Two Credit Cards Are Better Than One

When it comes to credit cards, it may be beneficial to hold more than one, as opposed to relying on a single credit card for all your purchases.

Perhaps the most important reason why you should carry multiple credit cards is in the case that your credit card is denied for any given reason, including being maxed out or blocked by the card issuer.

I’ve been in situations where my credit card was denied simply because I made a series of large purchases in a short period of time.

Instead of walking away denied, I could pull out another credit card to complete the transaction if needed.

There are other instances when a merchant won’t accept a certain type of credit card, typically an American Express card for a number of different reasons.

In these cases, it’s a good idea to have a backup if you typically use an American Express credit card as your payment method of choice.

I use an American Express for most purchases, but there are times when I have to pull out a Citi Mastercard or a Discover Card to fund a transaction.

But imagine a situation when you don’t have cash, and your credit card won’t do the trick.

By carrying multiple credit cards, you can avoid using your debit card for transactions, which clearly has its benefits.

Using a debit card is a bit of a last resort for me for a variety of reasons.

Debit cards carry less purchase protection than credit cards and also offer nothing in the way of incentives such as rewards or cash back.

They’re also tied to your important banking accounts which can spell big problems if they land in the wrong hands.

After all, it’s much easier to be issued a new credit card than a new checking account if it’s compromised.

Finally, credit cards may serve different purposes, such as one that focuses on gas rebates, while another may give you a huge incentive for buying business related expenses.

Make sure you’re getting the most out of your credit cards, and using the right one in the right situation.

That said, you don’t need to go open a new credit card just because you have one card.

Just make sure you carry a backup if you’ve got one, and make sure you leave spare or unused cards in a safe place if you choose to keep them at home.

Related Topics:

1. Always Use Credit Cards for Large (and Small) Purchases
2. Debit Cards
3. How Many Credit Cards Should I Have?
4. Installment Credit Cards
5. Revolving Credit Cards