topic Elaborate on why having more cards with the same company? in Credit Cards

Elaborate on why having more cards with the same company?

Skye12329 — Thu, 10 Apr 2014 18:04:49 GMT

I was just wondering why would someone choose to have the same card with the same company but twice? Im not saying its bad but was just wondering.

Ex. ive seen people have 2 QS cards, or 2 Target Cards...etc. OR Why have 2 cards with Cap1 or Citi...etc.

Re: Elaborate on why having more cards with the same company?

Anonymous — Thu, 10 Apr 2014 18:06:46 GMT

LOL I heard of people having 3 Target cards, I have more than one card with Chase but they are different products. Disney, SOuthwest, Slate and Freedom

Re: Elaborate on why having more cards with the same company?

VirusCredit13 — Thu, 10 Apr 2014 18:11:52 GMT

For some cards I just assume its for cap purposes. 5% cash back capped at w/e dollar amount. If you have two of same card, can double that cap. Othertimes, may be they just want another TL or higher total limit.

I'm not sure if these guys are applying for two cards or just AU on one and owner on another. I'm assuming the latter.

Re: Elaborate on why having more cards with the same company?

coldnmn — Thu, 10 Apr 2014 18:15:06 GMT

For the US Bank Cash+ you can have more 5% categories.

Re: Elaborate on why having more cards with the same company?

azguy13 — Thu, 10 Apr 2014 18:15:56 GMT

@VirusCredit13 wrote:
For some cards I just assume its for cap purposes. 5% cash back capped at w/e dollar amount. If you have two of same card, can double that cap. Othertimes, may be they just want another TL or higher total limit.

I'm not sure if these guys are applying for two cards or just AU on one and owner on another. I'm assuming the latter.

With some banks like Chase, you can get mutliple cards for their promo rewards and then transfer all rewards to one account. For example, I had a Southwest card and got the 30,000 promo miles after spending $3K in 3 months. I also had a CSP where I got 50,000 promo points (i think it was 50k at the time). Once I realized that I did not need the southwest card to transfer my CSP UR points to my Southwest RR account, I moved the CL to my CSP and closed the Southwest. This resulted in me getting both promo rewards and transferring them to one card. I did not plan it like that, but thats how it happened.

Also, it is hard to pass up the CSP/Freedom combo

Re: Elaborate on why having more cards with the same company?

creditjunkie_503012 — Thu, 10 Apr 2014 18:25:32 GMT

I have two Quicksilver cards that were actually upgrades from platinum cards; one is a Visa and the other is a Master card. I've asked capital one if I could combine limits, and I would close out one of the cards but I was told no by a CSR. I wanted a rewards card to add to my Citi line up, hence the reason for two Citcards. Same with BOA, two different product offerings in terms of rewards.

Re: Elaborate on why having more cards with the same company?

sexy_kitten7 — Thu, 10 Apr 2014 18:33:39 GMT

Possible explanations are sign up bonuses, rewards, spending category caps (for MS), choosing multiple bonus categories, decreasing your utilization, etc.

I have two QS, not by choice. At one point, I held 1 Cash Rewards and 1 QS. The Cash Rewards product was discontinued and existing accts were automatically converted to QS. Both are currently SD'd, as I am meeting min spend requirements.

I have two BBR on purpose for the rewards. Each yields $120 per year. I'm going to PC another BoA card later this summer, giving me 3!

Re: Elaborate on why having more cards with the same company?

VirusCredit13 — Thu, 10 Apr 2014 19:19:34 GMT

@azguy13 wrote:
@VirusCredit13 wrote:
For some cards I just assume its for cap purposes. 5% cash back capped at w/e dollar amount. If you have two of same card, can double that cap. Othertimes, may be they just want another TL or higher total limit.

I'm not sure if these guys are applying for two cards or just AU on one and owner on another. I'm assuming the latter.
With some banks like Chase, you can get mutliple cards for their promo rewards and then transfer all rewards to one account. For example, I had a Southwest card and got the 30,000 promo miles after spending $3K in 3 months. I also had a CSP where I got 50,000 promo points (i think it was 50k at the time). Once I realized that I did not need the southwest card to transfer my CSP UR points to my Southwest RR account, I moved the CL to my CSP and closed the Southwest. This resulted in me getting both promo rewards and transferring them to one card. I did not plan it like that, but thats how it happened.

Also, it is hard to pass up the CSP/Freedom combo

OP's title make it sound like he only meant what your talking about, but based on his post, he was refering to having the same card twice, not only the same bank. Aka 2 CSP, or 2 Freedoms. I was responding to that.

Re: Elaborate on why having more cards with the same company?

Kenny — Thu, 10 Apr 2014 21:37:46 GMT

A lot of people get multiples by product changes, but some also get some by apping for the same thing again. The easy answer: they're allowed.

Re: Elaborate on why having more cards with the same company?

creditFiend — Fri, 11 Apr 2014 00:14:02 GMT

@creditjunkie_503012 wrote:
I have two Quicksilver cards that were actually upgrades from platinum cards; one is a Visa and the other is a Master card. I've asked capital one if I could combine limits, and I would close out one of the cards but I was told no by a CSR. I wanted a rewards card to add to my Citi line up, hence the reason for two Citcards. Same with BOA, two different product offerings in terms of rewards.

Me too. Well I started with a CapOne platinum re-builder card, then later applied for the green cash back rewards. I recently upgraded both; the re-builder card to QS; & the cash rewards to QS1 (go figure). I was also told that limits could not be combined. Hopefully these cards can blossom since receiving my new TLs with higher CLs.

Re: Elaborate on why having more cards with the same company?

improvingmycredit — Fri, 11 Apr 2014 01:01:23 GMT

Hey OP!

A lot of the duplicate cards are also from banks that bought out other banks and the card holders had accounts with both. For example- Washington Mutual card holders were converted to Freedom holders in the buy out. If the holder already had a Freedom with Chase, they now have 2. When CapOne bought out HSBC, the cards were converted to Plat MCs in most cases. Many on here already had CapOne Plats so thus, now they have 2 Or in some cases 3.

Re: Elaborate on why having more cards with the same company?

Themanwhocan — Fri, 11 Apr 2014 01:17:24 GMT

@sexy_kitten7 wrote:
Possible explanations are sign up bonuses, rewards, spending category caps (for MS), choosing multiple bonus categories, decreasing your utilization, etc.

I have two QS, not by choice. At one point, I held 1 Cash Rewards and 1 QS. The Cash Rewards product was discontinued and existing accts were automatically converted to QS. Both are currently SD'd, as I am meeting min spend requirements.

I have two BBR on purpose for the rewards. Each yields $120 per year. I'm going to PC another BoA card later this summer, giving me 3!

Two BBR cards? Hmm, thats a very interesting idea.