I currently have 4 credit cards and am considering applying for one more. Is it permissible to hold two credit cards from the same bank concurrently?

I currently have four credit cards in my possession, namely the HDFC Millennia, RBL World Safari (LTF), ICICI Amazon Pay (LTF), and Flipkart Axis (LTF). I am considering applying for the Tata Neu Infinity HDFC RuPay Credit Card. However, since HDFC generally limits customers to holding only one credit card, I am wondering if it is possible to retain both the Millennia and Tata Neu Infinity cards simultaneously, perhaps through a split or upgrade process.

Additionally, with a robust CIBIL score of 823 and a monthly salary of over Rs 1 lakh, I am curious to know which top credit cards might complement my existing portfolio. Are there any cards in my possession that overlap in benefits, necessitating closure?

Any guidance on this matter would be greatly appreciated.

Advice by Animesh Hardia, Senior Vice President, Quantitative Research at 1 Finance

Out of the four cards you currently own, three—HDFC Millennia, ICICI Amazon Pay, and Flipkart Axis—are primarily cashback cards, delivering rewards either as direct statement credits or wallet balances. The RBL World Safari card, although positioned as a travel credit card, offers a rather low conversion rate for its travel points, which can diminish its real-world value for frequent fliers.

When evaluating the incremental benefits, it becomes clear that the RBL World Safari and Flipkart Axis cards bring little additional value, largely duplicating what you already receive from the HDFC Millennia and ICICI Amazon Pay cards. Their perks often overlap, so streamlining your credit card portfolio may simplify your finances without sacrificing key benefits.

Regarding your query about holding both the HDFC Millennia and Tata Neu Infinity cards, in my credit card advisory experience at 1 Finance, I've come across several clients who managed to retain two HDFC credit cards. The bank’s policy isn’t always rigid, especially if you maintain a strong banking relationship with them. I’d recommend reaching out to your HDFC relationship manager or the credit card team directly to explore whether you can either split or upgrade your HDFC products to accommodate both cards.

As for expanding your portfolio, since your current cards are largely entry-level and cashback-oriented, you might consider adding a well-rounded, multi-purpose card—something that offers higher-tier privileges, travel perks, or flexible points redemption. Remember, premium cards often come with higher fees, but their suite of benefits (insurance, airport lounge access, concierge, milestone rewards) can be substantial depending on your lifestyle and spending habits.

Before making your decision, spend some time analysing your regular expenses: Are your spending patterns skewed toward groceries, travel, dining, or online shopping? Would you benefit from a simple cashback experience, or are you ready to maximise the value from a more complex rewards system?

For example - American Express is known for providing more milestone benefits and low base reward rates. Axis offers great opportunities to multiply benefits by converting reward points into partner points. HDFC and ICICI offer great reward multipliers on voucher purchases and travel bookings, and a streamlined redemption system.

Ask yourself:

- Where do most of my expenses go?

- Which of my expenses can I move on credit cards?

- Are my expenses going to change in the next 1-2 years?

- Can I reasonably increase spend on my credit cards for milestone benefits?

- Am I comfortable tracking and redeeming points, or do I prefer straightforward cashback?

- Would I benefit from travel-related privileges, or is simplicity more important?

In my financial advisory experience, I've observed that 2-3 credit cards work best for most clients in the long run. A few of them prefer having more than 5 or 10 credit cards, but they have many years of experience of using credit cards and can juggle so many of them. I've also met clients who made a mess of their credit cards due to unchecked financial behaviour.

Ultimately, the right mix depends on your lifestyle, preferences, and financial discipline. Review, streamline, and upgrade where it makes sense, and always keep your comfort and clarity at the center of your credit card decisions.