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How many credit cards should you have

Credit cards are popular because of the outstanding benefits and financial flexibility they offer in everyday spending. But how many credit cards should you really have? Let's explore that!

4 benefits that make you want to open more credit cards


Credit cards are considered one of the most secure ways to pay, unlike a debit card, where if your card falls into the wrong hands, the thief will likely drain all the money in your account. Any payment made using the card at this time will be directly deducted from the balance of the account, making it hard to get back the money spent.

For credit cards, spends are deducted not directly from your balance, but from your credit card limit. So you can rest assured about your money in the event of theft. When your bank notices suspicious transactions on your card, you will be notified immediately and you can request to instantly lock your card.

Enhanced by the bank with multi-layer payment security features, credit cards are designed to help you securely make your daily transactions, especially while shopping online. At HSBC, 3D Secure - SMS OTP is a feature that all HSBC credit cards are equipped with, making online shopping with your card safer, faster and more convenient for you.

Cashback offers and instalment plans

Rewards points, cashback offers and instalment plans are among the top reasons to apply for a credit card. The more you spend with your credit card, the more you benefit from it.

Each of the credit cards may have multiple benefits for a specific spending. That's why some people prefer to have several credit cards that serve different purposes. For instance, you can take a look at below HSBC credit cards:

  • HSBC VISA Cash Back Credit Card
    The card is for those who often shop at supermarkets and convenience stores with cashback offer worth up to 8% for all daily spends.
  • HSBC VISA Platinum Credit Card
    Customers who mostly shop online love this card for its unlimited cashback on online spends.
  • HSBC Visa Classic LiveFree Credit Card
    This card is suitable if you're a moderate spender, and offers an attractive 0% instalment payment programme.
  • HSBC TravelOne Credit Card
    The card is suitable for those who love to explore exotic destinations with instant reward redemption with an extensive selection of airline/hotel partners and more.


Assess the categories that you spend on a lot before picking out the most suitable credit card, offering maximum benefits and rewards in those categories.

Furthermore, you can apply for instalment plans on your credit cards when you can't pay off for some items all at once. For instance, with HSBC credit cards, you can:

  • Make purchases valued from VND 24 million and above at any HSBC partner store with 0% interest and zero conversion fee.
  • Spend VND 2 million and above at merchant stores that aren't HSBC partners with 0% interest and a low conversion fee.


Instant reward redemption with an extensive selection of airline and hotel partners with HSBC TravelOne Credit Card

Sign up now to get a welcome offer of VND3,000,000 for new primary cardholders.

Already an HSBC credit card cardholder? Discover latest credit card articles here.

Cash advance in emergencies

If you ever need cash immediately, you can take advantage of a cash advance on your credit card. However, when you withdraw money with your credit card, you will incur some charges on your cash advances.

When you make a withdrawal, your balance remains intact. Instead it's your credit limit that you're borrowing cash from. Most credit cards only allow you to withdraw 30-70% of your credit limit, so keep in mind that these advances might not cover your cash needs every time.

Remember to make sure that you can repay the principal amount and the charges whenever you make a withdrawal with your credit card.

You can find cash advance alternatives here.

Spending habits tracking

Using a credit card is also a great way for you to track your monthly or daily expenses. In this case, your credit card statement serves as your expense tracker, which has every detail about your purchases such as date, amount, where it was spent and the frequency.

Credit cards can also help you  be disciplined with your money, since you can only spend within a certain limit. Be mindful of the due date for credit card payment to avoid incurring any charges from time to time.

Learn more: How to avoid credit card fees

The limit to how many credit cards you can have

You can have as many credit cards as you want, as long as your applications get approved.

For each bank, the rules can be different. Some have strict policies on the number of credit cards that a customer can own with their banks. Some banks even reject your credit card application if you already have more cards than the number they allow.

At HSBC, this number is capped at 2 credit cards per customer. This is to ensure that you enjoy all benefits and rewards but still keep track of your credit card balance.

Not yet an HSBC credit cardholder?

Apply quickly so you don't miss HSBC's cashback offer worth up to VND 1.8 million!

Apply now

Drawbacks of having too many credit cards

Difficulty in credit card repayment

Having multiple credit cards means you have to balance your personal finances every month to pay off your credit card balance on time for each credit card you own. If you're opening more than one credit card, it's a good idea to keep all the important dates for each card in mind, to avoid forgetting to pay off your balance, leading to bad debts.

The best way to not forget to pay your credit card balance is to sign up for the auto debit service. With HSBC credit cards, using this service reduces the risk of you forgetting to pay on the due date.

Find out more about the auto debit service here.

Affect your credit score

When you apply for multiple credit cards in a short period of time, your credit score will also be affected. You can improve your credit score by always trying to pay off your credit card balance in full over a long period of time, and avoid incurring new debts if you still have old debts.

Learn more how to maintain a good credit score.

High fixed charge

Most credit cards with good offers and benefits often have high charges and fixed costs such as annual fees. Opening many credit cards will cost you a large amount of money every year to pay the annual fees and keep the card active. So you need to consider whether you're taking advantage of your credit card's offers and features enough to make those annual fees worth it.

Advice from financial experts on how many credit cards you should have

If you're just starting out with credit cards, it's not advisable to open multiple cards at once. Experience a card you like best for a while, to better understand your spending needs as well as your ability to pay off your outstanding balance.

After using a credit card for a while, you can consider opening more cards. Each credit card can bring different spending benefits to the cardholder. However, financial experts advise against opening too many credit cards, settling at only 2 cards to easily manage your personal finances.


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