Will multiple credit cards help you get better rates?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Will multiple credit cards help you get better rates?

Postby Ascendant » Tue Mar 27, 2012 11:08 pm

I was wondering if credit card companies will offer you more competitive rates if they know you have multiple credit cards? I figure it not anything else, it would at least give you leverage against the company with a higher rate, right?

I'm curious because I just got a new credit card with rewards. The only two cards I have are both through Chase. Even though my credit is 710, once my introductory 0% interest runs out, I will to up to 23%, which just seems excessive to me for my score.

I'm thinking having one more option would probably be my best bet, but I'm open to suggestions. I just don't see why I'm getting hit with a 23% interest rate when my score isn't bad at all?

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Postby Crashem » Wed Mar 28, 2012 7:38 pm

Having multiple credit cards won't help you get better rates usually since the other creditors don't know what interest rate you are getting. It is solely based on the credit card issuer and your credit rating. A lot of the intro 0% cards have high interest rates as people use them to transfer balances into and they want to make up for the 0%. If you are keeping high balances, look for another 0% card and aggressively pay down that balance. Otherwise, just look for a card that is good for your spending habits, rewards card since you PIF or lower rate since you occassionally keep balances or whatever.

Where I have seen having multiple issuers helping is with your credit limits. When you get a much higher limit card, I often see seldom used cards get a CLI. Remember most card issuers are doing soft inquiries on you to keep tabs on you.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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