How Many Credit Cards is too much ?

Credit Card sales agents rank amongst the top 5 white collar liars in Indian business. When selling, they tell that everything you want is for FREE – Free cards, No joining fee, No service charge, low APR, Air miles or Cashback etc. This will lure any Indian to apply for one and head himself into the trap.

You must always ask how many cards it too much ?
Due to the nascent and the merging nature of Credit Card industry in India, with rampant mis-selling and fraud, we advise consumers to have just two credit cards. Preferably one from VISA and other from MATERCARD so that if one is not accepted you can use the other. Also try to have a 15 days gap of billing cycle so that the payment obligation in case of extreme spending is not heavy at a time.

Cancelling a Credit Card:
If you haven’t used a Credit Card in 6 months, then you probably don’t require it. Do not pay Annual Fees and hold a Credit Card. It is advisable to write to the Bank to cancel your credit card instead of calling them, as we have found that most call center executives of Indian credit card companies are not up to the mark. By canceling in writing [either send it by registered AD or goto the bank and get a SEAL on copy of the request for cancellation letter], you have the proof and record of the same. Also make sure you don’t have any balance on the card when you are terminating it.

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