How many credit cards could you have the same time?

How many credit cards should you have?
Is it a good idea to have multiple credit cards?
In theory, you can have more than one credit card account open at the same time, but please be aware that this requires discipline and savvy money management.

Can I have multiple credit cards at the same time?

The short answer to this question is yes, you could have multiple credit cards at the same time – but that doesn’t mean you should.
A credit card is a huge financial responsibility. If you’re not disciplined with your credit card use, you run the risk of damaging your credit score, as well as being charged additional fees. If not managed effectively, having more than one credit card could increase these risks.
In addition to this, credit cards come with varying interest rates and fees, and the more credit cards you have, the more you could be paying in interest, which will increase your overall cost of borrowing.

It’s also worth noting that some credit card providers may only allow customers to have one credit card at a time with them. This doesn’t mean that you can’t consider applying for an additional credit card with another provider if you need to.

There are many things to take into consideration before you apply for a credit card.

Things to think about before you apply for a credit card

• Can you afford a credit card? When you spend money on a credit card, you’ll be charged interest, unless your balance is repaid in full each month. A credit card should never be used to spend money if you don’t need to or if you can’t afford to repay your borrowing.


• Is a credit card necessary? What do you need it for? Are there any other options you could look into instead, such as borrowing from family and friends?


• Research different types of credit cards and how they work. This could help you make the best-informed decision for your circumstances and financial needs.


• Do the advantages outweigh the costs? If you’re applying for a credit card that offers perks, such as cashback or points, you should make sure that this adds value to your wallet. For example, if you apply for a rewards credit card, you should work out whether the potential rewards outweigh what you’ll pay in interest.


• A credit card will affect your credit score. The more credit cards you have, the bigger the risk to your credit score if you don’t manage them responsibly. We’ll talk about this in more detail further down the page.

When you might consider an additional credit card

From balance transfer to credit builder, there are many different types of credit card, each with its own purpose.
You might think about applying for an additional credit card if your current credit card does not offer the service that you need.
For example, you could have a standard credit card with an interest rate of 48.9%. You’re planning to make some home improvements and would like to spread the expense cost-effectively. In this case, a 0% purchase credit card, with a set period of no interest spending, could be something you’re thinking about.

How many credit cards should you have?

Again, there’s no one set answer to this question. It will depend on your situation.
If you’re new to credit cards, you might choose to stick to just one while you get to grips with it and fall into the swing of repayments.
If you’re a confident, experienced and responsible credit card user, you might be interested to shop around and see whether adding another credit card, such as a rewards credit card, to your wallet could offer some perks or enhance your finances.
Thorough research is needed before applying for any credit card.

Will having multiple credit cards affect my credit score?

Yes, having multiple credit cards will affect your credit score.
Here are some ways that having one or more credit card could impact your credit score.

• Credit checks
  When you apply for a credit card directly with a provider, a creditworthiness assessment will be completed, and this will include either a hard search or Open Banking. Multiple hard searches in a short period could damage your credit score.


• Monthly repayments
  You’ll need to make at least the minimum repayment amount off the balance of each of your credit cards each month. A late or missed repayment will cause your credit score to decline and could reduce your chances of being considered for credit in the future.


• Credit card limit
  The credit limit is the maximum amount of money you can borrow on your credit card. You should never try to spend more than your credit limit; doing so could hurt your credit score, and you could be charged a fee by your credit card provider.


• Credit card utilisation
  Credit utilisation is how much of your credit limit you’re currently borrowing and is shown as a percentage. Ideally, you should try to aim to keep your credit card utilisation below 30%, especially if you’re hoping to improve your credit score. If you have more than one credit card, your credit utilisation will combine the individual utilisation of each.

Credit card utilisation example for multiple credit cards:

1. You have one credit card with a credit limit of £500. You use this credit card to make a £50 transaction, which means your credit utilisation is 10%.
2. Your second credit card has a credit limit of £250, and you use it to cover the cost of a £30 transaction. Your credit utilisation on this credit card is 12%.
3. Your combined credit utilisation across both credit cards is 10.67%.

The good news…

If you use your credit card sensibly, stay within your credit limit, keep your credit card utilisation as low as possible and make your repayments on time each month, you could see an improvement in your credit score.
It’s important to remember that each of your credit cards must be handled effectively, as well as any bills and other existing credit agreements that you have in place.

How to manage multiple credit cards

• Consider setting up an automatic payment, such as a Direct Debit, for each of your credit cards so you don’t forget to make a repayment. This will also reduce the risk of you being charged late or missed repayment fees.


• Monitor your spending. Some apps allow you to view all your credit accounts in one place, which could make it easier to keep track of how much money you’ve spent on each card, as well as your current credit utilisation.


• Be mindful of your credit limits. With multiple credit cards, you could have access to a larger amount of credit overall. Remember that a credit limit should never be viewed as an incentive to spend money on something you don’t need or can’t afford to repay.

Thinking about searching for a new credit card?

If you’re hoping to improve your credit score, the thimbl Credit Builder Credit Card could be a suitable option.
Use your thimbl credit card to pay for an affordable and necessary expense and then make at least the minimum repayment amount due on your balance each month.
Your spending and repayment activity will be reported to the credit reference agencies (CRAs).
If you keep on top of your repayments and practise good credit card health, such as staying within your credit limit and keeping your credit utilisation low, you could see an improvement in your credit score over time.

Find out if you’ll be accepted before you apply for your thimbl. Credit Card

• For all credit levels, from poor to excellent
• Checking won’t affect your credit rating
• 48.9% APR Representative (variable)

Check my eligibility

Am I eligible for a thimbl Credit Builder Credit Card?

You can check your eligibility for a thimbl credit card in just 90 seconds if you:

• Are between the ages of 18 and 70;
• Are a UK resident with at least 1 year's UK address history; 
• Are employed, with a monthly net income of at least £800;
• Have an active credit account that has been open for a minimum of 12 months; and 
• Do not already hold a Zable credit card.* 

Any credit obtained upon successful application will be provided by Lendable Ltd.
Lendable Ltd is unable to consider applications from anyone who has declared bankruptcy or is in an individual voluntary agreement (IVA).

What should I do if I can no longer afford my credit card repayments?

If you’re struggling to make the repayments on one or more of your credit cards, you should stop using them. Let each of your credit card providers know that you’re experiencing difficulties with your repayments; there may be things they can suggest to help.

Multiple credit cards? If you’re finding it hard to keep on top of your repayments, you might consider reducing the amount you have.

Please know that you can get free money and debt advice through the following charities and organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*thimbl is partnered with Zable, a trading style of Lendable Ltd. If you’re pre-approved for a thimbl credit card and choose to make a full application, a creditworthiness assessment will be carried out by Zable. This will consist of a hard search and a further check powered by Open Banking. A hard search will remain on your credit file for up to 12 months and multiple hard searches within a short period could harm your credit score. Any credit obtained upon successful application will be provided by Lendable Ltd.
Please note that pre-approval does not guarantee acceptance.