Managing a Portfolio of Multiple Credit Cards in Pakistan


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Due to a highly competitive market, today it is much easier to acquire credit cards in Pakistan. Credit cards can serve a very important purpose and they are a great financial tool. Mawazna’s credit card comparison service provides you easy access to a wide range of credit cards offered by Pakistani banks where you can compare and select a best credit card matching with your needs. Owning multiple credit cards at one time, helps you to build your overall credit rating since you keep your credit utilization ratio as low. Since you can spread your overall credit utilization to multiple cards rather than using one credit card in Pakistan. However, if you have multiple credit cards acquired from multiple banks in Pakistan, you should understand how to manage them in the best way possible.


They offer you a short term credit facility and provide you with the ability to spend money when you need it. Credit cards also improve your credit rating but they can also lead to financial problems if not managed correctly. For example, if you don’t use all of your credit cards and you only acquired them to increase your overall available credit limit, it may still impact your credit score negatively. Therefore, there are a number of ways in which you can benefit from them providing you manage them wisely.


Additional Reading: A Guide to Choose the Best Credit Card in Pakistan


Think Simplicity
You may find yourself owning a number of cards at one time requiring you to remember a lot of things to manage your credit. If you do need more than one card, you should review them by looking at which cards you can get rid of as well as those that are no longer in use. However, it is important that you carefully consider the cards you close as this can impact your credit rating. Simplifying a portfolio of your credit card in Pakistan will help you ultimately by making well informed decisions.


Keep a Track of Your Spending across the Portfolio
It is all too easy to lose track of what you are spending on all of your cards. This may sometimes put you in troubles as well. They may all have different limits and you may use them for different things but it is possible to lose control. Therefore, it is important that you understand how they are used, when you use them, how much you owe on them and how much credit you have left. Understanding all of these things will enable you to keep on top of you spending which will mean that you do not owe any unnecessary debt. Worth mentioning, you will be paying a very high rate of interests in case you credit is not paid in time.


Pay Off What You Owe
Try and pay off any of your credit cards as soon as you receive your monthly bill. Thanks to online banking. This job has been made so much easier now a days but it is possible to set up monthly payments so that your credit card bill returns to zero after each month. This means that payments are easier as they are paid automatically from your bank account to the credit card company leaving you to make sure that you have the money in your account to cover the cost. Of course, it is still important to check your bills to make sure that there is no fraudulent activity but setting up an automatic payment will certainly make life easier for you.


Use your Rewards Offered by Different Cards
While you may have taken out a credit card to ensure that you can pay for specific items, you may have also taken them out depending on the rewards that they offer. If this is the case then you need to remember to use them because you could be paying for them. These rewards will offer things such as flights discounts, cash back, and points towards goods or even cash off certain service. Some cards will offer these as a kind of free reward while others will charge an annual fee for them.


Additional Reading: A Guide to Understand Best Rewards Credit Cards Offered by Pakistani Banks


If you are being charged a fee then you should make sure that you are making use of the rewards. If you are not using them then you should consider changing the card for something else that works better for you.


It is clear that credit cards serve a very important purpose in today life but having more than one does put you at risk sometimes. That risk involves building up a debt that could spiral out of control but managing your cards in the correct way will make all the difference. It will give you a clear understanding of what cards you have and how much you owe while ensuring that you pay them off as soon as possible. is a leading financial services comparison platform in Pakistan that enables consumers to make more informed decisions when choosing financial products and services including credit card comparison, selection and applying for a specific card product offered by leading card providers in Pakistan. Visit us online to compare banking, insurance (car insurance, travel insurance, and health insurance) and broadband products to make more informed decisions.


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