Should I get a credit card with my bank or another bank? | finder.com
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Should I get a credit card with my bank or another bank?

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Consider credit cards from multiple providers before deciding.

You’ve decided it’s time for a new credit card. Should you apply for one with your current bank, or seek greener pastures with another provider? While it can be convenient to open a card with your current bank, you could find a more attractive card with another lender.

Getting a credit card with your bank vs. another bank

If you’re having trouble deciding between staying with your bank or switching, consider these factors.

Benefits of getting a credit card with your current bank

  • Familiarity.

    If you’ve banked with an institution for a while, there are some benefits to staying loyal. You may be very familiar with the services and policies of your current bank. You may also know what to expect from the customer service team and have visited a few of the bank’s branches.

  • Simple application process.

    When you apply for a credit card, the provider assesses you based on a number of factors, such as your income and credit history.

    Your current bank can access your account activity, such as a checking or savings account history. This helps it assess your risk profile based on your savings and spending. If you’ve used your account responsibly, this could increase your approval odds for a credit card.

    Another perk: Since your bank already has your basic information, you might not need to spend time filling out a credit card application from scratch. Your bank may auto-fill most or all form fields.

Benefits of getting a credit card with a new bank

  • Get a better deal.

    While sticking with the same bank might offer convenience, you could miss out on more competitive deals from other providers. By branching out to other banks, you can find products with attractive 0% intro APR periods, signup bonuses, rewards and travel benefits.

  • Balance transfers.

    If you already have a credit card with your current bank, opening another card with the same institution most likely won’t give you access to balance transfers.

    If you open a card with another provider, you can move your balances to that card.

Our pick for balance transfers

Chase Freedom Unlimited®

  • New offer! Double cash back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
  • 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24-25.99%. Balance transfer fee is 3% of the amount transferred, $5 minimum
  • No minimum to redeem for cash back
  • Cash back rewards do not expire as long as your account is open
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
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Compare credit cards

Name Product Filter values Rewards Purchase APR Annual Fee
2x points on travel and dining. 1x points on all other purchases
18.24% to 25.24% variable
$95
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months.
7x points on Hilton Honors purchases, 5x at US restaurants, US supermarkets and US gas stations, 3x on all other purchases
17.99% to 26.99% variable
$0
Earn 75,000 Hilton Honors™ Bonus Points after you spend $1,000 in purchases on the card within your first 3 months of card membership. Rates & fees
5x points on flights booked directly or flights and hotels booked through American Express Travel. 1x points on all other purchases
None (Charge Card)
$550
Get 5x Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5x points on eligible hotels booked on amextravel.com. Rates & fees
N/A
14.24%, 20.24% or 25.24% variable
$0
An 15 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
15.24%, 19.24% or 25.24% variable
$0
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.

Compare up to 4 providers

Bottom line

When looking for a credit card, there are a few factors to consider before deciding if you’re going to stay with your current bank.

Even if you’re content with your current bank, compare cards from other providers before settling on your final choice. Doing can possibly land you with a credit card that better matches your spending style.

Frequently asked questions

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