A millennial with 10 million credit card points shares his top 3 tips for managing credit cards. (via CNBCMakeIt)
of 817, which is no easy feat considering all the work that goes into managing over a dozen cards. However, he clearly has a handle on the best ways to keep up with all those credit cards, while still benefiting from earning an insane number of rewards points.
Payment history is the most important factor of your credit score, making it crucial that you always pay your bill on time. In addition to timely payments, you should make it a goal to pay off your balance in full each month. "There's no amount of points that is worth taking on interest payments for your credit cards. So before anyone gets into the 'points game,' if you will, make sure you are comfortable with paying down your credit cards and paying them off in full each month."
Experts generally agree that it's not a good idea to close a credit card since your credit score can drop. Cancelling a credit card negatively impacts your credit utilization rate , which is the amount of credit you use divided by the amount of credit you have available across all your cards.cancel the card
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