Is having more than one credit card a good thing?
There’s no question about it – if used sensibly, credit cards are great. You can spread the cost of all your lovely new things and if you do it right, you won’t have to pay any interest - something that can even help for that all important budgeting. You can also be rewarded with cashback or reward points – giving you the necessary excuse to buy even more stuff you don’t need.
But having more than one card isn’t just for spendthrifts;, spreading your credit evenly, never reaching your maximum on one, and always being on time with payments (or early), shows you’re a canny money manager. As a result, your credit history’s probably A* meaning you might have a better chance of being accepted when it comes to securing more credit, loans or a mortgage.
Having more than one card also gives you another avenue for accessing funds in an emergency. Ideal if your boiler goes or you need emergency home or car repairs and don’t have the cash to hand.