There are some people who use one credit card for everything, and there are others on the opposite end of the spectrum who hold a dozen — or more — open credit lines. Most people fall somewhere in between. Experian found that in 2020, the average American held three credit cards. Show
So, can you have more than one credit card? Yes. But the better question is: Should you have more than one? And should the credit cards be from the same bank or different ones? Here’s what you need to know to decide for yourself. Should you have more than one credit card?
🤓Nerdy Tip Most banks have restrictions on how many credit cards you can have and still be approved. Chase has a “5/24 rule” that limits the number of cards you can open in a two-year period, across any issuer. American Express has a “once per lifetime” rule that prohibits you from getting another bonus on the same credit card. Citi doesn’t allow you to get another welcome bonus if you’ve opened or closed any of its ThankYou points-earnings cards in the last 24 months. Find the best card for your credit Check your score anytime, and NerdWallet will show you which credit cards make the most sense. Should they be from the same bank?If you’re thinking about adding another credit card to your wallet, it’s not only possible to have two credit cards from the same bank, but it can also be preferable. That said, there are a few cons worth considering, too. Advantages of sticking with one bankHere are some advantages of having multiple credit cards from the same bank:
🤓Nerdy Tip Every time you submit an application, an inquiry into your credit history is made, which shaves off several points from your credit score. As such, apply for a second credit card only if you think your chances of approval are realistic. Disadvantages of sticking with one bankHere are some downsides to having multiple cards with the same bank, and why you might consider branching out to another credit card issuer:
What’s nextCan I combine my 2 Capital One credit cards?No, Capital One does not allow card combining anymore, and there is no certainty that this feature will return in the future.
How do I separate my Capital One accounts?Click on 'Profile & Settings' Click on 'Linked Accounts' Click on 'Capital One'. Tap the menu (avatar) in the upper left corner of the screen.. Tap 'Settings'. Tap 'Linked Accounts'. Tap 'Capital One'. Tap 'Unlink' in the upper right corner.. What happen if you have 2 credit card?Downsides of Too Many Credit Cards
Even having two credit cards can be one too many if you can't afford to pay your bills, don't need them, or don't plan to use them for some purpose. Having multiple cards can mean multiple fees and interest charges that accumulate in several places.
Why do I have two credit One cards?It's also good to note that each Credit One account can have multiple cards if you add authorized users. But since Credit One cards tend to have low credit lines and authorized users share the credit line with you, you might think twice before adding a user.
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