Saturday 16th of January 2021

The Advantages of Having Multiple Credit Cards

One of the most common myths about credit cards is that you should only have one active card at a time. While this may work for some people, they are often missing out on the advantages that having multiple cards have to offer. If you’re debating whether or not you should get another one, take a look at some of the benefits that come from having several:

Debt-to-Available Credit Ratio

One of the most important factors in determining your score is your total amount of debt compared to your total amount of available credit. If you’re pushing the limits of what you have been approved to borrow, you could see your score decrease. However, by having several different cards, you have the advantage of spreading your debt around and not even coming close to your limits on each one.

Different Types

If you’ve ever seen a credit card commercial, you know that companies like to announce which merchants accept their cards. Certain merchants only accept certain cards, such as Visa, MasterCard, or Discover. You don’t want to get caught in a situation where a store or service only accepts Visa, but all you have is Discover. Get one from each of the major lenders and avoid this problem all together.


When you have several different cards that offer their own separate rewards programs, you can take advantage of all of them! Whether its cash-back, frequent flyer miles, or anything else, issuing companies are offering some great benefits of these days. However, it’s important not to use them solely to achieve rewards, as it can often lead you into debt.

Improved Credit

Assuming you make all of your payments time and responsibly manage your debt, having multiple cards can help increase your score. Showing lenders that you can handle a variety will only make them more willing to approve you for future loans or cards.


You never know when you’re going to run into a situation where you need to use your card, but what if you’ve lost it? Or it’s compromised and an identity thief maxed it out? It’s always good to at least have one extra card for emergencies. Even if it has a small limit or a high interest rate, having a back-up plan is always important. If you’re looking for a new card, stop waiting and get online quotes right now!


Do you know the risks involved with putting your information online? Over the last several years, thousands of people have had their identities stolen to hackers and online identity thieves. While the government is doing their best to keep you protected, there’s still some risk involved. If you have multiple cards, you can help minimize your risk by only using one to make online purchases. You could even apply for a new card that has consumer-protection should anything ever happen.