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Can you have two credit cards from the same bank?
There are pros and cons to sticking with the same bank for a 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 nuances to consider that could affect your decision to stick with your bank or apply for a card from a different bank.
Pros and cons of having two 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.
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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.
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?
Read more about managing multiple credit cards to see if this is the right move for you.
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.
Whatever you choose, consider a card with features that’ll complement your first credit card.
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