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Can I get a credit card without a bank account?
Compare the benefits of choosing a credit card via an existing bank, or selecting a new provider.
While getting a credit card with the same bank as your debit card provider might offer some convenience, there are a number of perks available if you shop around for a new credit card elsewhere.
Use this guide to weigh up your options, and decide whether or not you should apply for a credit card with your current bank or a different provider.
What's in this guide?
- So, can I apply for a credit card without a bank account?
- How do I pay off my credit card without a bank account?
- Getting a credit card with a bank account vs no bank account
- If I have a transaction account elsewhere, can credit card companies check my bank account?
- Compare credit cards with an introductory offer
Yes, it’s entirely possible to get a credit card from a bank without having a transaction account that is linked to the same lender. You can compare current credit card promotions below.
How do I pay off my credit card without a bank account?
As with any credit card, you’ll typically have the following options for how to pay back the bank:
- AXS stations
- Bank branches
The way that you manage your monthly billing cycle may vary from lender to lender, so sure you read the terms and conditions in full before applying for a card.
Getting a credit card with a bank account vs no bank account
When you’re in the market to get a credit card, there are benefits to choosing a credit card with an existing bank account or opting for a new card issuer. If you’re having trouble deciding, use the comparison below to determine which strategy could meet your needs.
Getting a credit card with a bank account
- Loyalty bonuses. If you have banked with the same institution for a while, there are some benefits to staying loyal that you simply won’t have access to without an account. For example, a favourable interest rate on a savings account. Also, you’ll be better placed to know what to expect from the customer service team and, hopefully, there will be some branches nearby.
- Fast and easy payments. Having a bank account means you’ll have more options when it comes to settling your monthly credit card bill. You can pay a card issuer through online banking via your existing bank. Also, another big plus is that you can set up a GIRO from your existing transaction or savings account. This means you can choose to automatically deduct either the minimum amount or the full amount from your credit card debt each month. As long as you have enough money in your bank account, you should never miss a payment date again.
- Simple application process. The fact that your bank already has your details could also mean that you won’t need to submit details such as your full name, contact details and residential address when you’re filling out your application.
Getting a credit card without a bank account
- Promotional offers. If you’re looking for a new credit card, applying for a card with a sign-up promotional offer as a new customer could help sweeten the deal. For example, some credit cards offer 0% on purchases for a set period, exclusive gifts and bonus points with a rewards program. These offers are usually only available for new applicants and may not be available if you already bank with the provider. If you do want to take advantage of a promotional offer like this, comparing credit cards with a different bank could provide you with more options.
- Getting a better deal. While sticking with the same bank might offer convenience, you could be missing out on more competitive deals if you fail to compare your options beyond your regular provider. If you’re unsure where to start, using the comparison tables on finder Singapore is a simple way to compare your options side-by-side. Pay attention to the annual fees, interest rates and features such as rewards, complimentary insurances and more to see how the cards with your usual provider compare to the other options on the market. Find out how you could get benefits while taking advantage of a card with no annual fee.
If I have a transaction account elsewhere, can credit card companies check my bank account?
No, a card issuer won’t be able to access an existing bank account that you hold with another lender. However, keep in mind that the provider of any new card you apply for will be able to get a clear picture of how responsible you have been with managing credit in the past. They’ll do this by running a thorough credit check and during this process they will see your credit score. Your score is a major factor in determining whether or not you’re accepted for a new card. It’s based on a range of factors including your payment history and the length of your credit history, among others. Read about how you can take action to improve your credit score.
When you apply for a credit card, the lender also assesses your approval based on your income. So, if you’re applying for a credit card with the same bank, they can easily see your debit card history and also assess your approval based on your ability to save and your spending behaviour. If you’re good at saving, spend responsibly and don’t overdraw your account, this could work in your favour.
As you can see, there are a few options to consider when deciding if you should stay with your current bank or look for a credit card without a bank account. Whether or not you’re content to remain with your existing issuer, you should still compare your other options to make sure you’re making the right credit card decision.
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