How to Use Multiple Credit Cards

As long as you can avoid the impulse to go into debt, having multiple credit cards can be an excellent way to maximize the benefits of each.

Instructions

1




If you're looking to transfer a balance, keep an eye out for promotions in the mail or online for new cards that offer 0% APR for all balance transfers (usually for 12 months). Often, a fee applies for the balance transfer. Crunch some numbers and do the math: is the interest you'll pay if you kept your balance on the old card higher than the balance transfer fee? Most often, the answer is yes and it's worth transferring.

2

For all debt that you know you can pay off, you should use a credit card with a competitive rewards program. These tend to have a higher interest rate, so you won't ever want to carry a balance. Use it for things like gas, groceries, or big purchases you can pay off immediately. You can choose free tanks of gas, frequent flyer miles, or even cash back for your rewards program.

3




If you do a lot of online shopping, it's worth it to use a credit card with some sort of online protection and security program. Some credit cards offer insurance in case your card information is stolen.