When you get a credit card, most of the potential value and costs come from its features, including the interest rates, annual fee and any rewards or other perks. So, looking at credit cards offered by different banks or brands gives you a way to find a card that has the right mix of features for you.
Here's how to compare cards between the bank you already have accounts with, and others in Australia.
Getting a credit card with your current bank vs with a different bank
There can be benefits to getting a credit card from another bank or from your current bank. Below are a couple of factors to think about with either choice.
Getting a credit card with another bank
- Promotional offers. If you're looking for a new credit card, applying for a credit card with an introductory offer could help sweeten the deal. For example, some credit cards offer 0% on purchases for a set period, interest-free on balance transfers and bonus points with a rewards or frequent flyer 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, comparing on Finder 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. A good place to start is our best credit cards page.
Getting a credit card with your existing bank
- The familiarity of banking with the one institution. If you have banked with the same institution for a while, there are some benefits to staying loyal. If you have a savings account with a bank, for example, you’ll be familiar with the services that the bank offers. You’ll know what to expect from the customer service team and hopefully there will be some branches nearby. Additionally, having all of your online banking on one app or platform offers convenience when managing your money.
- Simple application process. When you apply for a credit card, the lender assesses your approval based on a number of factors including your income, repayment history and credit history. If you’re applying for a credit card with the same bank, they can access 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. The fact that your bank already has your details could also mean that you won’t need to submit some basic details when you’re filling out your application.
Can you have 2 credit cards from different banks?
If you meet the eligibility requirements, you can have 2 credit cards from different banks or issuers. It's also possible to get 2 credit cards from the same bank.
For example, if you run a business, you might want a personal credit card for everyday spending and a business credit card to keep track of work expenses. These cards could be from the same bank, or 2 different ones, it's up to you which cards you apply for.
But keep in mind that it's usually more cost-effective to have just 1 card, unless you have a specific reason for using 2, because you'll be dealing with multiple fees and interest rates. Having more than 1 credit card can also impact your credit score.
Finder survey: How often do Australians of different ages switch credit cards?
| I have never switched credit cards | 8.99% | 5.71% | 7.24% | 5.4% |
| Every 1-2 yrs | 2.25% | 5.98% | 2.3% | 0.57% |
| Every 3-4 yrs | 2.25% | 4.08% | 2.63% | 0.57% |
| Every 5 yrs or more | | 2.17% | 2.96% | 2.27% |
| More than once per year | | 0.27% | 0.33% | |
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
How to pay a credit card from another bank
Banks and other credit card providers give you a choice of ways to make payments – and it's usually similar to how you'd pay your phone or energy bill.
So, when you get the statement, you'll see all the different payment options available. Some of the most common ones include:
- Direct debit. With direct debit (or AutoPay), the payment will be automatically taken from your transaction account each month. Similar to subscriptions for Netflix or the gym, you provide your transaction account details and select payment options, such as the frequency and amount (usually the minimum due, a set amount above that or the full amount).
- BPAY. To make a BPAY payment from your bank account to your credit card, you'll need the credit card provider's biller code and your reference number (usually the 16-digit number on your actual credit card). You'll find these details on each credit card statement, and can then make a payment from almost any Australian transaction account.
- Mail. You can post a cheque (or sometimes a money order) to the credit card provider using the address that's given on your statement. Most statements include a payment slip for you to fill out if you use this option. Keep in mind that you will need to post it with enough time for it to arrive by the due date on your statement.
- Australia Post. Some credit card providers, including Citi and NAB, also let you pay your bills at Australia Post outlets that offer Post Billpay (or Bank@Post). You need to present your credit card statement and/or the credit card, plus a form of payment such as your debit card or cash. Some credit card providers charge a fee of around $2-$3 per payment for this option. You can check your statement, fee schedule or ask your provider to find out if there is a fee for paying at Australia Post.
Most credit cards give you at least 3 ways to pay your statement, regardless of whether you have other accounts with the same bank or provider. So it's just a matter of choosing the simplest way for you, whether that's BPAY, direct debit or going to Australia Post.
Ready to find a new credit card? Compare the latest offers and search Finder's database by bank or brand.
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what is the minimum transfer amount, i am getting a credit card from another bank. thanks.
Hi BB,
Thanks for getting in touch with Finder! If you are referring to a balance transfer credit card application, the minimum transfer amount will depend on the approved amount given to you by the bank. As a friendly reminder, review the eligibility criteria of the card before applying and read up on the terms and conditions of the card. Feel free to reach out to the bank if you need any clarifications.Hope this helps!
Best,
Nikki
I have a savings bank account but I m a student and have no regular savings. Now, can I apply for credit card?
Hi Masoom,
Thank you for getting in touch with Finder.
Regarding your enquiry, you must have enough income to service the minimum credit limit available on the card. Income can include your wages from full or part-time work, as well as Centrelink payments and even student scholarships in some cases. If you do not have a source of income, you can consider a supplementary card on a parent or guardian’s credit account or a Visa debit or Mastercard debit card.
You may want to see our list of credit card issuers that offer student credit card, kindly refer to our comparison table to find the card that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Have a great day!
Cheers,
Jeni
How can i get a credit card even if I don’t have savings account?
Hi Red,
Thank you for your comment.
As long as you meet the eligibility criteria, you can apply for a credit card even if you do not have a savings account. You have to carefully check the requirements, terms, and conditions, and eligibility before you submit an application. Refer to our guide on how to apply for your first credit card. On the page is a comparison table you can use to see which card suits you.
When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Regards,
Jhezelyn