4 Ways To Stay Organized When You Have Multiple Cards | Bankrate (2024)

Key takeaways

  • The number of credit cards that you can successfully manage depends on how organized you are.
  • Use a system to keep track of your cards and use specific cards for assigned purposes, such as for dining out and groceries.
  • Keep up with card payments by aligning payment dates or by using autopay.
  • If you can manage multiple cards successfully — including on-time payments — you might see a boost to your credit score.

Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful. The article was reviewed, fact-checked and edited by our editorial staff prior to publication.

The average American has 3.84 credit cards in their wallet, according to Experian. While it’s not uncommon to juggle multiple cards, having more cards in your wallet means a higher potential to miss payments, owe fees on cards you’re not using and charge more than you can comfortably repay.

The number of credit cards you can manage effectively depends largely on how organized you are. We cover tactics you can use to stay organized, while maximizing the rewards that come with holding multiple cards.

1. Have a system to keep track of multiple credit cards

Whether you use a personal finance app, a spreadsheet or even a handwritten list, organize your credit card accounts so that you can track your balances, due dates, reward categories and annual fees.

An online bill pay app can help you manage your credit card accounts at a glance, providing you with a convenient way to keep track of your card activity.

2. Assign a purpose to each credit card

Assigning a specific purpose to each of your credit cards —like dining out or online shopping —can help you maximize the rewards you earn on your spending. If you have a card that’s among the best credit cards for groceries and another card offering strong rates on travel, using each card to maximize its targeted rewards can reap you the highest cash back, points or miles on your spending.

Using your cards for specific spending can also simplify budget tracking. If you use one card for dining and entertainment and another for bills, you’ll more easily see how much you’re spending in each category. And tracking can also help you better remember features to make the most of the benefits your cards offer.

3. Carry only the cards you actually use

The more cards you have, the more potential there is for one to become lost or stolen. To help manage this risk, physically carry only those cards you use frequently. Store others securely at home.

To stay ahead of fraud, regularly check your credit card statements for unusual activity. And consider enabling transaction alerts and using apps that let you freeze and unfreeze your card accounts.

4. Stay on top of multiple payment schedules

Managing payment due dates is crucial when balancing multiple credit cards. It can be easy to overlook a payment if you’re not sure of the due date and become caught up in your day to day. But missed payments can lead to late fees and negatively affect your credit score.

Most card issuers allow you to change your card’s due date to better match your budget, streamline your bill payment process and reduce the risk of missing a payment. Just call the customer support number on the back of your card to ask about updating your payment due date.

Setting up autopay is another helpful tool for managing multiple payment schedules. With autopay, your payment is automatically deducted from your bank account each month on the due date or on a date you choose. This helps to make sure your bills are paid on time every month, which can increase your credit score.

How multiple credit cards can be good for your credit score

A clear benefit to successfully manage multiple credit cards is access to more credit. Credit gives you the ability to pay for big purchases and emergencies without going over your credit limit or dramatically affecting your credit utilization ratio —a factor that accounts for 30 percent of your credit score.

Managing your cards wisely — which includes paying your bills on time and keeping your utilization ratio low — can help improve your credit score.

The bottom line

Managing multiple credit cards requires organization and a system to keep track of balances, due dates, annual fees and rewards. Maximize your rewards cards by spending in boosted categories. Carry only the cards you use regularly to avoid losing a card and prevent exposure to fraud. Stay on top of multiple payments by asking your issuer to change your due date to align with your paycheck or other cards. And consider leveraging an auto bill pay app to streamline how you manage your finances.

Before applying for a new card, compare the best credit cards available to find one that fits your budget, lifestyle and financial goals.

4 Ways To Stay Organized When You Have Multiple Cards | Bankrate (2024)

FAQs

4 Ways To Stay Organized When You Have Multiple Cards | Bankrate? ›

You can schedule automatic payments with each of your credit card issuers. When you log into your online account to schedule autopay, you should be able to set up one of the following payment options: The minimum amount due. Your statement balance.

How to use multiple credit cards wisely? ›

How to Successfully Manage Multiple credit cards?
  1. Check and keep in mind the credit limit on each card. ...
  2. Choose the right credit card. ...
  3. Keeping a constant reminder on bill payment dates. ...
  4. Check the terms and conditions on your credit card. ...
  5. Frequent check on credit card activity. ...
  6. Avoid Carrying a Balance. ...
  7. Do Pay on Time.

How to budget with multiple cards? ›

You can schedule automatic payments with each of your credit card issuers. When you log into your online account to schedule autopay, you should be able to set up one of the following payment options: The minimum amount due. Your statement balance.

How to juggle multiple credit cards? ›

How to manage multiple credit cards
  1. Keep track of terms.
  2. Pay on time and in full.
  3. Know when to use each card.
  4. Reconsider annual fees.

How to stagger credit card payments? ›

Change your due date

Many credit card issuers make it very easy to change your credit card bill due date. You can move your due date so it coincides with your payday, for example, or you can stagger your credit card due dates throughout the month so you don't have to pay multiple credit card bills on the same day.

How to manage 6 credit cards? ›

Steps for Managing Multiple Credit Cards
  1. Keep Track of Terms. Know what you are signing up for when you apply for a credit card. ...
  2. Pay on Time and in Full. ...
  3. Set Up Autopay. ...
  4. Set Reminders. ...
  5. Simplify Your Payment Due Dates. ...
  6. Know When to Use Each Card. ...
  7. Keep a Record of Your Credit Card Features. ...
  8. Give Each Card a Purpose.

What is the number 1 rule of using credit cards? ›

1. Pay off your balance every month. Avoid paying interest on your credit card purchases by paying the full balance each billing cycle. Resist the temptation to spend more than you can pay for any given month, and you'll enjoy the benefits of using a credit card without interest charges.

What is the 2 3 4 rule for credit cards? ›

The 2/3/4 rule: According to this rule, applicants are limited to two new cards in a 30-day period, three new cards in a 12-month period and four new cards in a 24-month period. The six-month or one-year rule: Some issuers may only let borrowers open a new credit card account once every six months or once a year.

How to manage spending with multiple credit cards? ›

Use a system to keep track of your cards and use specific cards for assigned purposes, such as for dining out and groceries. Keep up with card payments by aligning payment dates or by using autopay. If you can manage multiple cards successfully — including on-time payments — you might see a boost to your credit score.

How to budget with different cards? ›

Whenever you have to spend above and beyond your budget, it is possible that those purchases could increase your debt. Consider if the purchase is essential or if it can be delayed. If you have more than one credit card, make sure you put these purchases on the card with the lowest interest rate.

Is it smart to have multiple credit cards? ›

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

What is credit card juggling? ›

Kiting is essentially using a credit card to pay the balance of second credit card and then using a third credit card to pay the balance transferred to the first. And so on.

What is the 5 24 rule credit cards? ›

The 5/24 rule states that if you have been approved for five or more credit cards in the last 24 months, you will automatically be denied for any Chase credit card products. This is to prevent consumers from applying to credit cards solely for the welcome bonus and closing the account before the annual fee comes due.

What is the 15-3 payment trick? ›

Typically, with the 15/3 credit card method, you pay half of your credit card statement balance 15 days before the due date, and then make another payment three days before the due date on your statement.

What is the 2 90 rule for credit cards? ›

2-in-90 rule: You can only be approved for up to two American Express cards within a 90 day period.

What is the main rule for using credit cards wisely? ›

Pay your balance every month

Credit card balances should be paid on or before the due date. Paying the balance in full has great benefits. If you wait to pay the balance or only make the minimum payment it accrues interest. If you let this continue it can potentially get out of hand and lead to debt.

Can I pay with multiple credit cards? ›

How can I use multiple cards online? Many companies will allow you to pay for part of something with a gift card, and then finish out the payment with a credit or debit card. However, the majority of retailers will not let you divide payment across multiple debit and credit cards.

How does credit utilization work with multiple cards? ›

Your total credit utilization ratio is the sum of all your balances, divided by the sum of your cards' credit limits. So, for example, if you have two credit cards, each with a $1,000 limit, and owe $500 on one and $250 on the other, your credit utilization ratio is $750 divided by $2,000, or 37.5 percent.

Is it better to close a credit card or leave it open with a zero balance? ›

In general, keep unused credit cards open so you benefit from longer average credit history and lower credit utilization. Consider putting one small regular purchase on the card and paying it off automatically to keep the card active.

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