Managing Multiple Cards

I have 6 credit cards (got one today) and two debit cards. Each of them has their benefits but it is very tedious to maintain all the cards. My wallet used to be bulky and of course heavy to carry around. So I decided to make some changes to my approach. I took off all the cards except two debit cards and two credit cards. I made it a point to have at least one card from visa, because it is accepted everywhere. The other credit card I have is from American express, I have it with me all the time because it has car rental insurance on it for rental cars.

     Then I took off all the membership cards from different stores but noted down the membership numbers on my iPhone. My wallet is at its minimum best with my driver’s license, 2 debit cards, 2 credit cards, and AAA membership card. In addition I have a blank check and couple of dollar bills. I only use my visa card for all my transactions even if I have Amex card. I pay all my bills using my debit card only (online or offline). Every month I pay off all my balance on my visa card. So just one credit card payment!!!

    I don’t want my other cards to get dormant, so I replace my visa card with any other card at home. Sometimes, I use two cards in the same month to make sure they are in use. This avoids lot of confusion and helps to have a clear picture of my financial situation. I use mint.com to see everyday transactions on my iPhone. The card I choose in a particular month is totally dependent on the benefits that particular card is offering at that particular time.

  Simplifying things at the basic level avoids confusion in day to day life.

Note: Each one of you have different situation, but the approach can be as simple as this to make right choices.