This Simple Strategy Is Why You Should Have 2 Credit Cards With the Same Bank

Getting a second credit card with the same bank could offer several benefits. 

If you use credit cards, ensure you're not missing out on the opportunity to earn valuable rewards. Did you know that having more than one credit card from the same issuer can be beneficial? If you want to earn more rewards, you may want to add a second card to your wallet. 

Boost your rewards potential 

One significant advantage to having more than one credit card from the same bank is to earn rewards in multiple purchase categories. While some credit cards reward users at a set rate for all purchases, not all do. 

Many credit cards offer a higher rewards rate for purchases made within specific spending categories. You may earn minimal rewards if you use a card like this for purchases outside of those categories -- so you miss out on the ability to earn more.  

If you have multiple purchase categories where you spend a significant amount of money regularly, you want to ensure you don't miss out on rewards. Finding one card that rewards you for all of your biggest purchase categories can be a challenge. The good news is you can carry multiple credit cards in your wallet -- even if they're from the same card issuer. Doing this may help you earn more credit card rewards from your everyday spending. 

Imagine your biggest spending categories are dining and takeout, groceries, and gas. You may want to use multiple cards to earn rewards for these purchases. For example, one card might offer rewards on gas and grocery purchases, but may not reward you well for restaurant spending. In this case, you could boost your rewards by getting a separate dining and restaurant credit card. 

If you do this, familiarize yourself with how each card earns rewards and be strategic when you make purchases so you don't miss out on rewards. Using each card for its intended spending categories could help you boost your earnings.

Other benefits to having multiple credit cards with one bank 

Here are a few more ways having two or more cards with one issuer can be a win. 

Access more card perks

Not all credit cards include the same benefits. You can access more perks by having two or more credit cards from the same bank. If you want more benefits, consider getting another card with different perks so you get more out of your credit cards. 

Earn the same rewards

You may find it easier to stick with one bank to earn the same rewards. There are several popular credit card rewards programs, but they don't all function the same. 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.

Improve your credit

Having multiple credit cards may help you improve your credit. Your credit utilization ratio, or how much of your available credit you use, is one factor that helps determine your credit score. Having multiple cards can boost your overall credit limit, which could help lower your credit utilization ratio. Experts recommend having a credit utilization ratio of 30% or less.

Don't miss out on rewards 

Just like having two checking accounts with one bank, having two credit cards with one bank could be a win. Before getting a second credit card from the same issuer, consider your spending habits and how your current card earns rewards. Is there a purchase category where you're spending a lot of money but not earning rewards? If so, adding another card to your wallet may be ideal. Check out our list of the best rewards credit cards to find your next card.