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Is it possible to get a credit card without a bank account

It may sound absurd to think that credit cards can be issued without the card holder having a bank account with the relevant bank. It nevertheless is true and happens quite a lot. It is entirely possible to have a credit card without having a bank account. It is simply a misconception that having a bank account is prerequisite to getting a card.

Experts from the banking and finance sector say that not all banks require the credit card holders to have a checking or saving account with the bank. What the banks primarily look for is the credit worthiness of the card holder. Credit worthiness is not entirely assessed by the bank account. Credit worthiness to a very great extent depends on the ability to repay.

The ability to repay comes from the monthly income and banks use credit reports available from the credit reporting bureaus to assess the creditworthiness of an individual. So keeping this in mind, many banks offer credit cards to individuals even if they do not have a bank account with the card issuing bank.

credit card without a bank account

Bank accounts make card management easier

It is a no brainer that having a bank account with the card issuing bank makes it a lot easier to manage the card. Firstly, the card is backed by your bank account and this makes a lot of opportunities such as cash back offers and bonuses available to you. You may even get an extended credit limit based on the amount of funds in the bank account.

Perhaps the biggest advantage of having a credit card backed by a bank account is that you can easily pay your bills using the banking application on your smartphone. Not having a bank account deprives the card holder of this facility. As a result, card holders without an account in the issuing bank either have to walk into the card issuing bank in order to pay the bill or use another bank account to pay the bill, a process which may carry unnecessary processing costs. 

In addition to this, having a bank account with the card issuing bank also comes with the easy of automatic payment for the minimum amount. Thereby eliminating the worry of ever missing the due date for bill payment. This is again something that card holders who do not have a bank account with the card issuing bank cannot take advantage of.

So convenience is definitely one thing that card holders forgo when they do not have a bank account with the card issuing bank.

Having a card backed by a bank account comes with its perks

Most banks have policies that compliment both bank account holders and card holders. For instance many banks roll out offers to waive annual charges, apply lower rates or a number of other incentives to bank account holders, so that they can continue to use the services of the bank. These offers often include lucrative cashback reward programs on credit cards for customers who do a lot of business with the bank.

Therefore not having a bank account with the card issuing bank can make the card holders miss out on these offers that can come with some attractive rewards. Bank of America for instance has a program where the more money an account holder has in their bank account, the higher the earning rate will be on their credit card. Marill Lynch offers bonuses on account holders with a certain level of savings in their bank accounts. It is a tiered system that can fetch upto 75% bonus on the credit card.

Look for a secured Credit card

As we have established in the article so far, it is possible to get a credit card without having a bank account in the same bank. If this is what you want to go for then it might be better to look for a secured credit card.

Many banks offer secured credit cards that require a security deposit or collateral against the card. This type of card is ideal for someone who does not have a bank account with the card issuing bank.

A simple internet search will pull up all of the banks near you that offer secured credit cards. Secured credit cards have the same features as a normal credit card but their credit is secured by a security deposit and they may have a lower credit limit. The credit limit can however be increased by increasing the security deposit.

Conclusively it can be said that it is entirely possible to get a credit card without having a bank account. One may have to forgo the ease, convenience and some of the extra perks but it is not much of a loss if you are looking for the accessibility that comes with a credit card.