FOMO in Credit Card

With each passing day new and new credit cards are being launched. The problem is the nee credit card which is launched can be better than the one which you already have and thus FOMO makes you apply for that card top. For example, the beast cashback card in my opinion is SBI Cashback Card which gives almost every time 5% cashback on online payment.

But recently, SBI has launched another card in partnership with PhonePe which gives 10% in PhonePe and 5% normal cashback. Now comparing with the SBI cashback anyone would feel that the PhonePe card is much better option. So now a lot of people have started applying for thar card and trying to close the SBI Cashback card.

And not only this, there are other instances too where they have the credit card but whenever a new credit card is launched, people try to take that as soon as possible. And it's not bad per se but the problem is when the craze of that continues and you don't stop. And with that people have 10 to 15 cards which gets hard to manage. For example, I have around 6 cards and it is hard to manage those many cards Ann thus I am trying to reduce them one by one and keep 2 to 3 cards as per my spending habit.

There might be something better than your current card, or something fancy but getting everything doesn't make sense. There is a cost attached with every card, the cost of paying the bills on time, the cost of remembering each and every spend so thar you don't get into the debt and what not.

So having the best card makes sense but that doesn't mean you change your best card every once in a while.

Posted Using INLEO