Multiple credit cards from one company/bank?

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Multiple credit cards from one company/bank?

Postby awm » Wed Sep 22, 2010 2:35 pm

Hey everyone, I am considering getting the Citi Diamond Preferred Card because of the great 5x points you get at grocery stores for the first 12 months. The problem is that I already have the citi forward and citi mtvu card. I would like to cancel mtvu, but it's my oldest. Is it bad to have 3 cards with one company. I posted this question on another forum and received helpful response that it isn't good to have all your cards with one bank in case something happens with your relationship (they close your accounts, etc.). What are your thoughts on this issue? Also, is it bad to apply for two different cards at about the same time? Thanks for any input.

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Postby jeffysdad » Thu Sep 23, 2010 6:46 am

There is no problem with that. At one time I had Citi Forward, Diamond Preferred and AT&T Universal through Citi. I currently have Chase Freedom, Sapphire and from Chase.

Usually the bank will lower one or both of your existing credit limits to accommodate the line on the new account. Be sure to ask them if they are doing this. They might cancel one of the accounts so you need to ask them about that, too and tell them if you don't want them to.

It probably isn't good to have all of your cards at one bank, but that's not the same as what's described above. I also have cards from other banks besides Citi/Chase.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Mogul of Pineapples » Thu Sep 30, 2010 9:57 pm

If your MTVu is the oldest don't cancel it. There is no annual fee on that card. Remember part of your FICO is based on length of time that accounts have been opened.

Usually the bank will lower one or both of your existing credit limits to accommodate the line on the new account

That's about the only danger awm has to worry about by having multiple cards from the same issuer. With American Express I would be real careful because I have heard multiple stories where the 3rd card opened resulted in the dreaded financial review.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Postby Cucumber » Thu Oct 07, 2010 1:57 am

Obviously it's not a problem bec that's why you get credit card applications in the mail for new cards from the same bank you're already using!
Stop talking crap about him!

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