For most people, 21 credit cards sound like a recipe for debt. A 39-year-old freelance translator, editor and writer has managed to save around Rs 50,000-55,000 annually by strategically using 21 credit cards, according to a personal finance account shared in The Times of India.
Instead of using credit cards for borrowing, Pranav Sakhadeo treats them as financial tools to maximize cashback, rewards and discounts. On annual card-linked spending of nearly Rs 5 lakh, his carefully planned system helps reduce everyday expenses significantly.
Annual Planning Is the Key
Sakhadeo and his wife, Rama, begin every financial year by preparing a detailed expense sheet covering groceries, utility bills, insurance premiums, travel and investments.
Based on their expected spending, each category is assigned to a specific credit card that offers the best rewards, cashback or benefits. This allows most daily transactions to happen automatically throughout the year.
For bigger purchases, however, he spends time comparing prices, bank offers and reward structures before making a final decision.
