Disadvantages of multiple credit cards??

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i have two ( Citi & ICICI )..Using for last 2 years ..Actually i am feed up of Using CC .

I hate ICICI CC. They charge Rs 100 for Depositing Cash
 
Prole73 said:
They say in future, theres going to be credit reports.

In such a case, multiple cards increase creditworthines... ?
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Well point is if someone have 1 card or 5 cards, creditwothines is simply depends on basic of card use and how you are repying, if everything on time and no late payments then its hardly matter 1 card or 5 card
 
I have one card and because my laziness I have failed to pay the bill 5 times in last two year before due dates :P, paid 400/- each time. I swear, I will never take any other card in the future :P except the one from which I can link my bank account.
 
none.

I hate debt with a vengeance. A debit card is all i need - and that too my salary account. For online purchases, I have friends :P
 
But then at the end of the day, most of us cant use much of cc due to reasons you all know. everyone here isn't salaried .... ye :P
 
blr_p said:
Wrong, more cards means less credit worthy.
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Not really, it all depends on your credit line on each card as well as your repayment history. There are guys in the US with more than a half dozen cards and their credit score is almost 800. (which btw is freakin difficult to achieve!)
 
The more cards you have the harder it is to make those payments on time. The on time bit is important. And if your credit was that good why would you not instead get a higher credit line from just one or two companies. Of course you would, and makes more sense to have fewer cards than more. In the US the advantages mentioned by the OP for having access to different deals is small, Discover had quite a few but other than that you need just one more.

Having more credit cards means you live beyond your expenses and thats where they get you.

Bear in mind, in India none of the above applies (yet), then again neither is there any consumer protection on purchases you are not satisfied with either.

greenhorn said:
none.
I hate debt with a vengeance. A debit card is all i need - and that too my salary account. For online purchases, I have friends :P
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If you can hold on to your money for a month more it earns interest.
 
Yes....managing multiple cards in quite difficult. Keeping track of statements, due date, rewards point is quite difficult. I would suggest take one card with maximum limit less than your monthly income to be on safer side :D
 
greenhorn said:
none.
I hate debt with a vengeance. A debit card is all i need - and that too my salary account. For online purchases, I have friends :P
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agreed. same here.
I never felt any difficulty in 9 years (since my first debit card is taken). For online purchase netbanking + vcc is sufficient according to me.
 
raksrules said:
Are there any cards which can save me some money while buying fuel ??
Also AFAIK when cc are used at fuel stations they have some surcharge which simply means i am paying more for that amount of fuel vis-a-vis i would have paid in cash.
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I have a question on this fuel surcharge. Who charges for it ?

I have an CC from ICICI with no fuel surcharge and when I use it for fuel say for Rs.1200, i sign a slip where the amount is mentioned as Rs.1200 but in my CC statement the amount is Rs.1228 (approx) and ICICI credits my CC account with an 'Reversal of Fuel Surcharge' for Rs.28.

I don't understand how this is applied & reverted back. Any answers ?:huh:
 
That is 2% surcharge on fuel and charges on the surcharge that makes it 28 Rs. This is applied by the bank.
 
axeman said:
That is 2% surcharge on fuel and charges on the surcharge that makes it 28 Rs. This is applied by the bank.
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Hmm.. Ok. thanks for the info...but why do they apply it and revert it back...they could have as well avoided it for 'surcharge free' cards.
 
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