How Many Credit Cards Should You Have ?
Different people have different opinions on the number of credit cards that we should carry. Let's take a look at the pros and cons of carrying just one, to carrying lots of them. Just One Credit Card - If I have had it my way, I would only carry just one card. The card that I would personally carry would be my Amex Platinum Card. I find it more convenient to carry just one card. My wallet would be thinner and it would just be easier.
The only problem with this strategy is that if your favorite card is an American Express Card, then, you would probably need a visa or a mastercard for places that do not accept Amex. In my opinion, here are the advantages of carrying just one card. 1. You get just one statement a month - I simply cannot imagine what it is like to have five or ten credit card statements every month.
2. Every credit card issuer issues a year-end summary of your expenditure broken down by category items. With just one card, you can easily see what you are spending each month of stuff.
3. I have found that by charging more to your card and having a favorable credit history with them, you can get away with the occasional late payment fees. However, there are disadvantages to just having one card. 1. If you lose you card, you will probably have to wait a few days to get a new card. This is a major inconvenience.
If your card increases your APR for no good reason and does something nasty to you, then you are stuck. Having a couple of cards There are however some reasons to have a couple of cards as well. You can optimize and maximize the amount of benefits you can get from a card. For example, many people who carry cash rebate credit cards have a couple of cards to maximize their cash rebates. For example, one possible combination would be to carry the American Express Blue Cash with a card like the Chase Freedom Credit Card.
Another interesting combination among frequent travelers is to have the Amex Black Card and the Starwood Preferred Guest Credit Card. It's good to have a couple of cards if you accidentally lose one - off course, if they are all in the same wallet, then. If one card raises your rates and does something that displeases you, at least you have other cards to fall back on.
You can more monthly statements - which we all could use without. So what's my view? Well, I think just having two cards is often enough. Three at the max. I just do not see the point of carrying more cards than necessary, both from the point of convenience and ease of managing the cards. What is your opinion? How many cards do you carry?
Local bank set to launch a rewards programme for credit card customers
This programme is the base for a comprehensive loyalty initiative that will soon be integrated with other cards and retail products in the Cayman Islands. Through FirstCaribbean Rewards, Credit Cardholders will earn at least 1 point for each US$1 spent on FirstCaribbean Classic and Gold Cards. Platinum Card members will accumulate at least 1.5 points for each US$1 spent, when making purchases.
Marilyn Galloway, General Manager, Card Services, hailed the programme as one of the Caribbean Region’s most comprehensive and far-reaching credit card customer loyalty initiatives. The customer is at the heart of FirstCaribbean’s business," she said. This programme is one of our major efforts to provide our Credit Card users with a rewarding purchasing experience that delivers value in the form of attractive redemption alternatives."
Ms Galloway added that FirstCaribbean has formed partnerships with local merchants, providing additional rewards for FirstCaribbean Credit Cardholders who shop at their locations. As a Caribbean-centric bank, one of our major strategies is to contribute to the development of regional businesses," she said. We are pleased to offer bonus points to customers who shop locally with our Merchant Partners in the Cayman Islands and to contribute to business building on these islands."
FirstCaribbean Rewards is one of Card Services newest customer driven initiatives, which, along with providing incentives and rebates, offers an online reward redemption option. The programme’s web home will provide FirstCaribbean Credit Cardholders with a complete list of global Rewards partners, along with tools to manage their points.
In subsequent phases the Rewards Programme will be available to Small Business Credit Cards. Co-branded credit cards products, such as UWI, Simpson Motors and WICB, have their own rewards structures.