If you are considering getting a new credit card, one question you might be asking is whether it is possible to get the same card from the same bank. Can you have two of the same credit card? While some people might not see the logic behind this, others consider this an easier option because they may already have a great relationship with their current credit card company.
In this article, we will answer the question of whether you can get two of the same credit cards. We will also discuss the different scenarios when this becomes possible. Additionally, we’re going to list some pros and cons of having two or more credit cards coming from the same credit card issuer.
Is it Possible to Have Two Credit Cards From the Same Company?
Many credit card companies offer different credit card products for their consumers. There are credit cards for different spending categories like personal, business, travel, rewards, cashback, no annual fee, and more. Chase Bank, for instance, currently has 29 credit cards on offer listed on their website and by the time you’re reading this, it could even be more.
Why do banks offer multiple credit card products? Depending on the credit card product you sign up for, you can have specific rewards targeted to your lifestyle. For example, if you are a frequent traveler, you might prefer to get a credit card that gives you travel perks and discounts. Or if you always dine out, a credit card that gives you discounts in food and beverage establishments might be more ideal for you.
If your question is: Can you have two credit cards from the same company or bank?
The answer is YES. You can have two different credit card products from the same company. Most major credit card companies will generally allow you to have another credit card product with different benefits and rewards.
For example, if you already have a personal credit card with one bank, and you want to get another credit card that has travel benefits, your bank may allow this as long as you meet the qualifications they set. Some banks limit customers to two credit card products while other banks do not have a limitation. Again, this will depend on the credit card company you’re dealing with.
Now, if your question is: Can you have two of the same credit card from the same company?
This means having the same credit card product from the same bank. For example, you already have a travel rewards credit card from one bank, can you get another traveler rewards credit card from the same bank? This is often discouraged by banks but could still happen in some cases.
When is it Possible to Get Two of the Same Credit Card?
Having the same credit card product from the same credit card company is not usually done because for most people, it is more logical to choose another credit card product that offers different sets of perks.
However, there are still cases when this happens. Below are just some possible scenarios when a person could have two of the same credit card.
If you have an old credit card from the credit card company and you were offered an upgrade wherein you can get additional perks that you were not qualified for previously, you could end up with two cards. However, in this case, the cards are not exactly the same as the newer card will have a different set of terms.
Separate Business Credit Card
You can have a business credit card and a personal credit card from the same bank. Even if the card’s terms and perks are the same, credit card companies usually consider these two cards as two different products.
Authorized User Status
It’s possible to have the exact same credit card if you are an authorized user on another person’s credit card and then you opened your own similar credit card.
What are the Pros and Cons of Having Two Credit Cards from the Same Bank or Company?
Maybe you’re wondering whether it is even advisable to get the same credit card from the same company. While everyone’s situation is different, generally having the exact same credit card from the same company is not always advisable. Many banks do not even allow it or discourage it. Usually, if you want more credit and you’re eligible, the credit card company will either recommend that you increase your credit limit on the same card or alternatively, get a different credit card product offered by the same company.
If you decide to go for a secondary credit card (different product) with the same bank, there are advantages and disadvantages that you have to keep in mind. Consider these things before you decide whether getting another credit card from the same bank will be of benefit to you.
PROS of Getting a Secondary Credit Card from the Same Company
Why do people get multiple credit cards from the same credit card company? Below are just some of the reasons why getting a credit card from the same issuer may be beneficial.
1. You can get specific benefits from each card product.
As explained in the earlier section, different credit card products offer different perks. By having two credit cards from the same company, you can choose which card to use to maximize the benefits being offered.
2. You can earn and claim card rewards faster.
Some credit card companies allow customers to combine their rewards from different credit cards. This can be advantageous so you can earn rewards faster and also claim them faster.
3. It may be easier to get approved if you have a good credit history with the bank.
If you’ve been with the bank for quite some time, the application and approval process may be easier compared to opening a new credit card account with a different company you have not dealt with before.
4. The bank may not have to do a “hard credit check” on your credit
When you open a new credit card, the company will have to do a hard credit check on your credit report to see whether you are eligible to do so. This hard credit check can pull down your credit score by a few points whether you are approved or not.
When you open a credit card from the same company, it is possible that the company may not perform a hard credit pull on your credit report. This means opening a new account will not affect your credit score. However, you have to clarify first with your credit card company whether this applies to your situation.
CONS of Getting a Secondary Credit Card from the Same Company
Want to get a secondary credit card from the same company? This also comes with downsides that you have to be aware of. Below are some disadvantages of getting another credit card from the same company.
1. You may not be eligible for a sign-up bonus.
Depending on the credit card company, you may not be eligible for the sign-up bonus if you already have another credit card product from them. Usually, sign-up bonuses are given to new customers who do not have existing accounts with that company. Before you open a new credit card, ask your credit card company if this will be a limitation as different companies have different terms and conditions.
2. A card from the same bank or company may not offer you a backup plan.
Ever experienced a time when your credit card was declined and you have to either pay in cash or use another card to complete the purchase? Having this flexibility is often the reason why many people open another credit card account.
If you get a secondary credit card from the same company, it may not offer you a Plan B in case your primary credit card is not working. If there’s a problem with one of your credit cards, it could affect your ability to use the other card, too.
For example, if the bank’s system is down and because of that you cannot use your credit card, the other credit card will also be unusable until the bank’s system is fixed. This could also be the case if the card is not accepted in certain countries or if you have late payments on your card which makes it unusable.
3. There is an increased risk in case of theft or malicious phishing attacks.
If you have two or more credit cards from the same company, some online banking systems will allow you to keep one online account for those credit cards. Chase bank, for instance, had the option to combine two account log-ins so you can easily switch from one credit card account to another.
While this is convenient, this could also increase your risk if you become a victim of an online phishing attack and your online banking details are compromised. The hackers will have access not only to one of your credit cards but to the other credit card accounts linked to that online account.
4. You may not be able to perform a balance transfer.
A balance transfer is the process of moving your credit card debt to another credit card to enjoy lower interest rates and fees. This is a feature often offered by card companies to entice new customers to sign-up. If your credit cards are from the same company, this option may not be available to you.
Consider All Your Options Before Getting Another Credit Card
Credit cards are useful financial tools to build your credit and are very helpful so you can easily track your spending. However, before opening another credit card, whether from the same credit card company or from another bank, make sure that you weigh all your options. Consider which of the companies are offering the best deals and which credit card product suits your lifestyle the most. Generally, it is more advantageous to get a new credit card that offers benefits that your current card does not offer.