Housekeeping

Monday, November 28, 2005

Dedicated credit cards

I keep two credit cards dedicated to specific tasks. One is used for all of my directly-debited bills. This card is used for nothing else, and I don't carry it with me; the idea is to minimize the risk that I'll ever need to cancel this card, because that would require a painful round of notifying all of the people who debit their bills to that card. Similarly, ever time a company gives me the choice of billing to my credit card or to my bank account, I choose this credit card. The second dedicated card is used for all online shopping (except for a few trusted sites like Amazon), and for any other merchant that I might not quite trust. I keep the credit limit on this one quite low - in my case, $1000. The idea with that one is to have one card that I can cancel at will with no irritating repercussions.

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