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Should I get a credit card with my bank or another bank?

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.

Blue Cash Preferred® Card from American Express

★★★★★

Finder Rating: 4.3 / 5

Terms apply, see rates & fees
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Minimum credit score

670

Annual fee

$0 intro annual fee for the first year ($95 thereafter)

Purchase APR

0% intro for the first 12 months (then 13.99% to 23.99% variable)

Balance transfer APR

N/A

Rewards

6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on other purchases (redeem as statement credit)

Welcome offer

$300 statement credit after spending $3,000 in the first 6 months

Chase Freedom Unlimited®

★★★★★

Finder Rating: 4.7 / 5

Terms apply, see rates & fees
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Minimum credit score

670

Annual fee

$0

Purchase APR

0% intro for the first 15 months (then 14.99% to 23.74% variable)

Balance transfer APR

14.99% to 23.74% variable

Rewards

5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases

Welcome offer

$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores (not including Target® or Walmart®) on up to $12,000 in the first year

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 top 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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