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The average household has more than two credit cards, and many people actually carry five or more credit card accounts. So as you can see, there’s really no reason to limit yourself to just one type of card. The card you have may be fine for everyday purchases, but is it offering you good rewards, like concierge service, car rental insurance, frequent flyer miles, hotel points, or cash back? If it isn't, consider applying for a rewards card that offers some – or all – of these features. Remember a couple of things, though. Before you start applying for more credit, take a look at your credit report. If it's looking good, then don't worry. Go ahead and apply. But it your score is suffering, in need of some rehab, then take some time to get it healthy again before applying for another card. And second, don't cancel your existing card or close your account. You want to have as long a credit history as possible, so take care to keep all your old accounts open, active, and in good standing.