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Should You Get a Second Credit Card?

Last Updated: June 19, 2024
4 min read
Getting a credit card

Table of contents

A second card may help you take advantage of introductory offers for new cardmembers
Another card may help you earn more rewards
You may build a stronger credit history with two cards
You can establish a relationship with a second card issuer
You can have a backup credit card
How many Discover® Cards can you have?

Key points about: the benefits of having two credit cards

  1. You may be able to enjoy low introductory interest rates and bonus rewards offers with a new credit card.

  2. You can earn more rewards with a second credit card, like cash back rewards on eligible purchases.

  3. By getting another credit card, you can increase your available credit, which, if you keep your balances low, can help improve your credit score.

Chances are that you know someone with a wallet full of credit cards, and if you’ve been getting by with just one, you may wonder if there’s a good reason to get a new card.

While multiple credit cards may not be right for everyone, you may consider some of the benefits of having two credit cards.

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A second card may help you take advantage of introductory offers for new cardmembers

Some credit card companies offer low to 0% introductory interest rates on purchases and balance transfers for a limited time. These kinds of introductory rates can help you manage a large purchase and pay down credit card debt quicker using a balance transfer—transferring the credit card balance from a higher interest card to a new credit card with a lower interest rate. If you pay off your purchases and the balance transfer amount during the promotional period, you may save on interest charges.

Before signing up for a second credit card to utilize a balance transfer offer, pay close attention to:

  • When the special intro rate ends.
  • If there are any balance transfer fees.
  • The interest rate for regular purchases (which may be different from the interest on the balance transfer).

Another card may help you earn more rewards

Another reason to get a second credit card is to take advantage of its perks. Maybe when you applied for your first credit card, you only qualified for a basic, no-frills type of account that offered few extra benefits. It could be that now you qualify for a card with a higher limit and various rewards. Before applying for a new card, consider what type of rewards card would benefit you most, such as cash back rewards, a card that offers more rewards for specific purchases like gas, or miles for every eligible purchase.

Did you know?

By getting a second credit card, you may be able to earn bonus rewards, such as extra cash back rewards for the first several months you have your card. Discover automatically matches the cash back you’ve earned on your credit card at the end of your first year.1

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You may build a stronger credit history with two cards

If you’re looking for ways to build a good credit history, getting a second credit card may help. Opening a new card after graduation and using it in place of your student card can help with your credit ratio. For example, if you pay your balance off in full and on time every month, a second card could help you improve your payment history and increase your available credit by lowering your credit utilization ratio—your total balance compared to your total credit limit across all your credit accounts—two major factors that go into your credit history and credit score. You can monitor your progress by regularly checking your credit report.

You can establish a relationship with a second card issuer

There comes a time in many borrower's lives when their current credit card company may no longer meet all their financial needs. If you want to expand your borrowing options beyond your current credit card issuer, applying for a second credit card with a new credit card issuer can help. In time, a relationship with a second card issuer may provide access to new or better financial tools your original credit card company doesn’t offer.

You can have a backup credit card

Have you or someone you know had a credit card lost, stolen, or even broken in half? If you’re in this situation and only have one credit card, you may have to make all your purchases with cash or a debit card until the problem gets resolved. A second credit card can be a convenient backup if your other credit card is unavailable or unusable.

How many Discover® Cards can you have?

As a Discover® Cardmember, you can have two different credit cards. And Discover credit cards let you earn rewards on each eligible purchase, from cash back rewards to miles for travel and more.

If you’re considering a second credit card, you can fill out a pre-approval form to determine which Discover credit card you may qualify for.

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Whatever your reasons for wanting multiple cards, remember to research and compare the credit cards you’re considering to find the best credit card for your current financial situation and lifestyle.

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  1. Cashback Match: We’ll match all the cash back rewards you’ve earned on your credit card from the day your new account is approved through your first 12 consecutive billing periods or 365 days, whichever is longer, and add it to your rewards account within two billing periods. You’ve earned cash back rewards only when they’re processed, which may be after the transaction date. We will not match: rewards that are processed after your match period ends; statement credits; rewards transfers from Discover checking or other deposit accounts; or rewards for accounts that are closed. This promotional offer may not be available in the future and is exclusively for new cardmembers. No purchase minimums.

  2. There is no hard inquiry to your credit report to check if you’re pre-approved. If you’re pre-approved, and you move forward with submitting an application for the credit card, it will result in a hard inquiry which may impact your credit score. Receiving a pre-approval offer does not guarantee approval. Applicants applying without a social security number are not eligible to receive pre-approval offers. Card applicants cannot be pre-approved for the NHL Discover Card.

  • Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.