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YOUR PERSONAL CHARGE CARD PORTFOLIO

Published by sam - 16/09/07 - 10:09:46 am

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Charge CardThe typical cardholder carries seven cards, which probably were accumulated haphazardly rather than selectively and which undoubtedly duplicate one another to some extent. Cardholders who use this entire collection actively may find themselves writing more checks than necessary and risking more difficulties should the cards go astray. You should keep the number of cards to a minimum and make certain that each card meets particular needs or provide specific advantages not available with the others.

Because spending patterns vary widely, it is impossible to suggest a typical portfolio. But, in general no more than three or four cards should adequately serve your needs.

Both MasterCard and Visa are so popular and so widely accepted that there is no need to carry both of them. Your choice between them should depend almost entirely on the terms offered by the banks to which you apply. A standard—not premium—card should fulfill your needs adequately.

Some consumers carry two credit cards in order to increase the amount they can charge—for example, $1500 on each—in the event that they buy, for example, $3,000 worth of airline tickets. This is quite unnecessary, because the issuer of any card will willingly raise your credit limit to $5,000 or more if you credit rating justifies it. If does not, you would be very unwise to raise your credit line with a second card.

Whether you want the Discover card, which offers rebates, depends on its acceptance in your community and by other merchants with whom you deal. The rebates it offers have some value, but if you charge excessively on the account to rack up rebates, you may find you’ve lost more (thanks to the card’s high interest rate) than you’ve gained in rebates.

Among T & E, American Express is accepted at more locations than either Diners Club or Carte Blanche. If you pay your charge-card bills in full each month, you may prefer a T & E card to a bank credit card, particularly if the annual fee of the T & E card is lower than the annual interest you accumulate a credit card.

Whether or not a department store card is worth having depends largely on your shopping habits. If your local department stores accept the usual charge cards, a card limited to one store (or chain) is of little value, although some departments stores send their card holders advance notice of special sales, and the threat to cancel a department store card may give you some leverage in setting disputes about returns or other problems. If you use department store charge cards, pay off the monthly balance in full to avoid the typically high interest rates associated with these cards.

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