New Delhi, May 14 -- If you already have a credit card and are planning to apply for the second one, you should do a cost-benefit analysis and make sure that the total benefits outweigh costs. Some key factors to keep in mind include card's annual fee, reward points and its credit limit

I.Type of card: Ideally, you should look for acredit card that compliments your first card. For instance, if your previous card offers cashback on groceries, it is recommended to get a second one that can earn on travel or dining.

If your first card has no perks, consider the one with rewards or a signup bonus. It is pointless to keep two credit cards which offer the same or similar benefits.

II.Impact on credit utilisation ratio: When you get the secon...