 TITLE: Should You Get a Credit Card From Your Bank? CONTENT: Pros and Cons of Getting a Credit Card From Your Bank\n-----------------------------------------------------\nAs you consider whether to apply for a credit card from your bank versus another issuer, look at the benefits and disadvantages of doing so.\nFirst, the pros of getting a credit card from your bank:\n*   **Ease of applying**: You might find it easier and more convenient to apply online while logged in to your bank account, or even in person at a bank branch if you want to talk to a customer service representative about your options. Doing so might also be a good idea because a bank rep might be able to tell you your odds of being approved.\n*   **Convenience**: If you already have one or more accounts with your bank, then setting up a new credit card and adding it to your online profile is simple. You'll already be familiar with your banking app or website and won't have to get used to anything new. It may also make processing your monthly payments faster than establishing a payment system with another entity.\n*   **Having an alternative to a debit card**: Perhaps you have a debit card linked to your bank account that you use for withdrawing cash and making purchases. Instead of doing this, however, it's a good idea to open a credit card you can use for purchases since credit cards tend to have better fraud protection in case your card is lost, stolen or used for unauthorized charges.\n*   **Potential for generous bonuses**: You may qualify for higher benefits depending on your relationship with your bank. For instance, Bank of America Preferred Rewards members can boost their reward rate on Bank of America credit cards by 25%, 50% or 75% depending on their Preferred Rewards tier, which is determined by their qualifying combined account balance.\nNow for some of the cons of getting a credit card from your bank:\n*   **Limited options**: By sticking with a single bank, you're cutting yourself off from potentially great welcome offers and rewards from other credit card issuers.\n*   **Reduced bonuses**: Before you open a new credit card from your bank, compare the welcome bonus currently being offered with those that have been posted in the past. You might also get a better deal applying in-branch instead of via an offer that is mailed or emailed. Shop around before you hit that apply button.\n*   **No balance transfers**: If you already carry a credit card from your bank and want to open a second, you will not be able to take advantage of any promotional balance transfer options like you might with a card from another issuer. END