3 reasons you should double up on credit cards from the same loyalty program — from earning rewards in more categories to unlocking better benefits

19.01.2024 - 21:33 / insider.com

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One of the best ways to ensure you have an effective points strategy in place is to diversify the types of rewards you earn. You should try to rack up airline miles, hotel points, cash back, and transferable points if possible so that you can use your rewards in a variety of ways when the time comes.

On the other hand, it can pay to concentrate your loyalty with a few key programs to ensure that you accumulate enough points for meaningful rewards. For that reason, it might make sense to carry two or more of the best credit cards that are co-branded with a particular airline, hotel, or credit card issuer rewards program. Doing so can boost your bonus earning opportunities and confer other valuable perks like statement credits and elite status.

Here are some of the reasons you might want to double up on rewards credit cards from the same loyalty program — and a few examples where this makes sense.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

You might think to yourself, "Why get two cards with the same rewards program when I could play the field?"

That certainly makes sense for a lot of folks who only have one or two rewards credit cards. But if you're a frequent traveler, or simply someone who puts a lot of (responsible) spending on your credit cards, you can begin reaping a lot more points and lucrative benefits from certain credit card pairings.

One major caveat: Credit card companies have rules that can be strict and confusing about who is eligible for which cards, how many cards a person can apply for or have open, and other hoops to jump through. Before you start applying for cards, read the fine print and make sure you won't be precluded from any particular offers you're interested in. 

These are three big factors to consider if you're looking to open multiple credit cards in the same program.

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