Are There Any Perks to Banking with the Same Bank As My Credit Card?

Are There Any Perks to Banking with the Same Bank As My Credit Card?

October 21, 2019         Written By Lynn Oldshue

Today, many banks are offering their customers access not only to traditional savings and checking accounts but also to credit cards. If you have received an offer from your bank, you may be wondering if there are any perks to opening a credit card with your primary financial institution. The specific bonuses depend on your bank, but certain financial institutions do offer bonuses that make their credit cards a little more attractive.

Bank of America®

Bank of America® offers a number of credit cards to their customers, and some of these cards enhance the rewards if the card member is a Bank of America Preferred Rewards member. These three cards–Bank of America® Premium Rewards® credit card, the Bank of America® Cash Rewards credit card and the Bank of America® Travel Rewards credit card–allow the bank’s Preferred Rewards member the chance to earn 25% to 75% more cash back rewards on every purchase. As an example, the Bank of America® Premium Rewards® credit card gives two points for every $1 spent on travel and dining purchases and 1.5 points for every other $1 spent. Bank of America Preferred Rewards members earn an additional 25% to 75% cash back on all purchases. There are no limit to the points that can be earned, and the points don’t expire. There is a $95 annual fee, but cardholders get up to $200 in combined airline incidental and airport expedited screening statement credits, and new card members receive 50,000 bonus points when they spend $3,000 within the first 90 days of opening their account, which equates to a $500 value.

Ally

Ally is an online-only bank that offers the Ally CashBack Credit Card. Account holders can receive a 10% Ally Deposit Bonus when they redeem cash into their eligible Ally account. There is no annual fee, and cardholders earn 2% cash back at gas stations and grocery stores and 1% cash back on all other purchases. Currently, new cardholders can earn a $100 bonus when they spend $500 within the first 90 days of opening their account. They may also qualify for 0% APR on balance transfers for the first 12 billing cycles after they open their account.

Wells Fargo

Wells Fargo offers the Wells Fargo Cash Wise Visa® Credit Card, which allows cardholders to redeem their cash rewards at the 13,000 Wells Fargo ATMs nationwide. Cash redemption is available in $20 increments. Cardholders earn 1.5% cash rewards on every purchase, and there are a number of perks for new cardholders. When you spend $1,000 within the first three months of opening your account, you can receive a $200 cash rewards bonus. Additionally, cardholders will earn 1.8% cash rewards on Google Pay™ or Apple Pay® mobile wallet purchases made within the first year of opening their account, and they can enjoy 0% APR on purchases and balance transfers for the first 12 months that their account is open.

Conclusion

Since a number of banks are offering cash back rewards when their account holders open credit card accounts, it is worth checking to see what bonuses you can earn from opening a credit card with your financial institution.



The information contained within this article was accurate as of October 21, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Top Features : No annual fee, no penalty APR; free FICO® Score
Top Features : $200 bonus after spending $1,000 in first 90 days; no annual fee
Top Features : 2 points for every $1 spent on travel & dining; 1.5 points per $1 on other purchases; 50,000 bonus points after spending $3,000 in first 90 days
Top Features : 1.5 points per $1 spent; no annual fee; 25,000 bonus points after spending $1,000 in first 90 days