Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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    We found 56 The Pros And Cons Of Having Multiple Credit Cards
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    Having multiple credit cards has its own set of advantages and disadvantages. While managing several credit cards can be quite a challenge for an individual, if used smartly, having more than one card can also be a boon. People are often tempted to apply for many credit cards because different credit cards come with different features and exclusive benefits. For example a travel credit card is suitable only for travel related expenditure and will give maximum rewards only if used for travel purposes. This is why many people tend to have different credit cards for different type of spending.

    Is It Okay To Apply For Multiple Credit Cards At Once?

    There is no harm in applying for several credit cards at the same time because each application is reviewed and considered separately. On the other hand, it is also wise to be a little cautions because managing a number of credit cards can get challenging.

    • Many banks approve multiple credit cards if the applicant has a good track record.
    • Each type of credit card comes with its own set of unique benefits and hence some individuals need more than one card.
    • Those with a very good credit score can apply for additional credit cards.

    Can You Have Too Many Credit Cards?

    This depends entirely on the type of credit card that the applicant holds. For example, if an individual holds a diverse range of credit cards that are very different from each other in terms of usage and benefits, then it is okay. Let's say, one is a travel credit used for travel-related expenditure and the other is a rewards card used for regular purchases. The travel credit card is not ideal for regular purchases made in supermarkets, etc, while a regular credit card is not ideal for travel expenditure. Hence, it makes sense because you cannot get maximum rewards points and travel related perks on a regular credit card.

    • Ideally, having 2 or 3 credit cards, each with exclusive features: 1 for travel, 1 for regular use and 1 for online shopping is not bad
    • However, having more than 3 credit cards is generally not recommended.
    • Those who are able to manage with one credit card should stick to one.
    • As long as the individual is making payments regularly on all credit card bills, it will not affect or have an impact on access to other forms of credit.
    • For those who own their own business, it makes sense to have 1 credit card for personal use and another only for business.

    Advantages Of Having Multiple Credit Cards

    • Helps keep credit utilization ratio low: If you have one single card and use 90% of the credit limit, it will naturally bring down the credit utilization score. However, if you have more than one card and use just 50% of the credit limit, it will help maintain a good utilization ratio that is ideal.
    • Helps build credit score: Those who have several credit cards and still make all payments on time, will build a very good credit score. This will increase the credit worthiness of the individual and give him or her access to more credit opportunities.
    • Increases credit limit: Having many credit cards gives the cardholder access to a higher credit limit. However, this should be used responsibly.
    • More rewards and cashbacks: Multiple credit cards give customers access to more card-related perks and benefits, which may be in the form of cashbacks and rewards.

    Disadvantages Of Having Multiple Credit Cards

    • Difficult to manage: Having more than one card means keeping track of each billing cycle, credit limit and payment due date. This can get overwhelming and missing even a single payment due date can have an affect on credit scores.
    • Can lead to unnecessary debt: Having access to more credit can often be tempting. This can lead to overspending and this will inturn add to debt. If cardholders are not cautions enough it can easily lead to overspending.

    Credit Score And Multiple Credit Cards

    • Those who have several credit cards and manage their payments in a systematic and disciplined manner, tend to have higher credit scores than those who have a single card and max out their credit limit.
    • Several credit cards give a customer the privilege of a higher credit limit and hence in such cases the credit utilization ratio of the individual fits into the ideal level.
    • If credit card holders default payments on multiple cards, it can have a significant negative impact on the credit score.

    The Bottom Line

    According to research, most people have around 3 to 4 credit cards. While there is no ideal number, what is important is not how many credit cards a person holds but how well all credit card accounts are being managed. If well managed, this can open doors to more perks, benefits, cashbacks and rewards.

    How to Reap The Benefits of Having Multiple Credit Cards

    Many credit cardholders wonder if it is beneficial to hold multiple credit cards. Having multiple credit cards have both pros and cons. Though having more than one credit card and not paying your dues on time can affect your credit score negatively. But, if used wisely, having multiple credit cards can be beneficials. There is no ideal number of credit cards you can own. You can own as many credit cards as you want as long as you are eligible for it. However, having multiple line of credit can make you look like a desperate borrower and increases the overall available credit. If you do not maintain the right credit utilisation rate, your credit score may be reduced.

    Also, in future, when you apply for a loan, the number of credit cards you own may affect your overall repayment capacity. However, you can reap the benefits of holding multiple credit cards in the following ways:

    • You can choose one of your credit cards that offers great rewards on utility bill payments. This way, every month when you are paying your utility bills, you can save.
    • If you are unable to pay one of your credit card bills, you can transfer funds from your other credit card and avoid paying interest or late fee. This is only beneficial if the due dates on your credit cards are not the same and you get ample time to arrange funds and pay your credit card bill.
    • With multiple cards that provide you rewards, deals, and discounts in segments of your choice, you can increase your overall gains by transacting through each of them.
    • Multiple credit cards used together provide you with an enhanced spending limit.
    • Used with responsibility, multiple credit cards can provide you tremendous spending power, enhanced lifestyle, and the chance to improve your credit history.

    The Pros And Cons Of Having Multiple Credit Cards Reviews

    • HDFC Bank Credit Card
      "Should be transparent"
      0.5 3.0/5 "Satisfactory"
      I am holding HDFC rewards card its a life time free credit card, more than three years I am using it, they gave me the enhancement of the limit. I have redeemed the points into voucher but I didn't get that benefits, I received the message stating I will get voucher within few days, they should be transparent.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Citibank Credit Card
      "Nice Fuel Card"
      0.5 5.0/5 "Blown Away!"
      From CITI bank I have taken Indian oil card now my spouse is using my card. The points are good for the spends, the limit is good, the bank is sending the statement on time. Payment gateway is very convenient to make bill on time. I am fine with this card.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • ICICI Bank Credit Card
      "Good Card"
      0.5 4.0/5 "Great!"
      I am using ICICI credit card more than one year, there was no limit enhancement. Anyway its enough for me, I used to get reward points and also the cash back on the spends. The customer support is good in ICICI, they resolving the queries on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • RBL Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding RBL credit card for long time,They have not charged me annual fee in this card,as it is life time free credit card,and i am happy with the credit limit which they have given me in this card,and even they use to give good offers.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • SBI Cards Credit Card
      "Average card"
      0.5 3.0/5 "Satisfactory"
      I am not happy with the Sbi credit card service,their service is not up to the mark,and they have not charged me annual fee in this card,as it is life time free credit card,and the credit limit which they have given me in this card was good,but their offers in this card is not much.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • ICICI Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding ICICI bank credit card for long time,They have not charged me annual fee in this card, as it is life time free credit card,and i am happy with the credit limit which they have given me in this card,and even they use to give good offers.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • SBI Cards Credit Card
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the credit card with the SBI CARD they have given the credit card limit which is satisfactory with this card also it is user friendly to access. They provide with good offers like cash backs, rewards points and i am using it since from last few years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Citibank Credit Card
      "GOOD CARD TO USE"
      0.5 5.0/5 "Blown Away!"
      I hold a credit card with the CITIBANK where the card is user friendly also it is convenient to access. The credit limit with the card is satisfactory also the card has the good offers with this card which was satisfactory. The service is good with this card.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Bank Bazaar Credit Card
      "CONVENIENT PORTAL TO USE"
      0.5 4.0/5 "Great!"
      It is the first time experience with the Bankbazaar.com and i have been using it through the website as the portal is convenient also it is user friendly to access. the customer service is good and they are responsive also they are good by helping regarding the card.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Credit Card
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple with the credit card that i have been holding with the the HDFC BANK, i got the card within 10-15days, the credit limit with this card is good and satisfactory with this card and i am not aware of the card offers.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Credit Card
      "Average card"
      0.5 1.0/5 "Really Bad"
      I am not happy with HDFC BANK Credit card . I am holding this card for past 1.5 year . I am not satisfied with credit limit of HDFC bank credit card , i said to customer support to increase the limit they said they cannot do rite now . I use this card for multipurpose .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HSBC Bank Credit Card
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      There is no particular reason for taking the credit card with the HSBC BANK the documentation process was simple and easy to get the card and it took nearly one week. The credit limit was satisfactory with this card. I get good offers with this card.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • SBI Cards Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      The application was taken with STATE BANK OF INDIA .This is one of the good card with best service while getting the card . If i do transaction i am getting instant message and mail this is the best part . They charge nominal rate of interest and it is life time free card .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      They were very quick to send me the card and the credit limit is good. It is a life time free card. HDFC BANK has offered me a credit card and the banking process is good.The best about the card is the movie tickets, reward point . The overall customer services are good. Rate of interest is very high and credit limit is 92000 .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Standard Chartered Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with STANDARD CHARTERED BANK . I am holding this card for past few years The limit is very good, I am getting offers while doing shopping .I never faced any difficulty with their services. It is a very useful card for daily use as well. I am happy with this bank .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      I am happy with the service of HDFC bank as i said it is very safe and secure to use, and even their mobile application is user friendly ,and even their credit card is also good, i hold HDFC corporate credit card,it is life time free credit card, and even the credit limit and offers are good with this card.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
    • Kotak Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am using this card for more than 3 years this is life time free card and rewards point offer . I hold kotak mahindra credit card . Net baking is very user friendly with this card and the process is very easy to get the card, My application has been approved with kotak mahindra bank
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • IndusInd Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I hold INDUSIND Credit card , this is one of best card i ever had. I am very old customer of this card, i am using this card for past 5 year . I am happy with the services they offered me , they keep on updating my limit that is the best part . The billing statement is very clear
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      This is life time free card . customer service provided is very good and their response is good and I am happy with HDFC bank.I am satisfied with credit limit and in this card rewards point offer available. .I got HDFC bank credit card approx four years .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • YES Bank Credit Card
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am happy with the services they offered me , they keep on uprating my limit that is the best part . The billing statement is very clear .  I hold YES bank Credit card , this is one of best card i ever had. I am very old customer of this card, i am using this card for past 3 year
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
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