Your credit card works hard – but is it working smart? For most Canadians, that first piece of plastic sitting in your wallet is leaving money on the table. The savviest cardholders know that strategically adding a second credit card isn’t about doubling your credit; it’s about eliminating the blind spots in your debt repayment or rewards strategy.
Adding the right second card doesn’t complicate your finances, it completes them. But finding the right card can be challenging. Here’s how to find the best second credit card for your needs (and how to tell if you should consider one).
When should you consider getting a second credit card?
When it comes to adding a new credit card to your wallet, there’s no one-size-fits-all approach. The ideal time to pick a new credit card should be when financial opportunities (think big purchases, debt consolidation) or lifestyle changes (new hobbies, career change, move) make a new card useful.
There are plenty of reasons why you might want a second credit card:
- Planning a major purchase
- Shifts in your spending habits
- Reducing high-interest debt
- Changing travelling habits
When shouldn’t you consider a second credit card?
Getting a second credit card can be a huge benefit, in the right situations. You should avoid opening new credit card accounts if:
- You’re planning on applying for a new mortgage
- You’ve missed payments on your current credit card
- You’ve applied for too many credit cards in the past two to three months
Strategic planning: Picking a second credit card
Ready to level-up your credit card game? Let’s dive straight into examples of how savvy Canadians strategically choose second cards that perfectly complement their existing plastic.
Sarah, the diner in search of more rewards
Sarah, a Torontonian looking to boost her dining rewards, discovered her TD Cash Back Visa Infinite had a critical blind spot. While earning an impressive 3% on groceries, gas and recurring bills, her frequent restaurant spending only earned a paltry 1% back. Talk about leaving money on the table!
After identifying this rewards gap, Sarah made a brilliant move: Adding the American Express Cobalt specifically for restaurant purchases. Here’s her thought process broken down:
- Category gap analysis: Sarah calculated she was missing out on $228 annually by using her TD card for dining ($300 potential with Cobalt vs. $72 with TD)
- Network diversification: Adding an Amex to her Visa-equipped wallet gave her flexibility when merchants prefer one network
- Reward type expansion: Beyond cash back, she gained access to points with a potentially higher travel redemption value
- Fee justification: The Cobalt’s $155.88 annual fee was more than offset by that extra $228 in dining rewards on offer
Michael, the family man looking to save
Then there’s Michael, the Calgary homeowner planning a $6,000 kitchen renovation. Michael has always relied on his Tangerine Money-Back Card for all his expenses. But with a European vacation and the cost of family flights looming next summer, Michael spotted a golden opportunity to turn his necessary appliance purchases into a travel windfall.
By timing his new TD® Aeroplan Visa Infinite application with his renovation, Michael:
- Easily hit the minimum spend requirement for a massive welcome bonus
- Scored up to 40,000 Aeroplan points worth approximately $1,100 to $1,400 for flights
- Secured points specifically valuable for his European travel plans
- Achieved a staggering 690% return on his $139 annual fee investment
Jamie, the debt reducer
Meet Jamie, a 29-year-old Edmonton resident carrying $8,500 in credit card debt on his CIBC Dividend Visa with a 19.99% interest rate. Despite making $350 monthly payments, $140 went straight to interest charges, leaving just $210 for actual debt reduction.
At that rate, paying off his balance would take over four years and cost nearly $4,000 in interest alone
After researching his options, Jamie applied for the MBNA True Line Mastercard offering a 0% promotional interest rate on balance transfers for 12 months (with a 3% transfer fee). Even better, his excellent credit score earned him approval for a $10,000 limit, giving him greater flexibility in paying down debt and lower interest charges in the future.
The key takeaway to all these examples?
Your credit cards should work as a team. The most effective second card directly addresses weaknesses in your primary card’s rewards structure or capitalizes on specific upcoming opportunities, like debt refinancing or big purchases.
Read more: Best balance transfer credit cards in Canada
Examples of powerful card combinations
Strategic credit card pairings are like financial power couples in that they bring out the best in each other, covering each other’s weaknesses while amplifying strengths. But what does a good credit card combination look like? Here’s a few examples of our best second card combinations:
Cards for dining
- Primary card: American Express Cobalt (5x on groceries and dining)
- Secondary card: Tangerine World Mastercard (2% in other chosen categories)
- Why it works: This combination delivers exceptional returns on all food spending while filling gaps in other important categories
Cards for travellers
- Primary card: Scotiabank Passport Visa Infinite (no FX fees, travel insurance)
- Secondary card: American Express Gold Rewards (flexible point transfers to airline partners)
- Why it works: You’ll have comprehensive coverage for all travel scenarios with maximum flexibility in how you redeem your points
Cards for families
- Primary card: Scotia Momentum Visa Infinite (4% on groceries and recurring bills)
- Secondary card: PC Financial World Elite (for Loblaws stores/Shoppers Drug Mart)
- Why it works: This maximizes returns on family-focused spending at grocery stores while allowing you to capitalize on PC Optimum points at Shoppers Drug Mart
What’s the best second credit card for you?
In our experience, the secret to credit card mastery isn’t chasing the single "best" card. Instead, it’s creating a dynamic duo that covers all your bases. Think of it like a financial tag team where each card steps in exactly when it’s most valuable.
Choosing your best second credit card takes time and requires careful planning, but the results can be amazing. It’s not about carrying more plastic — it’s about making every swipe count.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
