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If you love the benefits and perks available on your current American Express, Chase, or Capital One card, you may be wondering if you can double the rewards by applying for two identical cards from the same bank.
However, you will find that in the majority of cases, if you submit multiple credit card applications for the same credit card, you will not be approved. But there are a few notable exceptions you need to know about.
Below we will take a look at the reasons why you might want to apply for a credit card that is identical to your current one. We will also reveal why so many credit card issuers are against this type of application.
American Express® Gold Card
What Are The Benefits of Having Two of the Same Credit Cards?
The main reason you may want to double up on your rewards credit cards is so that you can maximize the bonuses you receive with your spending.
If you currently enjoy valuable reward points on your Chase Sapphire Preferred® Card up to a certain spending limit, you may think it makes sense to simply get another card to build up an equivalent number of points.
If you are spending your points on travel rewards, having multiple cards from the same issuer may be a particularly attractive prospect.
If rewards programs of your card offer complimentary memberships or discounts off of essential services such as Uber, food delivery, and gym membership - you may also be looking to double up on how many benefits you can access.
Credit Card Issuers Discourage The Practice of Having Identical Credit Cards
Although in certain circumstances doubling up on your Chase Freedom Flex℠ or American Express® Gold Card may make sense, banks and issuers are known to discourage the practice.
One of the reasons for this may be connected to the fact that issuing identical cards to the same person can increase risk exposure for the bank.
If you have run-up credit on one issued card, it is possible that you can also run up an equivalent amount on your second. If you then run into financial issues, the bank will have to deal with collecting double the debt! This situation can also make it more difficult for banks to pinpoint customers who are spending at a rate that needs to be monitored.
But, as technology and banking progresses, it has become easier for credit issuers to monitor spending and limit their lending risks. Nowadays, it is likely that issuers are more motivated by a desire to protect their profits by limiting the number of reward redemptions a single customer has access to.
Some banks have outright banned the practice, whereas other issuers simply strongly discourage delicate applications. But there are some workarounds you can look into if you want to double up on what your chosen card earns each month.
How Can You Apply for Two of the Same Credit Card?
There are some legitimate and legal ways for you to own multiple credit card accounts. Here is a rundown of situations when owning two of the same card is possible:
Become An Authorized User on Another Account
You can access the perks of two accounts by opening an account in your own name and then being named as an authorized user on another. However, before you do this, you should make sure to research the credit score implications for both parties.
Do You Own Several Businesses?
If you run several distinct businesses, then you might be able to successfully apply for a beneficial business account for each separate company.
Apply For a Card With Similar Benefits From the Same Issuer
Many issuers such as Chase, Bank of America, and Amex have a variety of cards on offer, some of which offer similar benefits. You may also be able to apply for separate business and personal cards which offer compatible benefits on your spending.
Convert Your Account to Another Option You Already Hold
This is a rare occurrence, but still technically possible. If you hold an account with an annual fee and an account without an annual fee, your issuer may offer to transfer your fee-paying card to a non-fee option if you want to cancel. This could result in you having two identical cards in your wallet.
Can You Earn Multiple Sign-Up Bonuses by Applying for the Same Credit Card?
If you have enjoyed a lucrative signup bonus on a specific card, it can be tempting to apply again to enjoy the same benefits. But the majority of issuers are unwilling to allow existing single customer access double the perks.
Issuers put together such lucrative rewards programs to tempt you into choosing them over their competitors. However, once they already have your custom, they are naturally unwilling to cut into the profits they derive from your ownership by doubling the cost of perks.
For example, Chase and Citi both prohibit the issuing of sign-up bonuses if you have previously received one within the last two years.
American Express doesn't allow customers to benefit from a welcome offer if they have ever had the bonus on the same card in the past. They may also consider any other Amex card you currently hold before evaluating whether you qualify for the signup bonus.
So, before you try to apply for any duplicate accounts with issuers, it is important to make sure that you read the terms and conditions. If you can't find the information online, then you should contact the customer service team to make sure.
Things to Consider Before Applying For a Duplicate Card
Despite the difficulties we have highlighted above, you may still like the idea of making the most of your spending habits by owning two cards that earn 5 cashback up to a certain limit, or give you double bonus points. But there are a few things to consider before you attempt this:
Consider Your Credit Score
If you make multiple applications or inquiries for credit, you could end up affecting your credit score negatively. Even if it is the same creditor making the inquiry.
Make Sure You Can Track Your Spending
Having multiple cards in your wallet can be a slippery slide into overspending and falling into debt. Make sure that you are capable of keeping a hold of your spending, and that you will be able to pay off both bills on time each month.
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