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These days’ banks offer various credit cards which are of multiple uses. Some offer payback points, few offer rewards and benefits and some come with other benefits. Due to these lucrative offers and discounts, most of the individuals avail multiple credit cards. However, the problem arises when these credit cards are swapped and paying their bill becomes a burden.

So to come out of this vicious cycle, it’s important that these credit cards must be used responsibly. All you have to do is to learn the art of handling them and their proper management. This will help you in coming out of the debt trap as well as also makes you uber-organized. Scroll down and know the tips and tricks to handle multiple credit cards:

The First Step: Divide your Credit Cards

This is one of the most important and best trick to handle multiple credit cards in one go. Categorize them according to your use i.e. personal and business. After dividing them into two, sort them as per their use and benefit. Like, the one with dining and shopping offers should be kept in one pocket and the other one which is used for paying bills must be kept in another pocket.

Grouping the cards will help you in reaping their maximum benefits. You will get to know which one offer paybacks and which one offers lucrative benefits.

The Second Step: Documentation of Credit Cards

It may feel something out of the blue to you, but yes making a document of all your cards also helps in their proper management. Jot down all the relevant details about the cards like their credit limit, payment cycle, Annual fee, etc. and keep a check on any outstanding payments regularly. These details include Credit Card name, who signed up (you or wife), Sign-up date, Credit Limit, Annual fee, Date on which annual fee is charged.

Last and Final Step: Review all Cards Monthly

Another important tip to manage the cards smartly is to review them every month. Having multiple cards sometimes leads to payment deadline miss and this leads to accumulation of debt. So, to keep yourself out from this trouble, you can ask the card provider company to automate the bill payments. With this, you don’t have to remember the billing date every month. At the same time, it also makes your payments regularly and on time.

But, this does not mean that you should not check your balance and credit card statement every month. Reviewing it regularly help you in keeping a track on your spending habits, the interest charged on buying a particular item and any payback or cashback points generated.

Following the above steps will help you in managing your multiple credit cards at the same time and that too with complete responsibility.

Also Read : Stress Free Tips to Manage First Credit Card