How to effectively manage multiple credit cards and not overspend on them? - Seedly
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Anonymous

Asked 2w ago

How to effectively manage multiple credit cards and not overspend on them?

I am starting to get multiple credit cards and find it hard to know what I spent on.

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Samantha Ong
Samantha Ong
Level 4. Prodigy
Answered 5d ago

I think having the Seedly app does help to categorize and track your various expense and income sources to your different credit cards.

Besides, it might be a good idea to see which credit cards give the most amount of cashback/ rebates for the various things you are purchasing. Then, it will be easier for you to remember and track your purchase to a single card whenever you purchase them from now on.

Hope this helps :)

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Huang Yixuan
Huang Yixuan, Finance Learner at Seedly
Level 6. Master
Updated 1d ago

How many cards do you have? I recommend doing a monthly finance check in (I do mine on Excel) where you list down your total expenditure and CC balances.

Low maintence, but it helps you feel in control of your spending and savings. comment and let me know if you want more details, I'd be happy to share how I do it!​​​

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Hello!

I think the best method is to stick to just 3-4 credit cards and to use each card for a specific function (ie to earn cashback or accumulate miles). You could opt for the SMS function where you get a text on how much you've spent on each transaction (kind of a sobering reminder if you spent on impulse).

Also, having too many credits card would defeat the purpose of racking up points since you would never be able to have a solid amount of points for 1 card to redeem any goodies.

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Michelle Ong
Michelle Ong
Level 3. Wonderkid
Answered 5d ago

Hi! I think it's better to record all informations of credit cards and make a full plan to control it. Make everything clear and reasonable. Besides, try to split bills by pay later platforms to pay it monthly to avoid overspend. Thank you!

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N
NK
Level 3. Wonderkid
Answered 2w ago

Personally I think it depends on the purpose of the cards you’re using. For instance, if you have multiple credit cards, perhaps a particular card could be used specifically for big-ticket or pricier items, while another card can be used for your regular daily expenses. It depends on your needs/preferences. Nonetheless I’d suggest to use an expense tracker, it’s honestly very helpful! I think Seedly’s app allows you to record expenses based on the respective accounts so that can be pretty handy. For me, I stick to using only one credit card most of the time, so it’s much simpler to track :)

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CL
Chuan lee
Level 5. Genius
Answered 2w ago

Seedly apps can auto import some of the credit card transactions!

No DBS thou....

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