Credit Cards ....

When I first started working, the banks were thrilled to dish out credit cards eventhough I just started working and I guess I was silly enough then to think that I needed more than one credit card...wait a minute, silly enough to think that I even needed a credit card. But that was when my experience with Mr Debt started cuz with such ready credit, I could get whatever I wanted instantly. Great for a person like me who is into instant gratification!

Right now, I am down to one credit card, another one linked to a department store and one charge card. I have had these cards for the longest time. The charge card, Amex, I thought was good for me because I was forced to pay the full amount of pay ridiculously high interests and after the second month, I had to pay the full amount owed or else lose the card. The credit card linked to a shopping store has a lower credit limit and the last credit card is from the bank that I get my pay into so it was convenient.

I have always been overwhelmed by the variety of credit cards available and because I am just so comfortable with the ones I have, I have not bothered to look around what's available. Recently, I was thinking about this some and decided that now would be a good time to do some research about whats available and if my current cards are serving me well.

First would be my Amex which I also have a supplementary card. I use my accumulated points to pay off the supplementary card and then fork out another $170 each year. Why am I thinking about letting go of my Amex? Well $170 is alot considering that I hardly use the Amex services. Yes, I appreciate that they are able to replace lost/stolen card almost immediately and they have protection against online fraud etc, but I think the other banks also provide that services. Also Amex is not widely accepted (because of the higher rates charged to merchants) so would it make sense to still hang on to my Amex just because I have had it for the longest time. So what I am going to do is check when I will be charged for the membership fees and then let go of the card before that. I will also probably talk to the people from Amex first if they are able to waive off the fees, otherwise, will close that account.

While I do that, I will do a similar check for my other credit cards and do some research on what's available out there. With so many options, it's probably going to take me forever, but if I can spend time shopping for my stuff, I surely can spend some time shopping for the right card for me.

What about you, how many credit cards do you have? Which ones offer better benefits or service? How did you pick your cards? Go ahead and share ...