Can I Have More Than One Orchard Bank Credit Card Account?
Even the most frugal of consumers may need an extra credit card from time to time. Applying for a second credit card can help insure that you always remain solvent for your bigger recurring financial responsibilities such as car payments. The thought of getting a second card may seem a little daunting since it seems to lend itself to getting you into debt quicker, but wise money management can deliver some excellent benefits through the ownership of two cards. One of the leading banks to secure a second card through is Orchard Bank.
Since you can have more than one credit card account with Orchard Bank, you can actually look forward to easier money management. Having two cards allows you to separate certain categories of spending. For example, you can easily keep your necessary expenditures such as food, gas and lodging on one card and use your other card as a type of luxury account, saving it for purely entertainment purchases such as cinema tickets and home electronics. You’re sure to enjoy how much easier your financial organization will be when you have your purchases categorized like this; no surprises.
Having two credit cards with Orchard Bank will also allow you to look for special reward programs. Since the length of time you have an open credit card is a very important factor in your credit scores you’ll want to avoid canceling older cards. This is one of the reasons why a second card is an especially convenient option. You can open a second credit card account in order to secure a lower annual percentage rate (APR) and still keep your other card active. This both takes some pressure off your finances through the lower APR and keeps your older card active to boost your credit score.
Not only will opening a second Orchard Bank credit card give you the chance to find low APR’s and monthly interest rates, it also provides the opportunity to look for some excellent rewards. These feature a reward that is based on a percentage of each of your purchases. Most cards will classify purchases into different categories, rewarding a basic one percent reward on all purchases and giving a higher reward such as five percent on select categories. Some of the more popular rewards you can look into are cash-back, air travel points, gas credits, groceries and restaurant rewards. Reward programs usually differ from card to card so you should definitely consider what your most common purchases are and look for the credit card that best caters to those frequent purchases.
Another reason why people often choose to open another credit card account is so that they can execute a balance transfer. However, not all cards allow balance transfers and even if they do they may restrict who they’ll accept balance transfers from. So, if completing a balance transfer is your main reason for opening a second Orchard Bank credit card you’ll want to make sure you do some fact finding to confirm. This can be an especially helpful option since some cards actually offer a much lower APR for an introductory period.