Personal Finance

2 of the same credit card

  • Last Updated:
  • Jun 29th, 2005 9:27 pm
Tags:
None
Deal Fanatic
User avatar
Mar 24, 2004
8683 posts
573 upvotes
Toronto

2 of the same credit card

Hello!

Will credit card companies allow you to have two of the same credit card?

I currently have a TD Visa. Green, the most basic one. I'm thinking of getting a TD Gold Select Visa Card or a GM card for seperate purchases. They are both from TD Visa, would that pose as a problem?

Which is easier to get, the Gold or the GM? I believe my credit rating is pretty good as I have never missed a payment for 2 years of owning a credit card.
19 replies
Newbie
Apr 2, 2005
37 posts
no, if you are in good credit standing with the issuer a bank will not hesitate to give you another card... for instance I know ppl who have a td emerald and td gold travel.

in terms of which is easier to get i would say the GM card, as it is basically the TD Green Visa, just with the option to save up points for a GM car and other stuff.

However you said that you have good credit and that you havent missed a payment on ur card then you most likely will get approved for a gold card. The benifits include a higher credit limit and i think you can get a lower interest rate as well (check with bank)... the requirements for the gold card are a bit more than the gm visa, u have to i think earn a little more money and have a good credit standing. if you do, then go for it.
Deal Fanatic
User avatar
Mar 24, 2004
8683 posts
573 upvotes
Toronto
Heh, actually I don't have a job right now, still looking, so I'm just thinking of getting the GM. Or should I just get another standard Visa? hm..
Newbie
Apr 2, 2005
37 posts
easiest credit cards to get are the mastercards from mbna or citibank.

however if u want to go to visa and ur not working right now just get the TD GM VISA as u already have one td card, and if u have an account with TD so much the better. If your unemployed and ur account balance isnt that great however dont expect a high credit limit. They will problly start you off at 1000 or 2000
Sr. Member
User avatar
Jul 27, 2003
583 posts
GVRD
I just cancelled my TD Gold Visa. The reason: no rewards.

All the cards I carry now offer 1% cash back. I suggest you look into cards that provide that. You're already spending the money, might as well get something from it.

Oh, and another thing, I wouldn't recommend a gold card. From your post, I take it you're pretty young. The gold card really doesn't give you much in terms of benefits, at least nothing you can really use, and the benefits you can use are available with lower tier cards. Seeing as how gold cards have minimum limits of $5000, if your card were to be stolen, the thief would know that he would be able to spend at least a few thousand dollars. Just something to consider, but if you want the 'bling' of having a gold card then by all means, have at it.
Newbie
Apr 2, 2005
37 posts
my best friend is 19 and he just got himself a RBC gold card.

def bling lol, but he is good with his money and wont abuse it, and he doesnt carry a balance so its fine. He just took the gold as the $5000 credit limit he got would cover emergency school/living expenses.

edit: b4 you ask, he had a co-signer
Sr. Member
User avatar
Jul 27, 2003
583 posts
GVRD
nick@wirelesswave wrote:my best friend is 19 and he just got himself a RBC gold card.

def bling lol, but he is good with his money and wont abuse it, and he doesnt carry a balance so its fine. He just took the gold as the $5000 credit limit he got would cover emergency school/living expenses.

edit: b4 you ask, he had a co-signer
You can get high limits with regular cards as well. I'm not saying don't get a gold card. What I'm trying to say is get a card based on its benefits and rewards and costing you the least amount of money (preferably $0), not how "gangster" your friends will think you are when you pull it out of the wallet. Common sense, no? Besides, I only carry platinum. That's bling. :lol:
Sr. Member
Feb 18, 2004
821 posts
302 upvotes
henryh wrote:I just cancelled my TD Gold Visa. The reason: no rewards.
Not true. TD Gold Elite give 1% back on all purchases (I assume the one you had was a TD Gold Select). It's not tiered like CIBC Dividend or ScotiaBank Money Back. The downside is, there's an annual fee of $99.

http://www.tdcanadatrust.com/tdvisa/elite.jsp
Newbie
User avatar
Jun 4, 2005
69 posts
GTA
gabbycup wrote:Not true. TD Gold Elite give 1% back on all purchases (I assume the one you had was a TD Gold Select). It's not tiered like CIBC Dividend or ScotiaBank Money Back. The downside is, there's an annual fee of $99.

http://www.tdcanadatrust.com/tdvisa/elite.jsp

$99?!?! That means you have to spend at least $9,900 to break even. I would rather get the other that is tiered but no annual fee; or, even better, get CitiBank Enrich Master which gives you 1% CASH rebate on the first dollar you spend on the card (and it has no annual fee)
Sr. Member
User avatar
Jul 27, 2003
583 posts
GVRD
^ What he said.

Yep, I had the TD Gold Select. I never even considered the TD Gold Elite because there is an annual fee. I have never carried a card that charges an annual fee. If paying for the priveledge of using your own money is your bag, then go ahead. I'll stick with my no annual fee Citi Enrich Platinum MasterCard that features all the benefits of a platinum card and offers full 1% cash back on all purchases. I only carry a CIBC Dividends Visa card just in case I happen to be somewhere that only accepts Visa, but the Visa has yet to be used. So it really wouldn't make any sense for me to pay $99 a year to use a card that I would use only a few times a year, if that much.
Deal Addict
User avatar
Dec 4, 2004
2202 posts
404 upvotes
gabbycup wrote:Not true. TD Gold Elite give 1% back on all purchases (I assume the one you had was a TD Gold Select). It's not tiered like CIBC Dividend or ScotiaBank Money Back. The downside is, there's an annual fee of $99.

http://www.tdcanadatrust.com/tdvisa/elite.jsp
However, as many people on here know, the fee is waived if you have the Select Service account. The Select Service account is about $25 a month. However, that fee is waived if you have $5000 in the account.
Deal Expert
User avatar
Jun 14, 2003
23140 posts
202 upvotes
Chookman wrote:However, as many people on here know, the fee is waived if you have the Select Service account. The Select Service account is about $25 a month. However, that fee is waived if you have $5000 in the account.
Maintaining $5000 in the account is not free. $5000 x 2% = $100 of lose interest per year. If you need to borrow to maintain that, it costs even more.
Deal Addict
User avatar
Dec 4, 2004
2202 posts
404 upvotes
gman wrote:Maintaining $5000 in the account is not free. $5000 x 2% = $100 of lose interest per year. If you need to borrow to maintain that, it costs even more.
40% of that $100 interest would be taxed for about $60 net. Since I drive an older car, I get value with the free Auto Club membership. All banking fees are free too such as money orders etc. A free security box is included too. Basically, the $60 - $80 I lose annually is worth it to me although when I do get a newer car and no longer need the Auto Club, I'll probably switch over to the Enrich Platinum.
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
Bank of Montreal offers an Airmiles Mastercard with NO annual fee, both gold and regular editions.

American Express offers an Airmiles AMEX card with NO annual fee.

Citibank offers a Gaspoints for Petrocanada Mastercard, no annual fee.

there's nothing wrong with having a $5,000 gold card. so what if a thief steals it, the worst case then you have to waste a few hours calling the banks and signing affadavits swearing that you didnt spend the money thats all. you can't lose money when people steal your card.

having a $5,000 gold card is a benefit because then for example if you spent $500, then your card is only at 10% of its limit. but if you have a $1,000 limit and spend $500, it will lower your credit rating because one factor of a credit rating is the ratio of balance to credit limit.
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca
Deal Addict
Mar 10, 2005
4988 posts
7 upvotes
nick@wirelesswave wrote:easiest credit cards to get are the mastercards from mbna or citibank.
So easy that their telemarketers are practically begging you take one off their hands. So annoying. :mad:
Sr. Member
Jan 12, 2005
938 posts
17 upvotes
me! wrote:So easy that their telemarketers are practically begging you take one off their hands. So annoying. :mad:
OMG! I have 2 VISAs, 1 gold VISA, 1 AMEX, and both citi and MBNA reject my applications! How come it's so hard for me to get a Master! :mad:
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
taile wrote:OMG! I have 2 VISAs, 1 gold VISA, 1 AMEX, and both citi and MBNA reject my applications! How come it's so hard for me to get a Master! :mad:
how close are your cards to their credit limits? are any of them more than half full?

its odd that CITI and MBNA would reject you. Did you say your employment was less than a year? did you move recently? did you say you only make $15,000 a year?

generally, only AMEX verifies employment. MBNA and CITI won't ask for pay stubs.
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca
Sr. Member
Jan 12, 2005
938 posts
17 upvotes
st7860 wrote:how close are your cards to their credit limits? are any of them more than half full?

its odd that CITI and MBNA would reject you. Did you say your employment was less than a year? did you move recently? did you say you only make $15,000 a year?

generally, only AMEX verifies employment. MBNA and CITI won't ask for pay stubs.
Thanks for your replies!
AMEX offers me the card even they know I just get a job. MBNA rejected me at the time I have been working for about a year, but it's right after I got my CIBC card (maybe this is the reason). Applied citi after been working at the same company for more then a year. Never moved at least 3 years, income is about 2000/mth, I think this should be enough for a citi card but they don't think so. I called them and they told me bcs I have too many credit, but my existing cards keep trying to rise my limit, they seems not caring so much about how much I have already. > :(
Newbie
Apr 2, 2005
37 posts
taile wrote:Thanks for your replies!
AMEX offers me the card even they know I just get a job. MBNA rejected me at the time I have been working for about a year, but it's right after I got my CIBC card (maybe this is the reason). Applied citi after been working at the same company for more then a year. Never moved at least 3 years, income is about 2000/mth, I think this should be enough for a citi card but they don't think so. I called them and they told me bcs I have too many credit, but my existing cards keep trying to rise my limit, they seems not caring so much about how much I have already. > :(
the reason your cards keep raising your limit isnt because they look at how many cards you have... its becasue you already have a card with them and you have good credit history with them (payments on time, more than minimal payments) and they chose to raise your limit becasue of it. They look at your history with that card and that card only. But if you were to apply for another card (like a VISA GOLD and you already just have a regular VISA, and a few other cards and maybe a loan or LOC) they will decline you for the new card because the new card will check your full credit, whereas the current card company you have will just see what ur history has been like with them.
Banned
User avatar
Dec 24, 2004
10708 posts
152 upvotes
taile wrote:Thanks for your replies!
AMEX offers me the card even they know I just get a job. MBNA rejected me at the time I have been working for about a year, but it's right after I got my CIBC card (maybe this is the reason). Applied citi after been working at the same company for more then a year. Never moved at least 3 years, income is about 2000/mth, I think this should be enough for a citi card but they don't think so. I called them and they told me bcs I have too many credit, but my existing cards keep trying to rise my limit, they seems not caring so much about how much I have already. > :(
But i mean, do any of your cards regularly get used to 50% of their limits?
I suggest you order your credit report from equifax.ca with the scorepower option. there might be something that you don't know about. generally speaking, with CITI and MBNA, stating a real job but with 'higher' income helps. they dont check. don't do that with amex, because amex will want pay stubs.





here are two examples of people i helped to get cards for.

both person A and B make small amounts of money, less than $40,000 per year. Both have no late payments.

some people say applying for many cards in a short period of time reduces your score. it does somewhat, but a bigger concern is having NO late payments/collections, and trying to ALWAYS keep more than 50% of your credit line available per card. also if you have a card without a balance and no annual fee, DON't cancel it, just keep it. having an extra card with no balance on it helps your score.


person a:
had a small td, royal, cibc, mbna for about a year.
credit limits are usually below 50%
in may/june apply for citi got $2,000, pc financial got $3500, Home depot got one, but dont know how much limit, and future shop got $3500


person b:
had a $5,000 Td, and nothing else for about a year.
credit limits are usually below 50%
in may/june, apply for Sears, got $3500, CITI, got $2000, PC financial got $3500, MBNA got $5500
Air Canada Aeroplan Super Elite Reservations: 1-800-401-7201 or 514-369-7598
get unlimited calls or other discounts by calling directly to:
Fido Retentions: call 611 then push 7, then push 3 - or Rogers Retentions 1-514-734-7873 or 1-866-228-7109
Telus Mobility: 1-877-279-3100 or 416-279-3100 or 1 416 296 7669 client.loyalty@telus.com
Bell Mobility: 1-866-313-1086
nice chairs http://www.eternitymodern.ca
great value - lol http://www.walmart.ca

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)