Pros and Cons of Getting a Second Credit Card

For whatever reason, you think you may want a second credit card. Whether it be that you are maxed out on your current card, want an emergency credit card or you just want more available credit, either way you are looking to get another line of credit However, you should know both the pros and cons associated with getting another card in order to figure out if it is best for your financial situation.

Pros of Getting Another Card

There are a few different pros when it comes to opening up a second credit card. However, one of the most common reason people open another card up is to improve credit. When you have more than one credit card, you show potential lenders that you are capable of handling multiple lines of credit. Your second card will also increase your available credit which has a positive impact on your score. Not only can you improve your credit, but you can have an emergency fund on top of savings to be better equipped for unexpected events.

There are many reasons why people would want an emergency card. Whether that is a backup in case you lose your first, or better financial management in the case of unexpected events, you will be able to have that safety net. When you lose your card, most companies will not be able to get you a new card overnight. This means that if you primarily are using your credit card, you could be out of luck. However, when you have your backup card, you don’t have to worry. This is especially useful when you are traveling and have a higher likelihood to lose your valuables!

Cons of Getting Another Card

While there are some very strong positives of getting a second card, there are also negatives that you need to be aware of. If you are looking for another card because you are currently struggling to pay the bills you have then that is not a great option for you to consider. Even though it has the possibility to be beneficial to your situation, if you are struggling with one card, you are likely to struggle with two. You want to have good habits and be in a decent position when looking into getting another card.

You should also avoid getting another credit card if you are trying to get a new car or home. The reason is people often forget that it takes time for credit to establish. It can take 1-2 years to actually have an established score and not have your credit be defined as “new”. This means if you are looking to get a car or a home, you can hurt your credit when you need a better score more than ever.


There are both advantages and disadvantages to getting a second credit card. You should evaluate where you are with your finances to make sure that this option would actually be beneficial. You don’t want to make a mistake and get yourself caught up with more bills as well as hurting your credit during a time when you need it most. Overall, if you take the time to consider this decision, you will likely make the right one!