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Can you have two credit cards from the same bank?

Find out the pros and cons to sticking with the same bank for a new credit card.

If you’re looking to add another credit card to your wallet, there’s usually nothing stopping you from picking up an additional credit card from the same bank. However, there are a few points to consider that could affect whether you stick with your bank or apply for a card from a different bank.

Compare credit cards

If you’re going to pick up another credit card, it pays to grab one that complements your existing card in some way. For example, if you have a card that earns big points on travel, you might want to add a card that helps you earn points on everyday purchases. Compare the options to find one that suits your needs.

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
OFFER
HSBC +Rewards™ Mastercard®
30,000 Points
2x points per $1 spent
11.9%
$0 annual fee for the first year ($25 thereafter)
Min. recommended credit score: 630
Get 30,000 Points (up to $150 in value) when you spend $2,000 in the first 6 months. Plus, get the 1st year annual fee waived for the primary cardholder ($25 value). Apply by January 31, 2022.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
19.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,000). Plus, get a rate of 1.99% on balance transfers with a 1% balance transfer fee for nine months.
Tangerine World Mastercard
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
Neo Financial Credit Card
N/A
Average 5% cash back
19.99% - 24.99%
$0
Min. recommended credit score: 600
Earn an average 5% cashback at thousands of partners and at least 1% cashback guaranteed. Neo partners with major gas and grocery stores, restaurants, gyms, coffee shops and more.
BMO Preferred Rate Mastercard
3.99% rate on balance transfers for 9 months
N/A
12.99%
$20
Min. recommended credit score: 660
Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
American Express Cobalt Card
50,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 50,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Plus, earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.
Brim Mastercard
Up to $200 worth of bonuses
1 point per $1 spent
19.99%
$0
Min. recommended credit score: 700
Earn up to $200 worth of bonus points when you shop with Brim retailers for the first time through the Brim mobile app.
Tangerine Money-Back Credit Card
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn an extra 15% cash back (up to $150) on up to $1,000 of everyday purchases in the first 2 months Until November 30, 2021. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
SimplyCash Card from American Express
4% cash back
Up to 1.25% cash back
19.99%
$0
Min. recommended credit score: 700
Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.
American Express Green Card
10,000 points
1 point per $1 spent
20.99%
$0
Min. recommended credit score: 700
Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember.
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Pros and cons of having 2 cards from the same bank

Most banks are happy to have you apply for a second credit card, assuming you’re a responsible credit user. But it could be to your benefit to consider other options aside from your existing bank. Here’s a breakdown of the advantages and disadvantages of having two credit cards from the same bank.

ProsCons
  • Shared reward systems. Many banks operate on a single reward system across most of their credit cards, so you can accumulate points faster and redeem rewards sooner. Check with your credit card provider to find out if this is an option for you.
  • Poor usage affects both cards. If you miss a payment or max out one of your cards, both cards could get hit with a penalty APR or a reduction in your credit limit.
  • Building a positive history. If you have a modest, no-frills card with your current bank, a history of on-time payments and positive interactions with the bank could earn you upgrades.
  • Limited backup options. If one card account is suspended or closed for some reason, you might lose access to both accounts. This could prove an issue if your card is stolen or used fraudulently. You might also run into issues of worldwide card acceptance.
  • Credit score improvements. If your current bank offers you a new credit card offer, they may not perform a hard pull on your credit account. This means your credit score remains steady.
  • Balance transfer limitations. Most banks restrict you from transferring balances between 2 credit cards they’ve issued you.
  • Credit utilization improvement. If you gain access to more credit but use it very little if at all, your credit utilization ratio will improve. This gives the impression that you’re not overly reliant on credit and can handle debt responsibly, which helps your credit score.
  • Card account restrictions. Some banks don’t let you open a new credit card account if you’ve already opened several accounts in a certain time period.
  • It could potentially be easier to get approved. If you meet banks’ eligibility criteria and have a positive credit history, it may be easier to get approved for another card.
  • Welcome offer restrictions. Some banks will simply limit your ability to earn a welcome offer on a new card if you’ve already earned one.

Things to consider before getting a second card

While picking up an additional credit card can improve your financial flexibility and boost rewards, you’ll want to make sure you can make effective use of a second card before applying.

For example, what is your primary purpose in opening a second credit card account? Will you use the card enough to offset any fees? And can you effectively manage finances across both cards?

Bottom line

If you enjoy the service your current bank offers and want to bolster your card rewards, opening up a second credit card account with them could expand your earnings. Just keep in mind that opening a card with a second bank has its own merits and could be a wiser choice depending on your needs.

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