More Than One Discover It Card: The Discover It card is a popular option for people who want a credit card with good rewards and no annual fee. The perks, cashback, and other features make it a tempting option, but what if you already have one and are contemplating getting another? The question on many cardholders’ minds is, “Can I have more than one Discover It Card?” To answer this, let’s delve into the details and considerations you should keep in mind.
Eligibility Criteria for Multiple Discover It Cards( More Than One Discover It Card)
Yes, you can have more than one Discover It Card. Discover does allow customers to have two Discover It cards, although there are certain eligibility criteria you must meet. Generally, you should have your first card for at least one year before applying for a second one. Additionally, your account must be in good standing, meaning you have been responsible with your credit and have not missed any payments.
Timeline for Applying for a Second Card
As mentioned above, Discover generally wants you to have your first card for a year before considering your application for a second card. However, this isn’t a hard and fast rule. In some cases, if you’ve demonstrated excellent credit management and have a high credit score, you may be considered for a second card sooner. It’s advisable to contact Discover’s customer service to get personalized guidance.
Benefits of Having More Than One Discover It Card
One of the biggest advantages of having two Discover It cards is the ability to diversify your rewards. Different variations of the Discover It card offer different types of rewards, such as cashback on dining or travel. By having more than one, you can maximize your rewards based on your spending habits.
Increased Credit Limit
Having two cards can potentially give you a higher overall credit limit, which may help improve your credit score by reducing your credit utilization rate, assuming you don’t rack up more debt.
An additional card can act as an emergency backup. If one card is compromised, you will still have another card to use while the first is being sorted out.
Drawbacks of Having More Than One Discover It Card
Complexity in Management
With two cards, you will need to keep track of multiple payment dates, balances, and reward programs, which could get overwhelming.
Potential for Increased Debt
An increased credit limit across multiple cards could tempt some users into accumulating more debt than they can handle comfortably.
Impact on Credit Score
Applying for a second card will trigger a hard inquiry on your credit report, which could temporarily reduce your credit score.
Steps to Apply for a Second Discover It Card
- Check Your Credit Report: Make sure your credit report is accurate and that you meet Discover’s credit requirements.
- Contact Customer Service: Consult with Discover’s customer service to know if you meet the criteria for a second card.
- Apply Online: If you’re eligible, you can proceed to apply for a second Discover It card online.
- Wait for Approval: Discover will review your application and credit history before making a decision.
Frequently Asked Questions
Can I have two Discover It cards?
Yes, Discover allows cardholders to have two Discover It cards, provided certain criteria are met.
How long do I need to wait to apply for a second Discover It card?
Generally, it’s advisable to wait for at least one year after getting your first card.
Do multiple Discover It cards affect my credit score?
Yes, applying for a second card will result in a hard inquiry, which may temporarily lower your credit score.
To sum up, the question, “Can I have more than one Discover It Card?” has a straightforward answer: Yes, you can. However, it’s essential to weigh the pros and cons before proceeding. If having a second card aligns with your financial goals and spending habits, it can be a good idea. Always remember to manage your credit responsibly to make the most out of your cards.