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Deleted member 16965
Guest
Hello Everyone,
As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you may share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple then. I didn't know what CIBIL score is and never bothered about it as there are several other important things in life other than CIBIL score. I just paid my credit card bills on time for these years and maintaining only 1 credit card was so much stress free.
In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was almost touching 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL . Still I had maintained a very good CIBIL score by having only 1 credit card with this bank. Even if I had missed any credit card offers by having only 1 credit card, will not transform my life in a drastic way.
I have started applying for credit cards recently and now I have 15+ credit cards but now I miss the stress free life which I used to had by having only 1 credit card. Maintaining these many credit cards is a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my perspective, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks.
Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is this really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business makes me wonder that the time, energy and efforts to get a credit card is not worth.
To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. Instead of running daily towards cashbacks/reward points, in search of some pennies as cashback doesn't make any sense in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.
As mentioned in the title, I would like to share my experience regarding credit cards. It may or may not correlate with everyone and you may share your experience in this thread. I used to had only 1 credit card for 6 years and life was so much simple then. I didn't know what CIBIL score is and never bothered about it as there are several other important things in life other than CIBIL score. I just paid my credit card bills on time for these years and maintaining only 1 credit card was so much stress free.
In the year 2022, I had checked my CIBIL score for the first time and to my surprise CIBIL score was almost touching 800. I had only 1 credit card for these many years from the bank who doesn't report credit limit in CIBIL . Still I had maintained a very good CIBIL score by having only 1 credit card with this bank. Even if I had missed any credit card offers by having only 1 credit card, will not transform my life in a drastic way.
I have started applying for credit cards recently and now I have 15+ credit cards but now I miss the stress free life which I used to had by having only 1 credit card. Maintaining these many credit cards is a different task and sometimes extremely stressful. Now a lot of my productive time is spent to search for credit card offers, to check my CIBIL score frequently, to keep a track record of all credit card spends/payments for mere some reward points/cashback which hardly matters in a day to day life. From my perspective, stock market return is more rewarding and stress free than credit card rewards if someone has the basic knowledge regarding the entry/exist points in stocks.
Nowadays, we are seeing a lot of credit card devaluations from several banks which makes me think is this really worth to spend so much time in applying for new credit cards or maintaining it just for a decent CIBIL score? If someone utilizes same energy and time to learn a new skill, it will be more beneficial and rewarding in terms of monetary gains than these credit cards rewards or cashbacks from credit card payments. Banks have the ultimate authority to devalue their credit cards at any given point of time according to their business makes me wonder that the time, energy and efforts to get a credit card is not worth.
To summarize, I feel the mental peace is much more important in life than to live a stressful life with multiple credit cards. Instead of running daily towards cashbacks/reward points, in search of some pennies as cashback doesn't make any sense in the long run. Earning much more money through appropriate skills in life should be the priority which will also make the life financially secure in the upcoming years.
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