Maximizing Travel Rewards with Multiple Credit Cards

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Attractive introductory offers are crafted to draw in new credit card customers. However, for those already committed to a good credit card, the thrill of accumulating points can often be overshadowed by pressing concerns like: Can I hold multiple cards? Will adding another card negatively affect my credit score? Can I obtain another welcome bonus from the same credit card issuer? How should I distribute charges among cards if I acquire a new one—and ensure I don’t overlook payments?

In simple terms: you can possess multiple credit cards, keep a high credit score, accumulate numerous points through credit card bonuses, and never overlook a payment. As someone who currently holds 16 credit cards and maintains a credit score above 800, I can attest that it is achievable. Why would I want so many cards? Beyond gathering miles and points through welcome bonuses (and utilizing them for maximum value on business-class flights and hotel accommodations), I’ve discovered that each of these cards offers enough travel benefits or statement credits to keep me financially sound each year. Yes, every single one!

Drawing from my journey as a credit card enthusiast and my professional background as a credit card specialist, here are some strategic insights for effectively obtaining and managing multiple credit cards.

Reflect honestly on your ability to manage multiple credit cards

Ultimately, the choice is yours to determine if you can responsibly handle a credit limit without accruing significant debt. A crucial element of succeeding with a multi-card strategy is your ability to make timely and full payments, which requires discipline. It’s also vital to assess whether you have the time or willingness to familiarize yourself with your credit cards and understand when to use each one. Additionally, your credit history, score, and income are often strong predictors of approval, so ensure these factors are in good shape before pursuing multiple cards.

Key considerations before submitting your application

Before you hit submit on your application, you should feel fairly confident about two things: 1) that your application will be approved, and 2) that you qualify for the welcome bonus. For approval, there are various rules—both official and unofficial—to keep in mind before applying (many of which you can find online). Timing is crucial. For instance, with any Chase card, even if your credit score is high, you may struggle to get approved if you’ve opened or closed five credit cards in the last 24 months with any issuer. Though not officially documented, Chase’s unofficial 5/24 rule has been corroborated by numerous data points and can sometimes include openings and closings as an additional cardholder. If you intend to acquire more than one Capital One card, it’s also important to time your applications: approval for only one card, personal or business, is allowed every six months.

It's important to understand the credit card limits imposed by various issuers. For instance, you cannot hold more than two personal cards with Capital One at any one time, while American Express generally permits a maximum of five credit cards. (Note: Although Chase does not have an official limit, it enforces a strict 5/24 rule.)

When it comes to welcome bonuses, limitations may apply as well. For instance, most American Express welcome offers include lifetime restrictions that allow cardholders to receive only one welcome bonus per card product throughout their lifetime. However, earning the introductory offer for The Platinum Card® from American Express does not prevent you from obtaining bonuses on the American Express® Gold Card or the Green Card, just the Platinum again (if you've had it before). Conversely, you can receive the bonus for a Chase Sapphire card multiple times, but you must wait 48 months between bonuses. It's worth noting that if you currently have a Chase Sapphire Reserve®, you are not eligible for the bonus on the Chase Sapphire Preferred® Card, and vice versa.

While all these details might seem discouraging, if you haven't submitted multiple applications in the last year, already secured welcome bonuses for most major cards, and haven't reached your credit limit with any issuers, you should be in a good position to apply.

Keep in mind that submitting an application will result in a minor dip in your credit score due to a hard inquiry. However, if you're approved, the addition of a new credit line boosts your overall credit capacity on your report, and if you pay off the balance in full each month, this will help elevate your credit score as a smaller percentage of your total credit will be utilized.

Remember to mark important dates on your calendar

While securing approval is one challenge, the next step is seamlessly incorporating your card into your routine. After approval, pay attention to the terms of the welcome offer, which often require meeting a specific spending target within a designated timeframe (for example, earn 100,000 bonus points after spending $5,000 within the first three months of card membership). You wouldn’t want to miss out on the bonus simply because you let the card languish in your mailbox until it’s too late.

Once you have your new card, add it to any financial management software you use to track your bills (I personally use the free version of Empower, while many friends prefer Quicken Simplifi). I go a step further by marking the welcome bonus expiration date on my calendar, along with the date for the annual fee. If you have a card with a zero percent introductory rate for, say, 15 months, be sure to note that as well so you can pay off the balance in full before that rate ends.

A wise strategy is to synchronize your payment due dates across all your cards. This can typically be arranged online through the credit card issuer’s website or by calling the customer service number on the back of your card.

Exercise smart management of your cards

After you’ve acclimated to your new card and earned your welcome bonus, it’s time to consider your next steps. Juggling charges across multiple cards can be tricky, making strategic planning essential. Assigning a specific purpose to each card can be beneficial, depending on their rewards structure by spending category and other perks. For instance, you might use the AmEx Gold Card for dining since it offers four points per dollar spent globally, while using the Platinum Card from American Express for airline tickets to earn five points per dollar spent. However, it’s wise to also evaluate the Chase Sapphire Reserve for travel purchases based on your risk tolerance. Although it offers three points per dollar spent on flights (compared to the Platinum's five), it provides the best implicit travel insurance when travel expenses are charged to the card.

Once you've accumulated a certain number of cards, there's no need to feel pressured to use each one. In fact, it's best to keep things as straightforward as possible (within the realm of a complex credit card strategy). Out of my 16 cards, I actively utilize just four (my essential four). The others are safely stored in a box in my drawer, and I happily pay the annual fees for their benefits, using them only when necessary to access those perks. For instance, although I rarely use it, I cherish my IHG One Rewards Premier Credit Card. It comes with a $99 annual fee, but it grants me a free annual night certificate (typically redeemable for over $200 in value) and elite Platinum status at IHG hotels (which I utilize several times a year). This makes it a worthwhile investment in my book. I earned 150,000 bonus points from the introductory offer years ago and have enjoyed my free night certificate annually since.

It's crucial to remember that some card issuers may classify credit cards as dormant or inactive after a year of no usage. For my IHG One Rewards Premier Credit Card, simply paying the annual fee keeps it active. However, for my no-annual-fee cards, I need to set a reminder to make at least one purchase each year to prevent dormancy. If a card is deemed dormant, the issuer may cancel it, which can negatively affect your credit score.

For high-fee cards, it's essential to make the most of the perks they offer. By maximizing statement credits and additional benefits, you can ensure these cards are financially beneficial. I often share how I reclaim thousands in credits with my Platinum Card from American Express, which is part of my core four.

My latest enthusiasm is the Delta SkyMiles® Reserve American Express Card, especially after its refresh in early 2024. Despite a $650 annual fee (see rates and fees), I'm on track to receive over twice that amount in returns due to various credits and benefits. So far, I'm earning $120 annually in rideshare credits (up to $10 back monthly after purchases) and $240 in Resy credits (up to $20 back in monthly statement credits). Additionally, I've utilized my $200 Delta Stays annual statement credit on a hotel stay in Doha booked through delta.com. I'm now figuring out the best way to use my Companion Certificate for a first-class flight to Hawai‘i this fall, which could save me over $1,500. In total, I anticipate reaping nearly $2,000 in benefits from this card, not even factoring in the free checked bags or Delta Sky Club access. It's certainly a long-term keeper and a savvy addition to my credit card lineup.

While the offers mentioned above were accurate at the time of publication, they are subject to change at any moment and may have changed or might no longer be available.