I Got Instantly Approved for the SAME Credit Card?! (Why You Should Too)

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00:00 - Intro
00:45 - Reason #1
2:29 - Reason #2
4:22 - Reason #3
8:16 - Reason #4
10:56 - Reason #5
13:13 - Reason #6
15:23 - Reason #7

Have you ever thought applying for the SAME credit card? As strange as it may sound, there can be real benefits of having two of the same credit card in your wallet. Here are a few of them:

REASON 1: You want to get a second welcome offer (if rules allow). Getting a credit card signup bonus for a second time on the same card can be an excellent way to accelerate your points, miles, or cash back FAST! Just make sure you read about the credit card application rules and the offer terms to make sure you’re eligible.

REASON 2: You spend more than the monthly, quarterly, or yearly rewards limit. There are a number of credit cards that issue 3X - 5X points in various categories, but only up to a certain dollar limit. For example, both the Discover it Cash Back credit card and the Chase Freedom Flex offer 5% cash back in quarterly categories, up to $1,500 spend per quarter. The U.S. Bank Cash Plus card, Amex Blue Cash Everyday card, Amex Gold Card, and Citi Custom Cash cards all have spend limits that occur quarterly, yearly, or monthly. If you spend more than these limits, then having a second identical card to capture that additional spend can be a great advantage.

REASON 3: You can take advantage of duplicate benefits and/or credits. Having two Capital One Venture X cards means doubling the amount of "free" authorized users you can add, which is a fantastic way to share benefits with more people. You'll also have two $300 Travel Credits and two 10,000-mile anniversary bonuses to justify the $395 annual fee.

REASON 4: You maxed out the referral opportunities (and can do more). Both American Express and Chase have excellent referral opportunities that you can take advantage of each year. Each card you have can earn a referral bonus up to a certain amount. If you go beyond that amount, you won’t earn any more rewards, which is why it can be great to double up on those cards!

REASON 5: You want to maximize your rewards with different choice categories. Some credit cards allow you to choose your own rewards category (examples: Bank of America Customized Cash Rewards card or the U.S. Bank Cash+ card). So, if you have 2+ of the same card, you can select different rewards categories on each one to maximize your earnings.

REASON 6: You need to product change to become eligible for another card. For example, if you have the Chase Sapphire Preferred and the Chase Freedom Flex, you can downgrade your Sapphire Preferred to a second Freedom Flex and then apply for the Sapphire Preferred again (and get the bonus again, provided you’re under the Chase 5/24 Rule and have waited at least 48 months since you got your last Sapphire bonus).

REASON 7: You want to product change to lower (or $0) annual fee and still preserve your account history. For instance, if you have 2 Delta credit cards (like the Delta SkyMiles Reserve and Delta SkyMiles Platinum) that you no longer want or need, you can downgrade them both to the Delta SkyMiles Blue. That one has no annual fee, and doing this will keep your credit limits and credit history intact.

Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.

#creditcard #creditcards #creditcardhacks