One of the reasons why we're covering this topic is because there's a common misconception that the more credit cards and rewards you have, the more debt there is.
The Ask Sebby community consists of financially responsible people, but there's the other end of the spectrum of people with little self-control.
With the holidays coming up, we're receiving more requests to recommend balance transfer cards. I'm a firm believer of paying off your cards in full every month. If you're playing the minimum payment game, pay off your debt first before requesting a card consultation.
The iPhone X is a good example. I know some people who can't afford the phone outright and plan on paying 20% interest each month with their credit card. This means that you're paying a premium to buy the iPhone X. In my opinion, getting into debt for the latest phone is not worth it unless you can somehow turn a profit from it.
Credit cards are like alcohol. If you don't have self-control, you can become an alcoholic quickly. However, if you know your limits and drink responsibly, then alcohol is not a nemesis.
At the end of the day, you should only get a credit card if you pay off your cards in full each month. Don't make the mistake of getting into debt during the holidays.
The cards in my wallet rotate each month depending on if I add a new credit card or if I’m trying to maximize a 5% category.
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