Having and carrying more than one credit card makes sense, even for those who rarely use their cards. In our modern world, it’s often a necessity to use a credit card, and to have one declined and not have a spare, can mean big trouble.
In many cases, the need for a credit card occurs away from home and our local resources. To be in a situation where a credit card is required and to find yours isn’t usable can put you in a difficult position. When the need arises, having a spare card can mean the difference between a hotel bed and a night in an airport lounge. Carrying more than one credit card can make financial sense as well. If your card is declined or otherwise unusable, you may end up paying high fees for access to your cash.
You may also find locations that honor one type of credit card, but not another. Carrying more than one different type of card is a great idea. The two largest issuers of credit cards are Visa and MasterCard. These cards are generally accepted anywhere that allows for credit card transactions. Of the other types of cards, there is a wide range of acceptance in certain parts of the world. The time to realize you need an alternate card, is not when yours has just been declined and you have no backup.
In the unfortunate circumstance that your credit card has been lost or stolen, this is also an opportune time to have a spare. In fact, carrying a spare credit card in a different place than your primary card makes a lot of sense. Whether you card has been physically lost or stolen, or the card number has been compromised, the card must be cancelled immediately. If this happens, the credit card company will undoubtedly replace the card. In the mean time however, you are out of luck until your replacement card arrives. Having a spare card can potentially avoid disaster.
Having multiple credit cards can also give you a bit of leverage with your credit card company, believe it or not. If an issuer of a card you carry unexpectedly raises your interest rate or otherwise changes the terms of your agreement, you have the legal right to reject these changes and freeze the card on the account. Carrying more than one card allows you to exercise your legal right and still not be without a credit card. It is also true that your card issuer can lower your credit limit at any time. If you are in the position of needing to use more credit than you have available, having an alternate credit card will certainly come in handy.
So, for those unplanned situations, or just as a financially sound practice, keeping a backup credit card makes sense. Be sure to select a backup card that carries no annual fee and has no penalty for non use. Your backup card should be one that you use for emergencies and unexpected circumstances. Find a card that charges the lowest interest rate possible and pay the balance immediately if it makes sense to do so. As always, use your credit wisely.
Having and carrying more than one credit card makes sense, even for those who rarely use their cards. In our modern world, it’s often a necessity to use a credit card, and to have one declined and not have a spare, can mean big trouble.
In many cases, the need for a credit card occurs away from home and our local resources. To be in a situation where a credit card is required and to find yours isn’t usable can put you in a difficult position. When the need arises, having a spare card can mean the difference between a hotel bed and a night in an airport lounge. Carrying more than one credit card can make financial sense as well. If your card is declined or otherwise unusable, you may end up paying high fees for access to your cash.
You may also find locations that honor one type of credit card, but not another. Carrying more than one different type of card is a great idea. The two largest issuers of credit cards are Visa and MasterCard. These cards are generally accepted anywhere that allows for credit card transactions. Of the other types of cards, there is a wide range of acceptance in certain parts of the world. The time to realize you need an alternate card, is not when yours has just been declined and you have no backup.
In the unfortunate circumstance that your credit card has been lost or stolen, this is also an opportune time to have a spare. In fact, carrying a spare credit card in a different place than your primary card makes a lot of sense. Whether you card has been physically lost or stolen, or the card number has been compromised, the card must be cancelled immediately. If this happens, the credit card company will undoubtedly replace the card. In the mean time however, you are out of luck until your replacement card arrives. Having a spare card can potentially avoid disaster.
Having multiple credit cards can also give you a bit of leverage with your credit card company, believe it or not. If an issuer of a card you carry unexpectedly raises your interest rate or otherwise changes the terms of your agreement, you have the legal right to reject these changes and freeze the card on the account. Carrying more than one card allows you to exercise your legal right and still not be without a credit card. It is also true that your card issuer can lower your credit limit at any time. If you are in the position of needing to use more credit than you have available, having an alternate credit card will certainly come in handy.
So, for those unplanned situations, or just as a financially sound practice, keeping a backup credit card makes sense. Be sure to select a backup card that carries no annual fee and has no penalty for non use. Your backup card should be one that you use for emergencies and unexpected circumstances. Find a card that charges the lowest interest rate possible and pay the balance immediately if it makes sense to do so. As always, use your credit wisely.
