Why Do You Need a Variety of Credit Cards?

If you’re like most Americans, you have more than one credit card. Maybe you have a rewards card and an everyday card with no annual fee. Or maybe you have a student loan, an auto loan, and a home equity line of credit. But even if your wallet is stuffed full of plastic, one question often plagues people: Why do you need more than one credit card?

Earn More Rewards

The more credit cards you have and the more accounts you open, the bigger your rewards will be. That’s because each card has its own program. So you’ll miss out if you don’t take advantage of all the ways points can be redeemed! SoFi experts state, “Upgrade from 2 percent cash back to 3 percent cash back rewards for one year.”

For example: If one rewards program gives 2% cash back on groceries, but another gives 5% cash back on gas, why would anyone want to use the 2% card? The right reward strategy should always be based on where and how much a person spends.

Avoid Security Issues

Avoid phishing scams. Phishing scams are fake emails or websites that look like they’re from a legitimate company but are actually trying to steal your personal information. The best way to avoid these scams is to avoid clicking on links in emails or filling out any forms on websites you need clarification on.

By using multiple credit cards, you can keep track of each one individually and know if there’s any suspicious activity going on with them, which can help you spot potentially fraudulent activity before it happens or, even worse: after it has taken place!

Protect Yourself from Fraud

As you know, credit card fraud is a serious problem in the United States. It’s estimated that 7% of all Americans have been victims of credit card fraud in their lifetimes, and that figure rises to 12% for those under 40 years old. Credit card fraud can lead to identity theft and higher credit card bills, damaging your financial well-being. In addition, it could also lead to lower credit scores—which will mean higher interest rates on loans you apply for in the future.

Keep Good Credit

You can also keep your credit score up by having various credit cards. By keeping one or two cards open, you will have a better chance of maintaining a good average age of credit card accounts and not just closing an account and starting over. If you close an old account, the balances may transfer to another one, which would lower your average age of accounts and could hurt your score instead of helping it.

Optimize Your Travel Rewards

There are several reasons why you should consider getting a travel rewards card. First, if you travel frequently or you plan to take an extended trip (or even move) at some point in the future, then it’s important to have the right credit card on hand. These cards can help you optimize your rewards and avoid high-interest rates when spending money abroad—particularly if you’re living somewhere with a different currency than what’s used in your home country.

There are many reasons why you need to have multiple credit cards. First, you need to be aware that they can also be a security risk and protect you against fraudsters. However, the benefits far outweigh any negatives you may feel about using them. If you want to ensure that your money is safe, get yourself some travel rewards cards today!




  • Master’s degree in tax law from Thomas Jefferson School of Law


  • Bitcoin Specialist
  • Financial & Investment Advisor


  • Joseph Williams is an entrepreneur and investment advisor
  • Joseph has worked as a professor of Accounting & Law at the University of North Georgia


  • With more than 20 years of experience in finance and insurance, Joseph has a keen interest in anything that talks about numbers. After completing a master’s degree in law, he went on learning about bitcoins and is now involved in writing financial and insurance-related articles.

Words from Joseph Williams

  • “You should never stop learning, no matter what age you are. Just focus on what you learn and share your knowledge with the world so that this world can be a better place to live.”

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