multiple cards. This may not be everyone's cup of tea. 

Additional Reading: Be Mindful of These 9 Points While Using Your Credit Card

So we bring you a simple guide on how to successfully manage multiple credit cards. 

1. Draw up your credit card budget:  No matter how boring it sounds, budgets are essential. It is good to draw up a list of expenses that you look to pay from your credit card.  While doing this split up expenses between the cards and see if it is within the credit limits of each card. Also look to keep the credit utilization ratio low on the cards. Remember, if you use up the entire limit on your cards, your credit score is going to get affected. 

2.  Get your payment dates right: The more the number of cards, so will be the number of due dates for outstanding balances. If you want to reap the benefits of having more than one card, you would have to keep a track of due dates and not let it get mixed up. Unpaid balances not only affect your credit score but also would burden you with interest and late payment fees.  

Additional Reading: 5 Rules for Your First Credit Card

3. Keep an account of all terms and conditions of each card: It is good to draw up one sheet wherein you can keep a ready reckoner of all terms and conditions of all the cards that you possess. The interest rate chargeable,  reward points and its expiry, tie-ups and offer on cards if any etc. Also use cards meant for that specific purpose, Ex: If you have a co-branded fuel card, make sure you use that each time you fuel your vehicle.  

4. Make clever use of the due dates: When you have more than one card, try and stagger your repayment dates on both the cards in such a way that you get maximum credit period (One at the start of the month and the other sometime later). You can effectively time their purchases on both the cards in a way that you get maximum grace time. For Ex: If a card has Billing date on 5th of the month and payment date by 20th of the next month, try and get a second card that has billing date towards the end of the month. 

Additional Reading: Card Mistakes? Here Is a Quick Guide

5.  Keep a tab on your credit card statements: With multiple cards, it is easy to lose track of credit card usage. It is very important to keep a check on your cards so that there is no fraudulent use or unauthorized transactions. As it is important to pay regular outstanding payments, in the same way, it is important to keep your card safe.