{"id":12243,"date":"2014-11-06T15:31:49","date_gmt":"2014-11-06T07:31:49","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=12243"},"modified":"2021-09-27T16:20:56","modified_gmt":"2021-09-27T08:20:56","slug":"4-reasons-you-should-get-a-second-credit-card","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card","title":{"rendered":"4 Reasons You Should Get A Second Credit Card"},"content":{"rendered":"

\"rbk-lazy-ways-to-make-money-work-credit-card-choices-de\"<\/a><\/p>\n

If you already have a credit card and have been managing it well by paying off your bill in full every month, getting a second credit card can be beneficial to you.<\/p>\n

In theory, the steps to getting a great card and using it advantageously are simple, but doing it can be tough. If you manage to use your card wisely, and are able to clear your balance every month, you are doing a good job, so give yourself a pat on the back — you deserve it!<\/p>\n

In Malaysia, Bank Negara Malaysia (BNM) released a new credit card guideline in 2011 stating that cardholders earning RM36,000 per annum and less can only hold credit cards from a maximum of two issuers .<\/p>\n

With this limitation, it makes sense to be fussy about your second card if you fall within that income bracket to ensure that it really helps you save and manage your finances better.<\/p>\n

If you already have one credit card, here are some reasons why you should get a second one:<\/p>\n

<\/span>1. As a back-up plan<\/strong><\/span><\/h2>\n

If you often need to purchase big ticket items and manage to always pay your bills on time, it\u2019s good to have another card to extend your credit limit.<\/p>\n

Maxing out your credit limit on one card, though for a short period, can be a bad idea in times of emergency. Hence, it is better to have another card as back-up.<\/p>\n

It’s a bad idea to rely on only one credit card for all of your spending, especially if you travel. To protect yourself, get your second credit card with a different bank or issuer from the one that gave you the first card. (Our credit card quiz<\/a>\u00a0is a great place to start.)<\/p>\n

A back-up credit card is a necessity because if your credit card is lost or stolen, and you only have one card, you\u2019ll be left using cash until your new card arrives. That can be a problem if you are overseas.<\/p>\n

In this case, having a backup costs you very little.<\/p>\n

<\/span>2. To improve your credit rating<\/strong><\/span><\/h2>\n

Establishing a good credit score for yourself involves having multiple, long-term credits in your name, and paying them wisely. One must demonstrate responsible behaviour with these credits in order to improve his or her credit score.<\/p>\n

Having a good credit score can help you qualify for a home loan, finance a vehicle, or handle other loans down the road. However, getting a second credit card is a relatively minor scoring factor, but it\u2019s still a move in the right direction. A second card will only help your credit score if you have a low credit score at the moment, and you use your second card regularly but pay it off every month.<\/p>\n

However, if you max out your card and not pay for it, then it will hurt your credit rating.If you get a second card but don\u2019t use it, it will have little impact on your rating. Having a credit line but not using it is not a good thing. It costs the bank money for you to have an account (which you\u2019ll probably end up paying for even if you don\u2019t use it), and it also shows that you are incapable of using your credit card responsibly.<\/p>\n

<\/span>3. To make the best out of the card features<\/strong><\/span><\/h2>\n

Different cards have different reward structures. Usually, it is quite hard to find one card that rewards you for all your major spending. For example, by getting a petrol credit card, you can save through cash back or reward points on petrol spending, but usually the cash back for other spending (such as dining) is nothing to shout about.<\/p>\n

Therefore, it makes sense to get a second credit card that will fulfil your other spending needs. That way, you can use your petrol card to fuel up at the station, and use your dining card to pay when dining out.<\/p>\n

On top of that, credit cards also provide plenty of other benefits like purchase protection, reward points and extended warranties.<\/p>\n

If you are usually good at managing your credit card payments, it doesn\u2019t hurt you to get a second one.<\/p>\n

<\/span>4. To manage debt better through balance transfer<\/strong><\/span><\/h2>\n

For those who do not have a good credit card habit, it is still good to get a second credit card to manage your debt. If you\u2019re trying to reduce your debt, getting a second card with an attractive balance transfer package can help you a significant amount of money.<\/p>\n

Many of these cards offer low, introductory interest rates for a set period of time, usually 0% interest for six to 12 months. Moving balances from high-interest cards to low-interest ones saves you a lot in interest and helps you pay debt down faster.<\/p>\n

However, avoid making fresh purchases on your balance transfer<\/a> card, or not paying off your balance transfer within the set 0% period, as the standard interest applies for new purchases and balance after the promotional period.
\nIf you are just allowed two credit cards, make each one counts. It\u2019s no longer just about convenience, but also about outsmarting the system and saving money on your spending. Prudent spending and management of your credit card can bring you a host of rewards, but not being able to do that, can lead you to a financial black hole.<\/p>\n

<\/span>Find out how much you can save with\u00a0balance transfer.<\/a><\/strong><\/span><\/h3>\n

 <\/p>\n

\"petrol<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

You can only get two. Here are some reasons why you should get the second credit card and make the most out of it. <\/p>\n","protected":false},"author":9,"featured_media":12246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[234,11,228,227,218,232],"tags":[219],"class_list":["post-12243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-balance-transfer-card","category-cards","category-cashback-credit-card","category-credit-card","category-money-management","category-rewards-credit-card","tag-bi"],"acf":[],"yoast_head":"\n4 Reasons You Should Get A Second Credit Card | iMoney<\/title>\n<meta name=\"description\" content=\"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Reasons You Should Get A Second Credit Card | iMoney\" \/>\n<meta property=\"og:description\" content=\"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-06T07:31:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-27T08:20:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"290\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Iris Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Iris Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card\",\"url\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card\",\"name\":\"4 Reasons You Should Get A Second Credit Card | iMoney\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage\"},\"thumbnailUrl\":\"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg\",\"datePublished\":\"2014-11-06T07:31:49+00:00\",\"dateModified\":\"2021-09-27T08:20:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\"},\"description\":\"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage\",\"url\":\"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg\",\"contentUrl\":\"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg\",\"width\":600,\"height\":290},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cards\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/cards\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Credit Card\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/cards\/credit-card\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Balance Transfer Card\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/cards\/credit-card\/balance-transfer-card\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"4 Reasons You Should Get A Second Credit Card\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e\",\"name\":\"Iris Lee\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g\",\"caption\":\"Iris Lee\"},\"description\":\"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/irislee\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"4 Reasons You Should Get A Second Credit Card | iMoney","description":"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card","og_locale":"en_US","og_type":"article","og_title":"4 Reasons You Should Get A Second Credit Card | iMoney","og_description":"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.","og_url":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card","og_site_name":"iMoney Malaysia","article_published_time":"2014-11-06T07:31:49+00:00","article_modified_time":"2021-09-27T08:20:56+00:00","og_image":[{"width":600,"height":290,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg","type":"image\/jpeg"}],"author":"Iris Lee","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Iris Lee","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card","url":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card","name":"4 Reasons You Should Get A Second Credit Card | iMoney","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage"},"thumbnailUrl":"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg","datePublished":"2014-11-06T07:31:49+00:00","dateModified":"2021-09-27T08:20:56+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e"},"description":"You can only get two. Here are some reasons why you should get the second credit card and make the most out of it.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#primaryimage","url":"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg","contentUrl":"\/articles\/wp-content\/uploads\/rbk-lazy-ways-to-make-money-work-credit-card-choices-de.jpg","width":600,"height":290},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/4-reasons-you-should-get-a-second-credit-card#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"Cards","item":"https:\/\/www.imoney.my\/articles\/category\/cards"},{"@type":"ListItem","position":3,"name":"Credit Card","item":"https:\/\/www.imoney.my\/articles\/category\/cards\/credit-card"},{"@type":"ListItem","position":4,"name":"Balance Transfer Card","item":"https:\/\/www.imoney.my\/articles\/category\/cards\/credit-card\/balance-transfer-card"},{"@type":"ListItem","position":5,"name":"4 Reasons You Should Get A Second Credit Card"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/f86e2ec4d5692a05a39fb4cb52172a0e","name":"Iris Lee","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89fc1c51fb24674b88dad0ab7c033d0f?s=96&d=mm&r=g","caption":"Iris Lee"},"description":"As the former group editor of iMoney, Lee enjoys writing about various topics on personal finance, including property and insurance. She believes that knowledge is the key to making intelligent financial decisions. She currently oversees brand communications for iMoney Group.","url":"https:\/\/www.imoney.my\/articles\/author\/irislee"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/12243"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=12243"}],"version-history":[{"count":11,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/12243\/revisions"}],"predecessor-version":[{"id":49848,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/12243\/revisions\/49848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/12246"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=12243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=12243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=12243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}