You don’t need to have a credit card with the same bank you have your savings account with, and often going with a different bank can save you money.
There is no obligation to get a credit card with the same bank and you can apply for a new credit card without a savings account.
Getting a credit card from another financial institution
Nowadays more people have a transaction account at one place and have a credit card provider at another. Considering all the great deals being offered for credit cards, people are more willing to shop around and find the perfect deal they can.
Reasons to have your credit card and savings account with the same bank
- It is easier to have a combined account where the transaction account is linked to the credit card account at one bank to make payments easier.
- Banks can offer incentives for you to keep both accounts with them, in the form of discounted fees, bonus points and additional offers.
Reasons to have your credit card and savings account with separate banks
- Banks provide promotional offers for new customers when they apply for credit cards and savings accounts. Comparing your options can usually reward you with a better deal than you’re currently receiving.
- Payments can still be handled easily when the two accounts are at a different bank or financial institution. Setting up a direct debit payment to the credit card or savings account is the best way to ensure your payments are met.
Take the time to shop around for a credit card that will save you the most money and give you the most benefits. There are many competitive deals being offered, and you don’t have to have a credit card with the same bank that holds your transaction account for you.