5 Reasons to Get a Second Credit Card
You are asking the wrong question if you are wondering how many credit cards you should have in your wallet. Instead, ensure that you have the proper credit card combination.
Although having the same trusty piece of plastic for years may have served you well, the reality is that having more than one credit card may improve both your credit score and wallet.
Reasons to get a second credit card
Whether you want a specific feature that your current card doesn’t provide or you want to increase the value of your spending with various rewards,
Here are five reasons to consider adding a second credit card to your wallet, as well as some important details to check for:
- Your Credit Score Has Improved
- Your Spending Habits Have changed
- Improved Reward and Benefits
- Your income has increased
- Pay Down Credit Card Debt
Your Credit Score Has Improved
If your first credit card was designed to help you develop credit, it probably didn’t have many extra features or rewards.
However, if you’ve worked hard to reduce your debt and improve your credit, there’s no better time to consider adding another payment choice to your wallet.
With stronger credit, you’ll have access to cards with bigger spending limits and better rewards, offering you more options.
Your Spending Habits Have changed
A change in spending patterns is a common reason for getting a second credit card, particularly amid the COVID-19 pandemic.
Many credit card companies have even adapted their products to better reflect customers’ shifting financial circumstances.
If you’ve used the same credit card for a long time, chances are your spending habits have changed.
Check to see if the rewards on your credit card still match your spending and lifestyle, or consider adding another card to your wallet that is a better fit for your present situation and improves your credit score.
Improved Reward and Benefits
You can obtain more rewards and privileges with two credit cards than with one. Choosing one card that earns standard points or cashback on all transactions and another card or two that earn additional rewards in a spending category that accounts for a substantial amount of your budget is often the ideal approach to combining cards.
Consider some of our favorite card combinations, such as combining travel and secured credit card.
The Plastk secured credit card is a good example of this. You may use this strategy to combine Plastk credit cards to increase your rewards earning power via the Plastk Ultimate Rewards Portal.
The best part about the Plastk Secured Credit Card is that you may earn rewards points on your everyday transactions everywhere Visa is accepted!
Your income has increased
When your income improves, so does your spending power. You may find yourself eating out more frequently, attending live events more frequently, and traveling more than once a year.
And, although a no-fee student card may have been ideal while you were earning less, the benefits of a secured credit card make it clear you’re due for an upgrade.
Pay Down Credit Card Debt
Another common reason for getting a second credit card is to pay down debt. If you have a high credit card amount, a secured credit card might help you save interest and speed up your debt repayment.
Bottom line
There are several reasons to get a second credit card, but before you apply, ensure that you are prepared to accept further responsibility.
To handle several cards, pay your payments on time and in full, and spend just what you can afford, you’ll need financial discipline.
