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If you want to make things really simple you could transfer the balances on those multiple credit cards to a new one – that offers a better interest rate. There are also a number of 0% interest balance transfer cards available. If you could qualify for one of these you should definitely transfer the balances on all of your credit cards to it. You would then have just one payment due date, which would really simplify the task of making your payment on time. Plus, you would have anywhere from six to 18 months interest-free so that all of your payments would go towards reducing your balance. If you could double or even triple up on your monthly payments you might actually be debt-free before your promotional period ends.
Optimize your rewards
If you're managing multiple credit cards with multiple rewards you might find it hard to keep track of the rewards categories offered by each of them. Again you should create a spreadsheet to keep all the information in one place. On this spreadsheet you will want to list the name of each card and the rewards it offers. You could then save the spreadsheet to your phone via Google Drive, Evernote or Dropbox so you could check the rewards before you use a card or make a payment. Another neat trick is to set up your wallet to be successful. This means organizing your credit cards by how frequently you use them. As an example of this, you could keep the card used for everyday purchases in your wallet at the top and then leave at home that airline rewards card you use only when booking flights or that card that offers the poorest rewards.
Know when enough is enough
If you use the tips you've just read in this article you should be able to do a better job of managing multiple credit cards and without running into trouble. But it’s important to know when it's time to know enough is enough. If you find yourself tempted to add another card because of the juicy rewards it offers but you feel you couldn't do it without losing control just listen to your gut instincts. No matter how generous that rewards program might be or how big the sign up bonus, it’s not worth it if you would end up being saddled with more credit card debt or constantly hit with late fees.