The convenience of making purchases without having to carry cash has made credit cards a necessity in our life. They also offer a variety of bonuses and advantages, which heightens their allure. However, having several credit cards might become a little overwhelming. So, is it a wise idea to have 12 credit cards?
This question does not have a straightforward yes or no response. It relies on how you handle and are accountable for your credit cards. Having several credit cards can be advantageous if you have strong credit and pay your bills on time. Your credit utilization ratio—the difference between the amount of credit you have available and the amount you are now using—can be improved with its aid. Your credit score can rise if you have more credit accessible.
But having too many credit cards can also be detrimental. Keeping track of all the cards, their due dates, and their rewards programs can get challenging. It may also result in overspending, which can lower your credit score and accumulate debt.
It’s crucial to select the credit card that is best for your way of life and financial condition. For instance, the Amazon Pay ICICI credit card might be the best option for you if you regularly shop on Amazon. Along with other perks like waivers of fuel surcharges and access to airport lounges, this card offers cashback and reward points for Amazon purchases.
The Amazon Pay ICICI credit card has a monthly salary minimum of Rs. 20,000. If your income is less than this, you can still apply for alternative ICICI Bank credit cards that might better meet your needs. The ideal ICICI Bank credit card will depend on your preferences and spending patterns. A variety of credit cards with various perks and incentives are available from the bank. For instance, while the ICICI Bank Coral credit card offers cashback and reward points for dining and grocery shopping, the ICICI Bank Sapphiro credit card offers advantages like free access to airport lounges, golf privileges, and cinema ticket savings.
A few drawbacks of the Amazon Pay ICICI credit card include its limited acceptability outside of Amazon and its high interest rate of 42% annually. Additionally, you must spend your reward points before they expire because they have a one-year shelf life.
In summary, having 12 credit cards might be advantageous or disadvantageous depending on how you use them. It’s crucial to select the credit card that best suits your needs and to manage your spending with it. Before applying for the Amazon Pay ICICI credit card, make sure you satisfy the minimum wage criterion and weigh the benefits and drawbacks of the card. Yes, you can still apply for a credit card even with a monthly salary of Rs. 15,000, but you might need to hunt for cards with lower minimum wage requirements.
Unfortunately, the article “Is Having 12 Credit Cards a Good Idea?”?” does not provide information on which Axis credit card is best for salaried employees. However, Axis Bank offers multiple credit cards with different benefits and features. Salaried employees can compare the benefits and rewards offered by different Axis credit cards and choose the one that best suits their needs and spending habits. It is recommended to read the terms and conditions and the eligibility criteria before applying for any credit card.
The set of requirements that a person must satisfy in order to be authorized for a credit card is referred to as credit card eligibility. This may involve elements like credit score, earnings, employment situation, and prior credit history. Meeting the eligibility conditions is crucial to ensuring that the person can use the credit card responsibly and refrain from racking up debt that they won’t be able to pay back.