Can You Have More Than One Secured Credit Card?

By Bruce Boswell •  Updated: 12/08/21 •  6 min read
Filed under: Credit Cards

Owning a credit card is a great responsibility. It comes with an obligation not just to the bank to ensure that you pay off the money you owe responsibly and in a timely manner, but it also comes with an obligation to yourself.

You don’t want to become controlled by your credit score. A bad credit score can have serious negative effects on your and your loved ones and the way that many people come by a negative credit score is through mishandling their credit card. 

Can You Have More Than One Secured Credit Card

Being responsible with your credit card is particularly important if you have a secured credit card. They come with a certain extra responsibility that you must respect, both for yourself and for your family.

This is why you need to know everything you can about having a secured credit card and be able to comfort yourself by answering all the questions you might have about it. 

Questions such as what is the difference between a secured credit card and an ordinary credit card and can you have more than one secured credit card must become questions that you can easily answer.

This kind of information is critical for ensuring not only that you use your card responsibly but also to ensure you feel at ease with having it. 

What Is The Difference Between A Secured Credit Card And An Ordinary Credit Card?

First of all, let’s make clear the difference between a secured credit card and an ordinary credit card. A secured credit card is different from an ordinary credit card by the fact that it is backed by a cash deposit. 

This means that the credit card isn’t merely based on the amount of credit you have arranged to repay with but rather that, even if you for whatever reason default on the credit card debt, the money owed from the card can still be retaken by the credit provider taking the cash deposit. 

Whilst this may sound as if the card is in someway a worse version of a credit card, this certainly isn’t the case. In fact, in some way it is somewhat safer than a traditional credit card because if you end up unable to pay off your credit card debt you know that the money will be paid off by the credit card provider taking your deposit in lieu of direct payment from you.

This saves you some of the worry over what to do regarding your credit debt. 

Therefore, investing in a secured credit card rather than a standard credit card might in fact put your more at ease and give you a greater sense of control over your financial situation. 

Can You Have More Than One Secured Credit Card? 

Now that we have addressed what a secured credit card is, let’s take a look at whether or not you can have more than one secured credit card. 

The answer is relatively simple and straightforward – yes you can have more than one secured credit card, however, there is a limit on the amount of secured credit cards that you can have. 

Whilst you might be having visions of thousands of secured credit cards floating your way, that strictly isn’t the case. Indeed, the most secured credit cards you can have linked to one account is generally two. In fact, it is recommended that you have two secured credit cards rather than one. 

The reason for this is simple. By having two secured credit cards you can, if you use the second one particularly responsible, help to overnight improve your credit rating.

This means that when the credit card provider is checking not just you repayment schedule but also your spending schedule they will be able to see that you are using your card responsibly. 

Of course, the same effect can be achieved by just having one secured credit card. However, by having two for the same account, you are demonstrating that you can be trusted with double the responsibility as opposed to only being able to be trusted with the one card. 

By utilising your secured credit cards effectively, you can help get yourself on the road to having the best possible financial credit rating that you can have. Having an excellent credit rating can help improve your life and give you the best possible start to no longer need credit cards of any description. 

Using Your Credit Card To Make Your Life Better

There is, far too often, a stigma attached to credit cards. It is a stigma that is one of credit card users being constantly reliant on their cards to be able to survive and that they won’t ever achieve the dream of owning their own home through their hard work or through anything like money that they have earned. 

This is, of course, nonsense. Credit card users aren’t in anyway reliant on their credit cards or use them as a crutch. Rather they are a means of making people’s lives better. Helping them to get where they want to be when they are perhaps lacking in immediate financial muscle.

By having a credit card millions of people worldwide have been able to help themselves and their families achieve real financial freedom, not be limited by the constraints that might have otherwise been put on their finances. 

Secured credit cards are, in particular, effective means of ensuring that we are able to get the very best out of credit cards without having the worry that if you are unable to pay off the credit card debt, that the debt will stay with your forever.

By putting down a secured deposit connected to your card you can be certain that even if you find yourself in the terrible position in which you cannot repay your credit card debt you will not have it lingering over you forever afterwards. 

We must ensure that no one is consumed by debt which is why spreading the word about how great secured credit cards is imperative.

A better world can be achieved if we all realize our responsibilities not just to one another but to ensuring that our finances are healthy and that we understand them. We can ensure this by doing our best to use our credit cards as responsibly as possible. 

Bruce BoswellBruce Boswell

Bruce Boswell

Bruce Boswell enjoys researching and writing about all things related to investing and saving money. Whenever he has a chance, Bruce loves travelling all around the world with his wife and trying new foods.