Credit card holders hold more than one credit card. The reason behind this is that different types of credit cards are required for different purposes. Accordingly, reward points are also available on the card.
But sometimes this question comes to the mind of the credit card holder whether more than one credit card can be kept. Let us know whether the country’s central bank i.e. RBI has any rule regarding this and what the harm in having more than one credit.
How many credit cards can a person have?
Reserve Bank of India i.e. RBI has no rules regarding credit cards. This means the credit card holder can have as many credit cards as he wants. But before giving a credit card, the bank checks your CIBIL score. This CIBIL score is the credibility of the bank. Before giving a credit card, your bank checks how many credit cards you have and what is your CIBIL Score. At the same time, if a person’s income is less, then he will not be able to take more credit cards. But if your income is good, you can take as many credit cards as you want.
Should you have more than one credit card?
No matter how many credit cards you have, it will not increase your ability to spend. Many people keep more than one credit card thinking that having credit cards from multiple banks will benefit them or will increase their ability to spend, but it is not so.
Some people even keep more than one card for the feature of balance transfer i.e. payment from one card to another. However, it has been observed that having too many cards always leads to trouble.
It is often advised that if you want to control expenses, then you should keep 2 to 4 cards. You should also buy a credit card keeping in mind which work you are spending more on. For example, you can take a separate card for movies, a separate card for petrol and a separate card for shopping. If you take the card according to your expenses, you will be able to avail more benefits.
