How many credit cards do people with an excellent credit score have?

credit cards

You already know the benefits of owning a credit card, such as the convenience of having purchasing power, insurance that protects you, and the ability to build your credit history. Did you know that there are unique benefits of having multiple credit cards? Learn the benefits of choosing to get cards with different limits or characteristics.

Budget help

Having multiple credit cards lets you assign cards to certain types of purchases, making it easier to track your spending.

  • If you run an SME, you can choose a card that you will use exclusively for your business expenses. Separating your personal and business finances could save you the hassle of sorting through your credit card statements when preparing your tax return.
  • If you make frequent purchases for the business as an employee, it could also save you from having to submit expense reports to your employer that show personal transactions.

Direct purchases

Using a single card for online purchases can help protect your identity by limiting the possibility of your personal information being exposed. Having all of your online transactions appear on one billing statement can also make it easier for you to recognize fraudulent activity and stop it more quickly.

Emergencies

There are two ways to take advantage of a reserve credit card:

  • Keep it with you in your wallet, especially if you travel, in case your main card is declined;
  • Make sure you still have access to credit if your wallet is lost or stolen by keeping a card at home.

Are we allowed to have multiple bank accounts?

For all those who ask themselves the question “can we have several bank accounts”? The answer is yes, it is completely legal to have several current accounts, both in a traditional bank and an online bank. With a multitude of competitive offers and assistance with banking mobility, it has never been easier to open a bank account. But how many current accounts can you have? There are currently no restrictions and you can open as many current accounts as you wish, but it is advisable not to abuse multi-banking.

Can I open several current accounts in the same bank? It is quite possible to open several current accounts in the same banking establishment. It may even save you money! In fact, if you open several current accounts with the same bank, you are in an ideal position to negotiate management and bank card fees. The bank may also offer you certain commercial advantages such as access to attractive borrowing rates and an overdraft facility. This is particularly the case if you wish to open a joint account in the same bank where you already hold your individual bank account.

Can we have 2 current accounts in two different banks? It is also quite possible, it is multi-banking. This can be particularly interesting when it comes to competing both in terms of bank charges and borrowing rates. Opening several bank accounts in different banks can also make it possible to meet certain legal obligations or quite simply to reconcile different needs, both personal and professional.

Opening a new current account is now very easy, so why not take a look at our online comparator? In a few clicks, you can compare no less than 30 banks and online banks to find the offer that suits you best!

Why have two bank accounts?

There are many reasons for opening multiple bank accounts. First of all, it is sometimes a legal obligation: if you own a business or are self-employed or micro-entrepreneurs, opening a second bank account is mandatory to collect your income. This should make it possible to differentiate their personal expenses from those of their professional activity.

But it is also possible for personal convenience, in order to carry out specific monitoring of certain expenses if you have a mortgage. It is also a very good way to save money according to your needs: do you travel a lot? An online bank with free payment and withdrawal fees abroad will be more interesting than the classic account formula that you use on a daily basis. The same is true if you want to embark on a real estate project: why not compete?

Our tip: make sure that each current account you hold in one or more bank(s) is useful. This will save you unnecessary management fees!

If you want to have a joint account with your spouse, opening a second current account in the same bank can be interesting. Indeed, the bank could grant you some commercial advantages if you hold several accounts within its establishment, a free bank card for example. If you have real estate or family plans, it may be worth it. As you will have understood, opening several current accounts can make your life easier!

Opening a second bank account: pros and cons

Do you hesitate to have several current accounts or to have two banks? Be aware that this can have advantages, as well as disadvantages, we explain why:

Benefits

  • Use several CB;
  • Use your bank accounts according to your needs: personal, pro, or joint account, etc.
  • Reconcile the services of traditional and online banks.
  • Test the services of a bank before requesting banking mobility.
  • Take advantage of commercial offers: welcome bonus, free management fees, etc.

Disadvantages

  • Increase in your costs: management of the various current and credit card accounts, payment incidents, etc.
  • Reconcile the obligations linked to your account formula: some banks impose the direct debit of income or even a number of banking operations on the monthly/quarterly account;
  • Difficulty getting an overview of your money.

As you will have seen, having 2 banks to have several bank accounts can be very interesting! If you haven’t taken the leap to online banking yet, now might be the right time. It must be said that with their simple and easy online management, their welcome bonus, and their free bank charges, the advantages are not lacking.

Can we have several passbook accounts?

If having several bank accounts or banks does not pose any particular difficulties, this is not the case for savings! Indeed, it is not authorized to hold several savings accounts. This prohibition is explained by the tax exemption of this savings product and therefore limits its use.

You will see that if you change to a better bank offer, there is little chance that a second A savings account will be opened to you. Controls on savings products have been tightened in recent years, particularly in the case of account transfers. From now on, with each new request for opening, if a customer does not present a certificate of closure of his booklet A, this one proceeds to a check with the tax administration which centralizes the data relating to the holders of booklet A. Within 48 hours the bank will have confirmation or denial of the existence of an A savings account and will enjoin the client to close it if necessary.

Can I have a PEL in two different banks?

In principle, French law does not allow you to open a second bank account if it is a housing savings plan (PEL). Indeed, any violation of the principle of uniqueness to which a banking product such as the PEL is subject exposes its holder to the loss of his previously acquired interests and the possibility of borrowing within the framework of the PEL.

However, there is an exception: when it is a PEL received as an inheritance. The death of the holder normally results in the termination and distribution of the assets. However, if the PEL was less than 4 years old and its heir was designated by testament, it is possible to keep it and therefore hold 2 PEL without a time limit.

The heir of the PEL can then choose to modify the amount of the monthly payments, provided that they respect the legal minimum which amounts to 45 € monthly. Once the 4th year of the PEL has been reached, the heir will have the choice to exercise his right to the loan or to release it later.

How to limit the costs of your bank accounts?

When you want to have accounts in several banks, the main fear is the cost! Indeed, the costs related to a current account can quickly weigh on a budget: account management costs, credit card costs, payment incident costs, insurance costs, etc. In this case, is it better to have one or two banks?

It all depends on your needs and bank offers! If you want to open a joint account, why not first check with your current bank to negotiate a free bank card and advantageous conditions? If you are considering a real estate project, be aware that playing the competition can bring you big profits, the mortgage is a very competitive banking product, a better rate can have a significant impact. 

By Master James

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