Can I get a credit card from a different bank?
You can have credit cards from multiple banks. Just pay them off on time, and remember that too many cards can harm your credit score.
Key takeaways
- You don't need to get a credit card with your current bank. You may find a much better credit card somewhere else.
- You can do all your spending on a card from one bank and pay it off each month with a direct debit or BPAY from another bank account.
- You can even have 2 or more credit cards from different institutions. Just be aware that having multiple credit cards can lower your credit score.
Why get a credit card with another bank or card company?
- To get a better deal. Every credit card from every bank looks a little different. Even a small difference in the purchase rate or the annual fee can save you money. Shopping around for a better credit card is always a good idea.
- To get a promotional offer. If you're earning points or doing a balance transfer, you'll often get a better deal by switching to a new credit card from a new bank. The most generous offers (especially ones involving bonus points) are for new customers only.
- To get a more suitable card. Some smaller banks only offer a limited range of credit cards. If you really want to earn Velocity Points, for example, you might want to look at a Virgin Money card or a card from a bigger bank that lets you earn these points directly.
- To get a balance transfer offer. If you've got existing card debt and the interest charges are building up, you can transfer the balance to a new card with a 0% promotional offer. This gives you time to pay off the card interest-free.
What are the benefits of sticking with your bank?
It's often much faster to get a credit card approved with your current bank. Your current bank knows you well. If you've been with the same bank for a while you might already be approved for a low rate credit card.
And it's very handy having your bank account and credit card in the same app. You can link them, and move money to pay off the card instantly.
Finder survey: How often do Australians of different generations switch credit cards?
| Response | Gen Z | Gen Y | Gen X | Baby Boomers |
|---|---|---|---|---|
| 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
Can you have 2 credit cards from different banks?
In theory, you can have as many credit cards as you like. In reality, you are constrained by:
- Your income.
- The credit limits on the cards (how much you can spend).
- Your credit score.
Most people will probably only qualify for one or two credit cards. But if you have a decent income and always pay your cards off on time, you could easily take out multiple cards.
Just be aware that the more cards you have the harder it is to get other cards and loans approved in future.
"I have a transaction account with one bank and my credit card with another. For me the priority was getting a points-earning credit card. It's totally worth it, and paying the card off via BPAY each month is easy. But I have to admit life is so easy when all your banking is one app. I do miss that convenience."
How to pay a credit card from another bank
- 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.
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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