Applying for multiple credit cards at a bank is generally not a problem. Nevertheless, you should keep an eye on the conditions and your creditworthiness. Alternative providers can also be interesting.
In theory, you can use an infinite number of cards
The question of whether you can have more than one credit card at a bank is related to misperception. Most people, based on the term “credit card”, believe that they actually take out a loan when they pay with plastic cards. More cards would mean more loans. This assumption is actually not entirely wrong. After all, your bank only makes advance payments for you when you pay with the card.
Ultimately, however, the money will be debited from your account. You will receive the credit card statement for this. The plastic square is thus nothing more than a means of payment with which you can access your own account. To put it bluntly, it is comparable to an ATM: you can go to it as often as you like and stock up on fresh cash.
In theory, you can use an unlimited number of credit cards from a bank – they can even belong to the same account.
Multiple credit cards? You must meet these requirements
Credit cards must always be connected to a current or credit card account, which can be used to pay the accruing bills. If you want to have several credit cards at one bank, you must have at least one account with the bank.
People who are more interested in one card, for example, to separate business and personal expenses, should consider opening several accounts at once. This is how the separation is carried out completely.
Basically, your credit rating (credit repayment ability) must be right so that you can have more than one credit card (and also more than just one account) with a bank. This means that the bank requires proof of regular cash receipts. In addition, your expenses must not be too high. You should be able to pay the credit card bills without any problems.
Creditworthiness as a possible problem
In principle, you will only receive several credit cards (from one or even from different financial institutions) if your score at the protection association for general credit protection (Credit bureau) is sufficient . A practical problem can arise here. Your score may suffer from any additional credit cards you apply for. To put it simply: Even if you received the first card without difficulty, the Credit bureau could cause problems for the second or third card.
Before you apply for a credit card, check the possibility of self-assessment of your Credit bureau score. For multiple cards, your scoring should be at least 90% – at least 95% would be better.
It is also not unlikely that the bank will put some conditions in place when you apply for a second or even third credit card. This is especially true if the cards are linked to only one account. For example, the money house could require payment limits. These can be set either daily or monthly. For example, you can only spend 1000 USD per card per day.
If the bank sets such a condition, insist on a monthly payment limit, because this will make it easier for you to keep track of things. A logical limit is the monthly receipt of money in your account. As a rule, you can choose how you want to split the limit between the cards. For example, you can distribute it evenly. However, if your child receives a credit card (for emergencies, etc.), you can, for example, set this card with a significantly lower limit.
Apply for second and third cards from other providers
It does not always make sense to take all credit cards from one bank. Some direct banks do not report cards to Credit bureau, so if you have problems with your score, you should request a second or third card from an alternative provider.
Some direct banks have particularly good credit card offers for traders, but the offers for private individuals are bad. If you need appropriate cards, you should spread the banks. Therefore, the basic principle is: first compare all offers on the market.