Brace yourself for this. Most credit cards must be used to keep accounts open. Accounts should be kept open whenever possible. Open accounts enable you to continually accumulate credit cards.
There’s a bright spot in all of this, though. It’s that there’s little inconvenience or expense involved in keeping accounts open. Single-purpose credit cards must be used to keep their accounts open.
1. Rotate the purchase of fuel using gas credit cards
Oil company accounts can be kept open by rotating from who you purchase gasoline. To keep track of purchases, use an index card. List the companies, in single file, down the left hand side. Whenever gas is purchased, place a check to the right of the company’s name. This is an easy way to keep oil company accounts open.
You’ll have credit cards for oil companies not in your area. Don’t worry about using these cards. Use the cards in your area and keep them current. You won’t be able to use all your credit cards once your collection grows. Just do the best you can.
2. Alternate using different store credit cards
Department and clothing store credit cards can be used on a rotating basis. To keep track of credit purchases from retailers, use an index card. List the companies, in single file, down the left side.
Whenever a purchase is made, place the date to the right of the company’s name. It’s preferable to use your credit card at least once every six months. If it isn’t possible, then try for no less than once a year.
You don’t have to carry department store credit cards to make purchases. However, you’ll probably find shopping easier when you do. Waiting for an account number can sometimes be quite an ordeal. Don’t worry about one credit card becoming used. You can usually get as many cards as you desire.
T&E credit cards will be renewed without using them. All they want is your annual fee.
3. Use bank cards that don’t charge annual fees
Bank credit cards that charge an annual fee will be renewed without using them. Bank credit cards that don’t charge an annual fee must be used. They can be used at most retail outlets to buy necessities without creating undue expense.
Try to keep your bank credit card account current without carrying your card. One way is to buy from companies who allow purchases to be charged over the phone. Another way is to use checks that are drawn on your bank credit card account.
4. Wisely avail of your card privileges
Most banks offer check writing privileges. Unfortunately, there are two drawbacks to checks. First, you will be charged interest on the check written. This is considered a cash loan.
Second, your checks won’t be returned. Rotate the use of credit cards to keep accounts current. A current account allows you to continually get additional and replacement cards. You’ll also be in position to acquire cards when a design change occurs. Use this knowledge to your benefit while it still works.
Copyright 1986 by Greg Tunks