Most major credit card companies have multiple credit cards, often with different types of bonuses. One credit card issuer may have low interest rate credit cards, balance transfer credit cards, c redit mileage cards, credit cards with cash rewards or credit cards that reward points. You may want to get a new credit card from a bank you already have a credit card with. But will your card issuer approve your application for another credit card even though you already have one with them?
You’re lucky. Many credit card companies will really approve you for one of your credit cards as long as you meet the eligibility criteria. And, if you have always managed your credit card well, it may make it easier for you to approve a new credit card.
Obtaining another credit card from the same credit card company
Do not assume that you will be approved for the same terms as your current credit card. The credit card company approves your application based on your current income and credit status. You can get approval for a higher interest rate and a lower credit limit. Or, you can also get approval for a lower interest rate and a higher credit limit.
Two credit cards from the same bank may have different payment dates, so it’s important to pay attention to both due dates. And, you need to submit payment for each credit card separately, be sure to enter the account number on your receipt and the coupon for payment from your statement in the envelope if you are sending your payment.
If you pay for credit cards online, you will need to select each account separately to make the payment.
The minimum payment amount may be different for both of your credit cards, especially if you have different balances and different interest rates. Pay close attention to the payments you pay for each account and make sure you pay the right amount for the appropriate account.
What to watch out for
Unfortunately, you (generally) will not be able to transfer balance between credit cards from the same bank. Banks usually offer balance transfer promotions as they try to pull you to move the balance from another bank. So if this is a great balance transfer deal you are looking for, you will want to apply for a credit card with another bank.
Having two credit cards from the same credit card company can be risky. If you imply making a payment on one credit card and running a penalty rate, you may also get fined on another credit card, even if your payments with that credit card were always on time. But late fees are only valid for a credit card for which payment is late.
If you are interested in a different credit card from a credit card company because you want to earn an application, please read the terms of the credit card rewards program before applying for a credit card. You may not be able to earn a signup bonus on your new credit card, especially if you have already earned a signup bonus from the issuer of this credit card. Some credit card companies only allow cardholders to make money once a year. Others may only allow cardholders to earn one registration bonus.
Of course, whether you have multiple credit cards from the same credit card issuer or multiple credit cards from different credit card issuers, it is important to be sure that you do not take more credit cards than you can handle. If you are struggling with instant credit card payments or if all your current credit cards are maxed out, it may not be a good idea to put another credit card application with any credit card issuer.