Use a single credit card for spending on items, food, entertainment and others
5) Use a single credit card for spending on items, food, entertainment and others
A good friend of mine has one credit card, and a Gap card, and she uses them mostly for emergencies, or large purchases such as a new laptop (or designer shoes!). That seems to work best for her. Another has five different credit cards and uses them totally indiscriminately, buying cars and designer suits and sun vacations. But he is a multi millionaire with more money than sense…and I’m guessing that you are not. I know that I’m not! Ha!
Anyway, back to the point. As for me, however, I guess I am one of those life-hacker types, meaning that I am always testing new products and I am always looking for the very best and most economical options both for myself and for other consumers. I suppose it kind of comes with the job! Thankfully, I usually have a whole lot of fun doing it. After all, what’s the point in spending your life working at something that you don’t really want to be doing.
However, getting back to the point, with me having a fairly wide variety of different credit cards (all of them with different point and reward opportunities depending on the company), I am not really efficiently benefiting from any of them. So I guess this is the one case where I would honestly have to say that diversifying really isn’t beneficial.
Using just one credit card for all your spending will obviously build up your points faster. Seriously, it doesn’t take a genius to realise that that is just simple maths. What I’m really saying is that by diversifying a wide variety of credit cards in your credit card spending means that you are only just spreading the wealth, without really making any significant gains.
What I’m saying is: once you find the credit card that will benefit you the most, try to use just that credit card for the main bulk of all your purchases.