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DoneWithFraud

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should I get another credit card?
I have a great credit score of around 800. I have 3 open credit cards and several closed ones from the past. Open: $17.6k, $12k and $5k limits. I pay them off every month. I exclusively use the one that gives me 1% cash back. I'd like to get one with a higher rate of cash back of 2% which I've seen lately. I should be eligible with my credit score and it would be nice for that end of the year check to double. Will getting another card with better cash back hurt my credit score or help?

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If you get a new account at a bank you already do business with, there is a chance that applying won't incur a hard pull on your credit. For example, I applied for a new card at AMEX this year, and I've been with them since '07. I was approved instantly and there was no pull on my credit (I opened a business account, not sure what the procedure is with that but that's just a little experience I've had). 

You should totally go for a credit card with better rewards, travel or cash back, whatever you think is more useful to you. If you're being responsible and using credit as a tool to reap benefits while never paying interest, then you're in a win win situation. When you do apply for a new card, just no that a hard pull usually happens and that'll drop your score a little bit. However, if you continue to operate in good standing, those points come back after several weeks - no big deal.

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