Multiple Credit Cards - Advantages and Disadvantages - EXPLAINED!| Ankur Warikoo Hindi
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- Опубликовано: 27 янв 2023
- Should you have multiple credit cards or just one?
How does it affect your credit score?
How to make the best use of your credit card?
We will discuss all the basics of having multiple credit cards, and to make sure you do not end up spending more than you should on them, in this video.
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What to do if my actual credit limit is 3.9 lakh but on the CIBIL site it is showing 1.65 lakh. Due to which my credit card utilisation is always showing above the 40%
Sir what is your credit score?
@Warikoo ㊉①④⑦⑨④④⓪⑥⑦⑧⑤ stop fool people.
You are not real warikoo
Sir,
Can you please share some content on silver buying guide and its effects?? Just like the one you did for gold buying guide digitally??
Ankur bhaiya, i have a question .... i am student age 23, i have total 8 credit card now. My yearly income less than 1 lakh .... but my yearly credit utilisation is 11 lakh. but i pay total amount the due. for earn the cash back i used the credit card for purchasing many thing as well as friends things also. my question is, is there any taxes for utilisation for credit card????? i am worry just bcecz my income 1 lakh but i spend 11 lakh . Reply zarooor dena bhaiya
I'm 22 now and a working professional and have been using credit card for past 2 years and it has changed my life. The best thing credit card taught me is how to manage money and that will last with me forever.
I've been using SBI CASHBACK CREDIT CARD. Please suggest credit card you use
Same here. I use ICICI Bank Amazon pay card. And It's been useful to me. Lots of benifits Id used wisely.
Abhishek ji..please tell which card are you using??
@@preetomdas388618 ke age me fd based credit card hi milta hai then use use karne ke baad cibil score banne ke baad bank khud offer karti hai unsecured credit card ya ap khud se apply kar sakte hai 🔥
Kaise Mila aapko sir cashback credit card@@siddhardha_meduri
One important disadvantage you missed- The Annual Fee. Most good rewards based cards have an annual fee and it is waived off only after spends of a certain amount. If you have too many cards, you may not be able to reach that spends mark and would end up having to pay the Annual Fee.
It’s not that difficult. Just pay your bills with the card and pay back the full amount.
@@84dhanreddy lol. U may be talking about convenience here but I am referring to the added expense.
Yep. Credit not utilized to breakeven the annual fee is still a hidden cost of credit card
Anybody with common sense knows that 90 % of credit cards come with an annual fee 🤷🏻♀️
I had more than 7 cards at a time. While giving cards the companies say lifetime free, but after a few years they’d bind yearly maintenance fee. I kept closing those cards. Now I have 5 CCs without any yearly liability, combined spend limit over 18 laks and 6 quarterly loung accesses 😂
The key is timely payment and keeping low spend percentage. Apparently, premium companies would offer you their card one day.
I am using 9 Credit Cards from different banks , paying all bills on time and enjoying credit limit and rewards
any effect on cibil score
I have 5 credit cards and planning it cut it down to 2. Easy credit is a trap.
I love how you start the video with the juicy bits right away now! No intros/prologues
If you have good financial discipline and pay in full without fail then good to have separate cards for
1. Travel (Co-brand or Amex)
2. Dining and Shopping
3. Fuel (Surcharge waive off, 4-7% cashback)
4. Any card from Rupay (lesson learned after Russia war and blocking by Visa and MasterCard)
can u suggest some for above type?
@@ajinkyanarkeamex are best for traveling but you can also have hdfc regalia gold or axis vistara card for traveling
@@ajinkyanarkefor dining and shopping you can use hdfc milienia card which is best for shopping and rewards point values
@@ajinkyanarkefor fuel spend i use icici amazon pay card coz it weavers all the surcharge on fuel transaction or you can use hdfc indian oild card or bpcl sbi card
4-7% for fuel can you tell me one credit card that gives 7%?
I've 18 credit cards under my name over past 7 years. Never missed a payment , never paid minimum due , but still I think I've collected too much. I'm keeping them stacked in my locker as most of them are life time free. Only 2-3 cards are on regular usage.
Aren't there any charges applied on those which you aren't using
@@asifahmed6568thats life time free bro no charges
Actually I was waiting for such video from your channel
Thanks for making this video.... Very informative
Wonderful job Sir, very detailed explanation.
Exactly how i am using. Thanks🙏
Nice observation... Few of following. Few needed to be. Thank you and team.
Thank you for making this video.
I loved you video. Thank you for making this video and your point are absolutely correct l.
Thank you for this Video. Loved it. It was like, a father figure is giving me advice on handling money.
Thank you once again 😊
Very helpful information. Thank you
Great video! These are such basic concepts regarding credit cards, but most people are oblivious about them.
I have 17 credit cards and have managed to use them efficiently for almost a decade now.
Discipline is imperative.
Bro 17???
@@gamingwithjontylol
Jabardast Ankur ji. THank you very much.
Thank you, appreciate the information.
Wow, this was very helpful. Thank you so much.
Thanks for sharing awesome tips! I'm financially free and currently growing a solid retirement plan. It takes a positive and consistency to learn new things, unlearn the old habits is important to get a mentor/coach to lead you all the way.
It's great to start young too!!
I’m new to trading, whats the best way to know a professional trader as a beginner
Hi I'm 43 working on my retirement fund too. What do you think is the best target for retirement?
A lot of people find having a coach/ financial advisor a luxury
personally i think 1m is the goal to overcome inflation and having them in an investment portfolio is a perfect plan. I'm half way to my goal
Personally I’ve got someone who makes me cool cash trading on little commission
Really a good explanation sir really loves the topic you covered it helps alot
This video came at the same time i was searching for this. What a coincidence. Thanks a lot for posting this amazing video 🙂.
Absolutely useful
very very helpful, thank you!
Thanks sir for these awesome tips and tricks
Thankyou for sharinng awesome tips..
best advices !
Thank you sir for sharing the valuable information about credit card
much love, thanks
Got to your video randomly in recommendation
I must say
I really like the way you explain and give examples
And your aura is very good and keeps people connected 🙂
And, great video cleared a lot of doubts
Thank you 👍🏻
Cred is very beneficial for all of us. Good information sir 👍💥
I love the way you explain , I have seen your many videos after listening you I have opened account in zeroda also ,1 year ago.
Sir I appreciate ki Aaj aapne Mr. Whosetheboss ki tarah straight to the point video shuru kiya har baar ki tarah backstory ka rona dhona nahi kiya
Sir Your Information is really Productive. I learn so much from your Vedio 👍
Thank you !!! ... Very nice video.
Thanks for your comment ❤️, DM me on whatsapp for direct guidance.
Excellent video
Very useful
Excellent
How do you make transactions to fd or any mutual fund as you mentioned from your credit card? As per my knowledge, we can make purchases from our accounts only using debit, UPI or internet banking. And if you transact money to your saving account from your credit card then you have to pay a certain amount of money as transaction charges.
Great Sir ❤❤❤
Very informative video... I already use all mentioned points and enable my friends about it ...
Specially "credit card as Debit card" one
I have 4 credit cards & maintaining cibil score also ✨✨✨✨
प्रिय अंकुर जी, नमस्कार! आपकी दी हुई एक - एक फाइनेंशियल सलाह, जितनी भी आपकी तारीफ की जाए, मैं समझता हूं कम होगी! आपके हरेक शब्द मेरे लिए अनमोल रत्न के बराबर है, काफी सरल और उपयोगी सलाह देते है ,जो किसी भी आम लोग को भी आसानी से समझ आ जाती है, अपेक्षा करता हूं आगे भी हैं ऐसे ही हमारा पैसे के मामलों में पथ प्रदर्शित करते रहेंगे। धन्यवाद!
CC Nerd!!💯
I got 10% instant discount when I bought a fridge along with 50% interest as cashback from merchant. EMI i selected was 3months to avoid every month additional hidden charges.
If I paid full, I would have got just 2% back or in cash, no discount at all.
Credit cards have huge power of discounting your purchases and it is awesome product to have with you.
Thanks a lot
Hello Ankur, thanks for the video. However, if we have multiple cards, we don't have to split among different cards to lower the Credit utilization ratio IE: if we have 2 different cards with a limit of 1L each, and if we end up spending 90K on one card, the credit utilization ratio will be 45% regardless if we split the spending. (Based on my credit report, please correct me if I am wrong)
That being said there are other reasons to split spending on different cards as you have mentioned in the video :)
I had a bad experience of that minimum due trap and it was a night mare and than I have learned how to use credit card. Now I have 8 credit cards and it's good if you know how to use them wisely.
Very nice sir
Another big disadvantage of owning multiple credit cards is that your credit report shows multiple credit accounts open on your name and your profile may appear a bit risky to lenders when you apply for other loans such as home loan, personal loan or car loan. There are benefits as well as drawbacks to owning multiple CC so it's best to choose wisely based on your real needs.
that is't the case if you are paying ur bills on time
Actually it's the opposite... Short term it will hurt credit score but long term it will be better for credit score
Bada ache se smjate ho bro yarr ❤️
Presently having 10 credit cards and using them frequently and efficiency. Cred is helping a lot to manage them. Thank you for your knowledge
You are awesome sir.. the way you explain things is just next level.. ❤
I'm 24 working in HDFC Bank.. I'm very sorted and smart enough to understand how much i have to spend and manage expenses.. and I like to have credit cards so thats why I'm having almost every bank credit card which is in the market 😅 i have almost 13 credit cards of different banks and now using all of them to make money from money 💸
Can you suggest some of the best credit cards, you are using. Also name which credit cards you are using. 13 credit cards.
@@mohammedabrar183if you have no idea about how credit and interest works do not fall for this trap, it is only for the highly knowledgeable person who works in banking industry or at least have some sort of knowledge about these stuff
How long should one wait before applying for a 2nd credit card?
I am new to your channel, and seriously get bunch of knowledge in a single video, keep it up sir.
@TEL.ËGRAM me 👉👉warikoo41 great sir
Thank you dada Respect 🙏
Last line was amazing 💖
Explained in crystal clear. Using credit card effectively and efficiently is not a rocket science
Another informative video, thank you sirji for sharing it. But can you you also make a video on how to control expenses 🙏
I am so blessed that my father know all these informations, and he taught me all this at my age of 18 and I started managing my fianance and credit by my own. Thanks Dad.
Thanks for your comment ❤️, DM me on whatsapp for direct guidance.
Lucky you
Sir,
Can you please share some content on silver buying guide and its effects?? Just like the one you did for gold buying guide digitally??
I will suggest to buy gold when rbi releases the gold bond.
Finally someone with the same mindset...
Very nice vedio 🎉
damn trick was awesome
Thanks you sir for this..❤️ 🙏
Thanks
1 more thing I guess may not be available in India but available in West is there is something called “Balance transfer at 1%” for 6 months which is run by some top banks in America/Canada. The credit card holder can just withdraw or write a cheque or etransfer that money to himself/herself and just pay 1% of balance fee for 6 months. If market or returns are higher than 1% than that I believe is a big advantage most North Americans never take advantage of.
Its there in sbi credit card
nice video
I loved the tips given by you. I also keep 7 CC but all for different purchases. I also use Cred to track my spends n due dates. The icing on the cake was ur funda of debt mutual fund to earn free money 🤑. I will use that now. Thanks
I am going through a debt atm, it will take me 2 years to get out but this was a lesson taught to me by the banks and their credit cards. The harassment was something else, calling me fraud because I missed payment on some of the credit lines while making payments to more important one btw to the same bank. I will remember all that has happened for the rest of my life. One of the positives I can t think of is the timing, I can pay this off later in life it would have been hard being single I can save alot. Bad thing is now that I don't have excess funds opportunities are popping up, I was offered pand for cheap but had to decline.
आपका समझाने का तरीका बहुत अच्छा लगा मुझे सर् राम राम जी 😊😊
IDFC offering credit cards with annualised interest as low as 9% based on individual profile. Not sure if all companies do such a low rate
Please make a video on the US recession how can we take a better opportunity in the shock market
How to understand which credit cards will be good for yourself?
Hi Ankur, can you please make a video on Kite’s Auction Market? Thanks.
I have 4 CCs too. Somehow i manage to spend enough that my membership fee gets waived off, but I don't use much and my credit utilisation is pretty low. That hurts my cibil score too.
Thank God...every negative points not experienced ever. I use 7 credit cards and when it comes to physical card, i keep all my cards on Samsung pay and physical cards at home so no fear of loosing them😁
10:45 As a suggestion I would like give a solution to this problem as you can easily save all your credit card details in gpay or phone pe or samsung pay and pay all your bills at any merchants through NFC by your wifi enabled cc... Hence evading the burden of carrying your credit card... even today NFC being a decade old technology is very much underrated and still unknown to majority of users. A very convenient and secure method of cc payment. once you get into habit you'll never ever carry your cards again...Believe me
Even I'm using multiple credit cards and managing via cred also...🙂
Cred's rent payment charges are average but rent charge also deduct from credit card and cred app, got dual charges
Please create a video on credit card usage and income tax notices like that limit of payments in cash or online...
As per my knowledge you will get a notice if you don’t have any tax file and you are spending 10L+ on CC
Hello can you please help us understand which forex card is best for international travell. it would be great if you take a time and make avlog on this, it will be really helpful for most of them.
Big fan sir
Sir, if someday you open a commerce school I'll definitely take admission coz I am just 19.
One of the problem with Multiple Credit Cards is utilising the minimum annual spend to wave off the annual fees. How to solve this issue?
How many Cards do u have🤔
There's no solution for this. Only fix is get a lifetime free credit cards which banks offer by themselves. We cannot apply for it. They offer it to very selective customers based on account history, transactions, and many other factors.
Hi Ankur, Please make a video on having multiple bank accounts ie advantages and disadvantages.
Bank accounts do not impact cibil score, so keeping 1 bank account is enough!!! Also, all bank accounts have more or leas same interest rate .
The best way to keep multiple credit cards is to keep them in auto debit format, that way your payments are disciplined!
HI, I already have 3 cards and planning for 4th. can you guide me when to apply. I want bill date on 7th of month. please guide when to apply or book. Thankyou
Another disadvantage of having multiple credit cards is we have to pay annual fees for some premium credit cards, so it's better to accumulate some zero annual fees credit cards like amazon icici card , etc and then go for other credit cards.
Dear sir,
Very informative video ❤❤❤❤❤❤❤
Very good Right information for Credit card ❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤
Maza Aaa geya sir ❤❤❤❤
Please please sir more videos for Credit card Used ❤❤❤❤❤❤
Sir ji can you please make a video on how to earn something in 10 15 20 days from money which we kept for cc payment like you say in this money
Ankur bhaiya ji .... awsome explanations with proper examples...the way you explain is next level...big fan of urs...keep it up bhaiya ji❤
If I have to different credit card of two different bank so how I set the billing cycle of both so I will get more advantage of time to paid both payment
Is the same applies on having multiple cards from same bank?
Will it be considered as one big loan or multiple loans?
Moral of the story : focus on in hand income, there is millions way to expenditure.
Plz make a video on new ind money app....How can we invest in US stocks now & what about the investment that we already have ?
Yayy
Hello ankur sir. Big fan of ur contents. Even this video is very informative. I liked the Debt Mutual Fund part. Can you please suggest some good debt mutual funds to park few thousands for 2-3 months?
What is the charges if go for cash withdrawal but paying on Time before due date?