Most major credit card issuers have several credit card options, often with different types of perks. A single credit card issuer may have low-interest-rate credit cards, balance transfer credit cards, credit cards with miles rewards, credit cards with cash rewards, or credit cards that reward with points.
You may want to get a new credit card from a bank that you already have a credit card with, especially if you're interested in churning for credit card rewards. But will your card issuer approve your application for another credit card even though you already have one with them?
You’re in luck. Many credit card issuers will indeed approve you for another one of their credit cards as long as you meet the qualification criteria. If you’ve always managed your current credit card well, that may make it easier for you to get approved for the new credit card.
Getting Another Credit Card From the Same Credit Card Issuer
Don’t assume that you’ll get approved for the exact same terms as your current credit card. The credit card issuer will approve your application based on your current income, credit standing, and the current economy. You could get approved for a higher interest rate and lower credit limit, or you could also get approved for a lower interest rate and a higher credit limit.
Note
If you're worried about the impact on your credit, call the credit card issuer to ask whether they'll do a hard or soft credit pull. The hard pull results in an additional inquiry, which will have a temporary effect on your credit score.
Two credit cards from the same bank may have different payment due dates, so it’s important that you pay attention to both of those. You'll need to submit payment for each credit card separately, making sure to include the account number on your check and payment coupon from your statement in the envelope if you’re mailing your payment.
If you make your credit card payments online, you’ll have to select each account separately to make a payment.
The minimum payment amounts may be different for both of your credit cards, especially if you have different balances and different interest rates. Pay close attention to the payments you’re making for each account, and be sure you’re paying the right amount for the right account.
What You Should Watch Out For
No Balance Transfer Options
Unfortunately, you generally won’t be able to transfer balances between credit cards from the same bank. Banks typically offer balance-transfer promotions, because they’re trying to get you to move your balances from another bank.
If it’s a great balance transfer dealyou’re looking for, you’ll want to apply for a credit card with another bank
Limited Ability to Earn Signup Bonuses
If you're interested in another credit card from your credit card issuer because you want to earn the signup bonus, read the terms of the credit card rewards program before applying for the credit card. You may potentially not be able to earn a signup bonus on a new credit card, especially if you've already earned one from that credit card issuer.
Some credit card issuers may only allow cardholders to earn a signup bonus once every two years. Others may only allow cardholders to earn a single signup bonus ever.
If you're considering a second credit card from a current credit card issuer, look for a card with rewards or perks that complement those you're missing in your current credit card. You can pair the two credit cards for all of your spending to boost the rewards you earn.
Managing Multiple Credit Cards
Of course, whether you’re getting multiple credit cards from the same credit card issuer or multiple credit cards from different credit card issuers, it’s important to be sure you’re not taking on more credit cards than you can handle.
If you’re struggling with your current credit card payments, or all of your current credit cards are maxed out, it might not be a good idea to put in another credit card application with any credit card issuer.
Frequently Asked Questions (FAQs)
How many credit cards should I have at once?
It's a good idea to have at least two credit cards. That way, if there's an issue with one of them, you still have access to credit if you need to buy food or other necessities. There isn't a downside to having more credit cards, but getting multiple cards in a short time could hurt your credit score.
How do you avoid paying interest on credit card balances?
If you want to avoid interest costs, then you just need to pay your credit card statement in full every month. Interest charges are added when a balance is carried over from one statement to the next. If you pay off your entire statement balance before the new statement period begins, then you won't face any interest charges.
FAQs
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.
Is it bad to have multiple credit cards from the same company? ›
Is it smart to have two credit cards from the same bank? If there is a second card from the same bank that complements the rewards or perks you're missing in your first card, it may be wise to go ahead and stick with the same company. You may be able to pair the two cards together to boost the potential rewards.
Should I get multiple cards from same bank? ›
Earn the same rewards
Having two cards with one bank can make it easier to redeem your rewards since you're already familiar with the rewards program. Juggling rewards between multiple rewards programs could be confusing.
What is the 5 24 rule? ›
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
Can you get the same credit card multiple times? ›
Some issuers will allow you to apply for the same credit card again even if you already have it — provided that you follow the issuer's guidance on the topic, as well as their waiting periods, if applicable.
What is the 5 24 rule for Chase? ›
The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months. Put simply, the number of cards you've opened in the previous two years will affect your approval odds with Chase.
Is it bad to have a lot of credit cards with zero balance? ›
Having too many cards with a zero balance will not improve your credit score. In fact, it can actually hurt it. Credit agencies look for diversity in accounts, such as a mix of revolving and installment loans, to assess risk.
Is it OK to have 3 credit cards from the same bank? ›
You can get multiple cards, even from the same issuer, but you have to determine whether it's a good idea. Erin is a credit card and travel rewards expert at NerdWallet, based in Baltimore, Maryland.
Is 7 credit cards too many? ›
Too many credit cards for most people could be six or more, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don't use it to make purchases, but the exact number of cards you should have differs by person.
What is the ideal number of credit cards to have? ›
Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time. Having very few accounts can make it hard for scoring models to render a score for you.
The golden rule of credit card use is to pay your balances in full each month. “My best advice is to use a credit card like a debit card — paying in full to avoid interest but taking advantage of credit cards' superior rewards programs and buyer protections,” says Rossman.
Does closing old credit cards hurt your score? ›
“While your scores may decrease initially after closing a credit card, they typically rebound in a few months if you continue to make your payments on time,” Griffin says. The primary reason your score may decrease is through losing a credit limit and increasing your utilization rate.
Is 4 credit cards too many? ›
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
What is the 2 30 rule for Chase? ›
Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.
What is the Capital One 6 month rule? ›
If you try applying for a Capital One card and it hasn't been at least six months since your most recent application, Capital One will automatically deny the application. Fortunately, it won't run a hard credit inquiry on you, so this won't affect your credit score.
Can I have three Capital One credit cards? ›
How many Capital One cards can I have? Cardholders can have up to five open personal credit card accounts, but this may vary based on the specific cards held and the cardholder's account standing.
Is it risky to have 2 credit cards? ›
While having more than one credit card allows you to make the benefit of the interest-free period, improves your credit score, offers you additional benefits in the form of rewards, cashbacks and discounts, it also increases the risk of getting trapped into debts and becomes difficult to manage.
Is 5 credit cards too many? ›
There is no right number of credit cards to own, and owning multiple cards gives you access to different rewards programs that various cards offer. Owning five cards, for example, would give you a bigger total line of credit and lower your credit utilization ratio.
