How many credit cards do you have in your wallet or purse? If the answer is one, there may come a point when you begin to consider adding another.
Although this could present a few challenges in regards to controlling your spending, there are multiple advantages of having more than one credit card:
- If you lose one credit card (or it is stolen), you don’t have to wait for your replacement to arrive by mail. Instead, you can simply use another one for the time being.
- You can use separate credit cards for certain purchases. For example, one credit card may be used for day to day purchases, while another is for online shopping only. You can break this down however you best see fit.
- You can make purchasing decisions based on the rewards you’ll receive. For instance, one credit card may reward additional points for travel purchases, while another allows you to earn cash back.
These aren’t the only reasons to carry more than one credit card, but these advantages may have you wondering if it’s an approach you should take in the future.
Tip: if you currently have more than one credit card with a balance, you may be looking to consolidate your debt as a way of improving your financial situation. One of the best ways of doing so is with a balance transfer credit card offer. This will eliminate some of your options for the time being, but it could bring other benefits to your life (such as the ability to save on finance charges).
While it’s not the right approach for everyone, there are some definite advantages of having access to multiple credit cards.
If you have one card and want to consider another, do your research to ensure that you make a good decision. You want every card in your wallet (or purse) to bring you financial benefits.
