Have great credit scores? A new card can complement what’s in your wallet.

Combining the best features from multiple credit cards can help you optimize your rewards rate, save you money or simplify your finances. Each is a worthy goal.

While you may already have a credit card, or even a few, sometimes adding a new card to your mix is a good idea. Card benefits and rewards programs can complement one another, which can mean more money in your pocket in the long run. And if you have excellent credit, you may be more likely to get approved when you apply for a new credit card.

Whether you’re a points-and-miles enthusiast or you’d rather minimize the time you spend thinking about your finances while still earning decent rewards, using several credit cards can help.

Keep reading for three ways to use multiple cards to reach your goals, with recommendations tailored for people who have excellent credit.

• Maximize rewards within one program
• Find complementary rewards and benefits that fit your lifestyle
• Focus on simplicity rather than rewards
• The downside of managing multiple cards

Maximize rewards within one program

If you already have a rewards program that you know and like, you can look for cards in the same family. Sometimes, the combination can lead to bigger and better benefits.

Chase Ultimate Rewards® offers a great example of how credit cards can complement one another. Here’s a quick overview of the purchase rewards rates for the four consumer cards that are part of the program.

But you’ll then also have to manage three accounts as well as having to remember which card to use where, which may be more work than you want.

Find complementary rewards and benefits that fit your lifestyle

Rather than having all your rewards go toward one program, some people like to diversify and earn rewards in several programs.

Focus on simplicity rather than rewards

Maybe you’re more interested in keeping track of your purchases and staying on top of your finances than maximizing rewards. Splitting your expenses between two cards can help. Use one card for your regular and fixed monthly expenses — such as subscription services, insurance, internet and phone plans — and another card for everything else.

With this arrangement, you’ll be able to quickly identify when a regular expense increases (for example, an increase in your cable or internet bill).

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The downside of managing multiple cards

Having several credit cards can be beneficial in many circumstances. But it may not be ideal for everyone. If you accidentally mix up cards and pay a bill late, or miss a payment completely, you could have to pay late fees and it may wind up hurting your credit.

And if you have trouble limiting your purchases or paying your bill in full each month, sticking to debit or cash may be better than using a credit card at all.

You also might not want to have to keep track of several cards or online accounts — and that’s OK. But responsibly managing multiple cards — even just two — can be more rewarding than just using one.

Bottom line

Using a credit card can yield a variety of rewards and perks. But there may be limitations, and you could be best off with several cards for different circumstances. You can often find two or three cards that, when used together, increase the value of the points you earn or have complementary benefits or fee structures.