Managing all Credit cards we have

[Pillan]

I am new to credit card. I have 3 credit cards and my friends also uses them but when the bill is generated then, if same amount of transaction is done by two persons then from which card and by whom and other several reasons I get confusion so how all of you managing them please guide me

 

[yolofino]

I am new to credit card. I have 3 credit cards and my friends also uses them but when the bill is generated then, if same amount of transaction is done by two persons then from which card and by whom and other several reasons I get confusion so how all of you managing them please guide me

Have you heard of Splitwise?

 

[Pillan]

Have you heard of Splitwise?

No

 

[yolofino]

No

Try the app, it's excellent. Although I used to use it more than 5 years ago.

 

[Pillan]

Try the app, it's excellent. Although I used to use it more than 5 years ago.

But it's about the splitting bills right? I will try once

 

[yolofino]

But it's about the splitting bills right? I will try once

At the end of the month (or at any time), it will tell you how much each person has to pay and to whom.

Then just pay the cc bill accordingly or ask them to transfer money to your account & pay.

 

[yolofino]

In Splitwise, you can mention card name, merchant name & person name.

 

[Pillan]

In Splitwise, you can mention card name, merchant name & person name.

Thank you

 

[helloworld]

This is based on personal experience, it may help you.

You'll soon endup with high debt if this process continues.

Based on your question I'm getting that it happens every month or frequently, it's time your friends or relatives should own their credit cards (atleast FD based).

Once or twice its fine but not every month, that too without you knowing how much each person spending on your own card.

At the end of the day, it's you who suffers most when things went sideways.

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Easy way to track is to collect the money as soon as purchase completed or atleast end of that day. If they say, will give at month end means you're taking high risk.

Use reminders or notepad or as suggested by someone Split-bill kind of apps. But I strongly suggest it should not be every month or frequent.

# Credit cards carry financial risk if not paid on time, leading to interest and penalties. Be cautious when spending for others, as delayed reimbursement can leave you responsible for the debt and impact your credit score.

 

[k989]

This is based on personal experience, it may or may not happen to you.

You'll soon endup with high debt if this process continues.

Based on your question I'm getting that it happens every month, it's time your friends should own their credit cards (atleast FD based).

Once or twice or during sales its fine but not every month that too without you knowing how much each person spending on your own card.

At the end of the day, it's you who suffers most when things went sideways.

-------

Easy way to track is to collect the money as soon as purchase completed or atleast end of that day. If they say, will give at month end means you're taking high risk.

Use reminders or notepad or as suggested by someone Split-bill kind of apps. But I strongly suggest it should not be every month.

Again personal views.

@Pillan Please listen and follow what this guy is saying. Otherwise, sooner or later you will suffer - intentionally or unintentionally. It is wise not to share your card details. Banks will not entertain you and hold you liable if any fraud happens because you shared details.

Just STOP sharing your card details. Ask your friends to get their own cards and later call bank to replace all your cards and lock your previous cards.

 

[TheMentalist]

You can get addon cards for free with most CC, so that's a good way to separate your finances, and also be able to use offers during sales multiple times

 

[alphadark7]

And in addition to what everyone has said, we understand that some people either can't say No to friends or they want to reach that spending to make CC free, but don't do that
Maybe your friends are trustworthy and you may trust them with your life, but don't trust with money
Either you dont share card details, or ask them to pay before you give them your card to pay

Splitwise is basically not a payments app, it's a simple app to record all the transactions between friends, we have been using it for 5+ years, similar to @yolofino
I haven't found anything better to record any cash, gpay, card transaction between friends