Question: I want to apply for a credit card from a bank that I don’t bank with and I already have a credit card with my bank, is it possible to get another from a different lender? JD, Burleigh Heads QLD
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Answer: Many people have different credit cards from different lenders, this is an excellent idea if the consumer uses the different cards for the purposes that suit that particular card.
People get more than one credit card for a number of reasons. It may be that they need one credit card for personal reasons and one for business use. Still another example of why one may have multiple cards is to maximise the benefits of a balance transfer card; keeping one to pay down an existing balance and another for any new purchases. Where this is te reason for multiple cards it is usually a good idea to utilise the best offers from multiple lenders rather than having several cards provided by the same bank.
One thing that should be remembered is if a credit card is for an introductory offer, for example a 0 % interest card, then the introductory offer is unlikely to be available if there is already a card with the same bank. This will mean that the credit card introductory offer may not be available if the card is applied for, and it should be checked before applying. This is because introductory offers were introduced to entice and acquire new customers. An existing customer with an existing credit card account will not be classified as a new customer.
It’s often a good idea to check on one’s credit report before applying for credit and it is highly recommended that you make sure you meet the minimum requirements for the credit card before you apply, these will include the income requirements you must meet in order to be approved.
