When you’re looking for a new credit card, how do you compare credit card offers? Which banks do you consider applying with? Have you thought about contacting your existing bank? If not, maybe you should! Your current bank might just be the perfect credit card provider.

There are some obvious benefits to having a bank account and credit card with the same bank — you can make payments in person when you visit the branch for example. But the real reason your existing bank is such a worthwhile option to consider is the fact that your bank already knows a lot about you.

Why Having Your Personal Information is a Good Thing

When you apply for a credit card, your information is held up to a somewhat rigid set of standards. Those rules can be bent though. You have a better chance of that happening (and a better chance of being approved and getting a better deal) if you apply for a card with your current bank. Simply put, your bank knows things other credit card companies don’t know about you. Have some late payments on your credit file? Your bank might consider you less of a risk than another company would if they also know that you have adequate savings available.

Types of Information Your Bank Might Have

Your current bank knows a lot about you. For example, they might know:

1. How much, and when, you get paid by your employer

2. How much you have in savings or investments through the bank

3. Whether or not you have a history of things like overdrafts (if you overdraft your checking account you might be a bigger risk of overdrawing on your credit limit too)

4. Who you really are (there’s a lot to be said about having a personal relationship with your lender)

It’s that last bit that matters the most — the personal contact you might have with your bank’s employees. If they know you, know your payment histories, and know that you’re not spending money on risky transactions from past activity on your accounts, they might be more willing to cut you a break. Maybe they’ll offer you the lower interest rate you request. Perhaps they’ll approve you for a card even if you don’t quite meet the normal income requirements because they know you have enough in your savings and investments to cover the potential balance.

It might seem a little bit unnerving when you really think about all of the things your bank knows about you, but when it comes to credit card offers it can work in your favour. Don’t be afraid to use it. After all, keeping you happy as a potential credit card customer also keeps you happy as a bank customer, so it’s in the bank’s interest to work with you.

Similar Posts:

Share