topic Re: Question about joining the bank in Credit Cards

Question about joining the bank

Ms6Footer — Sat, 13 Apr 2019 05:28:21 GMT

Do you have to be a member of the bank, for example BofA, Commerce, Wells Fargo, USBank ect in order to apply for their card? While I’m sure it helps is it a requirement?

Re: Question about joining the bank

Anonymous — Sat, 13 Apr 2019 06:26:19 GMT

Hardly ever required but it can increase your chances with some lenders.

US Bank and Wells Fargo are both known to be relationship banks that are more likely to lend to their existing customers.

Chase tends to offer cards to their customers even when they are beyond the 5/24 rule.

Bank of America has significant relationship benefits for those who park $100K with them in the form of higher cash back rates.

That said, none of these banks will refuse to issue cards to someone who doesn’t have any other accounts, it just can help push a borderline approval into a certain approval or better terms.

Credit unions, on the other hand, often won’t let you apply for a card until you are a member.

Re: Question about joining the bank

SouthJamaica — Sat, 13 Apr 2019 11:36:54 GMT

@Ms6Footer wrote:
Do you have to be a member of the bank, for example BofA, Commerce, Wells Fargo, USBank ect in order to apply for their card? While I’m sure it helps is it a requirement?

No, it's not a requirement.

Re: Question about joining the bank

Ms6Footer — Sat, 13 Apr 2019 13:08:50 GMT

Thank you. I was just curious. I’m with a CU and no plans for a bank any time soon. I also don’t need any cards but you never know what could happen.

Re: Question about joining the bank

Ms6Footer — Sat, 13 Apr 2019 13:09:15 GMT

Thank you.

Re: Question about joining the bank

UpperNwGuy — Sat, 13 Apr 2019 13:46:51 GMT

I have had Chase, Citi, Bank of America, and American Express credit cards without opening any checking or savings accounts.

Re: Question about joining the bank

Anonymous — Sat, 13 Apr 2019 15:49:25 GMT

@UpperNwGuy wrote:
I have had Chase, Citi, Bank of America, and American Express credit cards without opening any checking or savings accounts.

Yes and I think this is a common experience. My first UK (Barclays) and US (bank bought by BoA) credit cards were with banks I had a checking account (and that was long long ago) with but none others since, including Chase, Citi, Amex, Barclays, Capital One, Sync, US Bank, etc)

My expectation is that it will possibly help (and only then in very "close call" cases) with significant amounts. If I put $100 in checking, that really shouldn't change my risk assessment if there are any real concerns. Some banks maintain a separation between credit and banking, so there there shouldn't be any impact. In cases where they do communicate, any bad banking incidents can hurt. Chase in particular will close credit cards if it has concerns with the banking side.

Re: Question about joining the bank

simplynoir — Sat, 13 Apr 2019 16:03:27 GMT

@Anonymous wrote:
@UpperNwGuy wrote:
I have had Chase, Citi, Bank of America, and American Express credit cards without opening any checking or savings accounts.
Yes and I think this is a common experience. My first UK (Barclays) and US (bank bought by BoA) credit cards were with banks I had a checking account (and that was long long ago) with but none others since, including Chase, Citi, Amex, Barclays, Capital One, Sync, US Bank, etc)

My expectation is that it will possibly help (and only then in very "close call" cases) with significant amounts. If I put $100 in checking, that really shouldn't change my risk assessment if there are any real concerns. Some banks maintain a separation between credit and banking, so there there shouldn't be any impact. In cases where they do communicate, any bad banking incidents can hurt. Chase in particular will close credit cards if it has concerns with the banking side.

For banks like BofA I'll also concur if you have a lot of money with them they'll be more considerate both on approvals and any future considerations for increases.

Re: Question about joining the bank

Kforce — Sat, 13 Apr 2019 16:28:06 GMT

@Ms6Footer wrote:
I’m with a CU and no plans for a bank any time soon.

* You do not need a relationship with a Bank to get a credit card from them *

I have an excellent CU.

However it has worthless credit cards, same as many other excellent CU's.

Always went for credit cards with good rewards or benefits for my spend.

Some of the best cards are at reported relationship banks.

I have had cards with FNBO, Chase, Bank of the West, US-Bank, BofA, and had no prior relationship with any of them.

Re: Question about joining the bank

Anonymous — Sat, 13 Apr 2019 17:43:10 GMT

Certain cards may have requirements for a relationship to exist before applying(US Bank Alt Reserve comes to mind).

Re: Question about joining the bank

pinkandgrey — Sat, 13 Apr 2019 17:50:53 GMT

Definitely not a requirement but they tend to be relationship-oriented so it helps.

Re: Question about joining the bank

zerofire — Sun, 14 Apr 2019 03:41:24 GMT

Banks will not require an existing relationship for approval for a credit card. They may require an existing relationship for some of their higher end cards and may have a existing relationship be more lenient for you on other product. Some banks are however region locked which might feel similar. Most banks do not care about having an existing relationship as they prefer to expand by the issued product.

The only financial institutions that require a relationship are credit unions. This is because they wish to only serve their members.