If you already have a credit card, itâs possible to get another card from the same issuer. It may even be preferable to you. As you explore your options, itâs worth looking at rates, bonuses, fees and rewards.
Learn more about having two credit cards from the same issuer and some things to consider before you apply for a new card.
Some benefits of having more than one credit card include earning rewards on different types of spending, taking advantage of special offers, and increasing the amount of credit you can use. A lot of people want to know if they can have two Capital One credit cards. Yes, you can have two Capital One cards. However, there are a few things to keep in mind.
Capital One’s Policy on Multiple Cards
Capital One does not publicly disclose a set limit on how many of their cards a single customer can have. However, customers report being able to have up to 5 Capital One credit cards Beyond 5 cards, approval odds drop significantly.
That said, Capital One reviews each application individually. When deciding whether to give you a new card, Capital One looks at things like your income, credit score, amount of debt, and past dealings with them.
Just because Capital One may allow up to 5 cards does not mean every customer should apply for that many. Only open new cards as needed to meet specific financial goals. Also, space out your applications by at least 6 months to avoid denials.
Choosing Two Capital One Cards
If you want to get a second Capital One card, pick one that goes well with the first one. Look for features like:
- Different rewards categories to maximize earnings
- Promotional financing offers on new purchases or balance transfers
- Better terms, like lower interest rates or fees
For example, if you have the Capital One Savor cash back card, pair it with the Capital One Venture travel rewards card The Savor earns higher rewards on dining and entertainment, while the Venture earns unlimited 2x miles on all purchases.
Or, if you already have a basic Capital One card that doesn’t cost anything, you could switch to a premium card like the Venture X that comes with luxury travel credits and perks.
Check for pre-qualified offers on Capital One’s website to see your top options before applying.
Tips for Getting Approved for Two Capital One Cards
To improve your approval chances when applying for a second Capital One card:
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Wait at least 6 months between applications. Applying for multiple cards in a short period can lead to denials.
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Maintain a good credit score. Shoot for at least 690+ for the best approval odds.
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Keep credit card balances low. High balances relative to limits hurt approval chances. Try to keep balances below 30% of your credit limits.
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Have a steady income. Provide updated income documentation when applying to back up your ability to manage additional credit.
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Consider asking for a credit line increase first. Rather than open a new account, you may be able to get a higher limit on your current card.
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Check for pre-approvals first. Pre-approvals let you see if you’ll be approved without a hard credit inquiry.
How to Apply for Two Capital One Cards
When ready to apply for a second Capital One card, follow these steps:
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Check Capital One’s pre-approval page to see your top options. Pre-approvals allow a soft credit check without hurting your scores.
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Compare the most appealing pre-approved cards to pick your favorite. Check rewards rates, fees, financing offers, and benefits.
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Formally apply online or by phone. Be sure to provide your most recent income documentation.
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Wait for a decision. It may take a few days for Capital One to review your application. Check your account online or wait for a letter in the mail.
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Activate your new card once approved. Follow the instructions Capital One provides to activate your card and access online or mobile account options.
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Meet any minimum spend requirements for welcome bonuses within the required timeframe. Review bonus terms so you don’t miss out on lucrative rewards.
With a thoughtful approach, getting a second Capital One credit card can provide a strategic boost. But don’t apply for more credit than you genuinely need or can manage properly. Opening too many accounts in a short period can backfire and actually hurt your credit standing.
Frequently Asked Questions
Can I transfer a balance from one Capital One card to another?
No, Capital One does not allow balance transfers between existing Capital One cards. You would need to transfer to a new card from a different issuer.
What’s the best Capital One card combination?
Top pairings include the Savor cash back card with the Venture travel card, or a no-fee Quicksilver card paired with the premium Venture X card.
How do I know if I’m pre-approved for a Capital One card?
Check Capital One’s website for pre-qualified offers. Pre-approvals allow a soft credit check without impacting your scores.
Should I close my old Capital One card when I get approved for a new one?
Not necessarily. Older accounts help your credit history length. Keep cards open unless they have high fees or you won’t use them.
What credit score do you need for two Capital One cards?
There’s no set score requirement, but you’ll typically need good to excellent credit – around 690+ – for the best approval odds on multiple Capital One card applications.
The Bottom Line
It’s certainly possible to have two Capital One credit cards – and potentially up to 5 total. Take a strategic approach by choosing cards that maximize rewards and benefits. Maintain good credit and space out your applications to boost approval chances. With responsible use, multiple Capital One cards can provide a credit mix tailored to your spending habits.
How will I use a second credit card?
Do you plan to spend more if youâre approved for a second card? Are you looking to spread payments around? Looking at your budget and planning for how youâll use a card could help you determine whether it fits with your finances. If you have a credit card, the Consumer Financial Protection Bureau says you should pay it off every month. Doing so could help you avoid interest charges and additional debt.
What is your credit score?
In general, the higher your credit scores, the better your chances of being approved for a second card.
Using credit responsibly, whether itâs with your existing credit card or a second card, could help you improve your credit scores. But one way a second credit card could help is by opening up more available credit. Getting an extra credit card can lower your credit utilization ratio, which is a big part of your credit score, even if you don’t spend more.