Why Combine Your Credit Cards Into One?

If the wallet in your purse or back pocket is bursting at the seams, it probably contains a large amount of retailer rewards cards and credit cards. Considering that a recent report from Bloomberg reveals that, “The median consumer carries just $22 in cash”, most people’s pocketbooks are thick with plastic and not paper. Is this a bad thing? 

The answer to this question ultimately depends on your finances and how much you care about the data security of your payment cards.

The More, the Warier

The ideal number of cards in your wallet comes down to simple mathematics: The more credit cards you have, the greater the chance you’ll be defrauded with one of those cards, but it isn’t just physical theft you have to worry about.

A snatched purse or wallet is the classic way credit cards are stolen, but pickpockets of old have been replaced by today’s sophisticated thieves: clandestine IT experts conducting regional, national, and even cross-continental credit card theft via data breaches.

Big Name Breaches  

In 2016 alone, some big names from various industries experienced data breaches, including: U.S. Department of Justice, Internal Revenue Service (IRS), UC Berkley, SnapChat, Premiere Healthcare, Verizon Enterprise Solutions, Wendy’s, LinkedIn, Oracle, Yahoo!, and the list goes on.

Except to judge by experience, it’s nearly impossible for credit cardholders or their card companies to predict where and when a breach might happen. But one thing is predictable: The fewer cards you have, the less statistically likely you are to experience credit fraud. Is now the time for you to consider carrying a single card, a card you can use practically anywhere: a Platinum Visa card from American Eagle Credit Union.          

Additional Advantages

In addition to helping protect against credit fraud, using a single Platinum Visa instead of several cards can help you manage spending. You never need to tabulate the balances of multiple cards to assess where your repayment situation stands. You have a single balance that tells you how much credit you’ve used at any time — and this perk is just the beginning.

To learn more about advantages of American Eagle Credit Union’s Universal Platinum Visa — including low interest rates, the Rewards! Program, and our no annual fee policy — contact us today by calling (800) 325-9905, or send us an email through our contact form. We look forward to hearing from you!

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