How do I decide whether to go with a bank credit card?
One of the main perceived advantages of getting a credit card through your bank is that you already have a relationship that’s been built up over the years. However, just because you have a relationship doesn’t mean you’ll be getting the best deal from them.
The key is research – it’s best to shop around to see which provider can offer the right credit card for your needs. It’s just important to make sure that you think your credit score is strong enough before you apply – so it's a good idea to (1) check your credit score, and (2) compare credit cards up front rather than making multiple applications.
The more places you apply for credit and are turned down, potentially the less likely you are to receive credit at all. It’s called a ‘rejection spiral’ because repeated applications (and refusals) can harm your credit score further.
So don’t just stick to your bank as you could be missing out on some fantastic deals.
It could pay to compare using a comparison site such as comparethemarket.com. You can see a range of different types of credit cards on offer and compare them with credit cards from your bank, too.