Can you get a credit card from a different bank?

While getting a credit card from the same bank that you have a cheque or savings account with might offer some convenience, there can be benefits in getting a credit card from another bank. Use this guide to weigh your options and decide whether or not you should get a credit card with your current bank or another provider.

Can I get a credit card from another bank?

Yes, you can apply for a credit card with any bank that’s not your own bank. For example, you can get a credit card with RBC even if you bank exclusively with TD. You don’t need to have a bank account in order to apply for a credit card and you can simultaneously have multiple credit cards from different banks.

When you’re looking to get a new credit card there are perks to both staying with your existing bank and choosing to sign up with a new one. If you’re having trouble deciding, use the comparison below to determine which strategy is right for you.

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Neo Credit Mastercard

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American Express Cobalt Card

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No Annual Fee

Tangerine Money-Back Credit Card

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BMO CashBack Mastercard

Getting a credit card with your existing bank

• When you get a credit card from another bank, you may be stepping into unfamiliar territory. You’ll have to log in to a new banking portal to see your credit card balance and you won’t be able to transfer funds between your accounts easily. You may also struggle with accessing the same level of customer service if you run into issues with your account when you get a credit card from a different bank.
• Simple application process. When you apply for a credit card with your existing bank, your provider will have all of your financial information available to assess your eligibility. When you apply for a credit card from another bank, you may have to supply additional documents to get approved. You could also face more strict eligibility criteria to qualify if you don’t have a long-standing history with the other bank.

Getting a credit card with a different bank

• Promotional offers. The primary reason you might want to get a credit card from another bank is to take advantage of promotional offers. For example, some credit cards offer 0% balance transfers for up to 12 months or welcome bonus points with a rewards or travel points program. These offers are usually only available for new applicants and may not be available if you already bank with the provider.
• Getting a better deal.Applying for a credit card from another bank can give you more competitive interest rates or fees. You may also get a wider array of benefits or a higher return on rewards with a credit card from another bank. You can use the comparison table below to compare credit cards from different banks. Pay attention to the annual fees, interest rates and features such as rewards and complimentary insurances to see how providers stack up.

How to compare credit cards

When comparing credit cards from different banks, consider the following factors:

• Purchase interest rates. Interest rates vary between credit cards from different banks. Even a small difference in the APR can cost you a lot of money if you’re not careful about paying off your outstanding balance in full each month.
• Promotional interest rates. If a promotional interest rate is being offered, find out how long it lasts, what it applies to (new purchases or balance transfers) and what the rate will be once the promotion ends.
• Balance transfers. If you’re looking to do a balance transfer, you will want to compare balance transfer interest rates, card fees, the term of the low balance transfer offer and if any balance transfer fees apply.
• Cash advance interest rates. Withdrawing money using your credit card will come with a hefty fee known as a cash advance rate. Unlike the purchase rate, this rate is applied from the moment you withdraw funds using your card.
• Annual fees. Card fees can be pricey, but some banks will waive the fee for the first year if you’re a new customer. It’s possible to find no annual fee cards or cards that come with a fee but offer benefits to offset the expense.
• Interest-free days. Expect anywhere between 21 and 55 interest-free days. If you tend to pay off your balance on-time, these interest-free days can help you hold onto your money longer.
• Rewards. Find out how many rewards you’ll earn with each card and pick the card that offers the highest return with the type of rewards that will work best for your lifestyle.
• Complimentary extras. Look at complimentary insurances, airport lounge access, access to early ticket sales and other complimentary extras when comparing cards.

Who is most likely to be researching credit cards with a different bank?

Finder data suggests that men aged 25-34 are most likely to be researching this topic.

Can I switch credit cards with the same bank?

You can definitely switch credit cards with the same bank. It’s also possible to hold two or more credit cards from the same bank if you don’t want to close out your original account. To switch credit cards with the same bank, you’ll need to fill out an application for a new credit card and close out your old card. That said, you may want to keep both accounts open and simply stop using the original card since closing out credit cards can damage your credit score.

Can I have a credit card without a bank account?

You may be able to have a credit card without a bank account as long as you can show proof of income. Your eligibility for a credit card will depend on the policies of the bank you’re applying with. You should also keep in mind that it may be difficult to make payments on a credit card without a bank account, especially if there are no branch locations near you where you can pay off your card in cash.

How to pay a credit card from another bank

Paying a credit card from another bank is easy and can be done via online or mobile banking. All you have to do is log in to your account, navigate to the bill payments menu and enter your credit card account details as a new payee.

You can then initiate a payment by entering the amount you need to pay off your credit card. Make sure you review the details of the payment to make sure everything is correct before finalizing the transaction.

Bottom line

It’s easy to get a credit card from a different bank than the one you bank with. You can also hold multiple cards from different banks and switch credit cards with the same bank, while it’s easy to pay a credit card from another bank too. All you have to do is compare credit cards to find the best card to add to your portfolio.

Credit card from another bank FAQs

• Can I get a credit card from another bank?

  You can definitely get a credit card from a different bank than the one you bank with. You just need to apply and show proof that you meet eligibility requirements. Just be prepared to manage your account using the other bank's online portal.

How can I pay a credit card from another bank?

It's fairly easy to pay a credit card bill from another bank. Simply log into your bank account online and follow the prompts in the Bill Payments section of your bank account to add that credit card account as a payee. Once it's set up you can pay yourv credit card bill from a different bank each month.

• Can you have a credit card without a bank account?

  You don't need a bank account for a credit card in some cases. It's up to the discretion of the bank you apply with if it wants to issue you a credit card without a bank account. Many banks will allow this as long as you show proof of income and you live near a physical branch location so that you can pay in cash. You do have to make payments each month however, and this is more difficult to do without a bank account.

• Can you have two credit cards from different banks?

  You can have two credit cards from different banks, or even multiple credit cards from several providers (they don't even have to be banks). Just be aware that the credit card company or bank you apply with may factor the number of credit cards you already have into its decision about issuing you a card. Applying for multiple credit cards can also harm your credit score.

• Can I switch credit cards with the same bank?

  You can switch credit cards with the same bank, but it's not a straight across switch. Instead, you have to apply for the new card and close your account on the old one. That said, many experts recommend that even if you want to switch credit cards with the same bank, you keep the old card open since closing it can damage your credit score.