Can you have two credit cards from the same bank? (2024)

Yes, you can generally have two credit cards from the same bank, as most issuers allow it. Getting more than one card with the same bank may be a good idea in certain situations, too. That’s because there isn’t one card that offers the best terms for every purchase category, along with the lowest rates and fees. So, using more than one credit card may help you save money by enabling you to get the most out of each transaction.

Benefits of Getting More Than One Card With a Certain Bank

• Having two or more credit cards enables you to adopt the Island Approach. This could mean using a pair of rewards credit cards by matching them with your biggest spending categories.
• You could also use a cash back credit card for daily purchases along with a travel rewards card or a store card for your favorite retailer.
• If you have debt or are planning a big purchase, you can couple a credit card offering a 0% introductory APR with a rewards credit card for everyday spending.
• Having more than one credit card also helps lower your credit utilization, which in turn improves your credit score.

Note that an extra credit card account may also come with potential drawbacks.

Potential Drawbacks from Having Multiple Cards With the Same Bank

• If identity theft is suspected, the bank could block you from all the accounts until the issue is investigated and solved.
• You would not be able to transfer your balance between credit cards from the same institution.
• You need to be mindful of the risks associated with having multiple credit cards in general. Applying for credit cards generally triggers hard inquiries which can cause a temporary dip in your credit score.
• Having more than one credit card gives you another due date to remember and increases your potential to rack up debt. You can avoid this by setting up autopay, especially when having multiple accounts.

Having two credit cards from the same bank can definitely help you save as long as their rewards are aligned with your spending habits and outweigh their fees. If you need help picking a new credit card, feel free to check out WalletHub’s free CardAdvisor tool for a personalized credit card recommendation.