Who owns your credit card?

Credit cards can be useful in helping you manage your finances, but it’s important to know which banking group your credit card falls under.

Many banks and the products they offer, like credit cards, belong to a much wider banking group.

When you’re applying for a new card, you’ll have a better chance of success if you choose a card that falls under a different banking group from your existing provider.

Why you should know who your credit card provider is

Knowing which banking group your credit card belongs to is useful when you want to take out a new card.

That's because if you already have a credit card and want to apply for another, it can be more difficult if you choose one that falls under the same banking group.

For example, you may want to apply for a balance transfer credit card. These usually have an interest-free period of two years or longer and can be useful in reducing what you owe.

However, if you apply for one of these, you won’t be able to transfer the balance between two cards that are issued by the same credit card provider or banking group.

Can I have more than one card by the same provider?

There’s no legal limit for how many credit cards you can take out. But if you want to take out more than one card with the same credit card provider you usually need to have been a customer with them for six months or more.

Each provider or bank will vary on what they require, so it’s best to check with them what’s needed for you to be eligible to apply.

As with any credit application, your personal circumstances will be assessed. This means looking at a number of factors including your credit record, your income and how much you can reasonably afford to repay.

What to do if you can’t get a new 0% card

When your 0% interest period runs out you’ll be charged at the much higher standard interest rate, so you’ll need to look at what options are available.

If you can’t get a new zero-interest card because of your credit history, there are a few things you can do:

• Make a lump sum payment on your card - use savings or any extra cash you have to reduce the balance on your credit card before the zero-interest period ends. This will help you to save money in the long run
• Try applying for a credit building card - with this type of credit card you make small purchases that you’ll need to pay off in full every month. This gives your provider increased confidence in how you’ll manage repayments for a zero-interest card
• Transfer the balance to a new card - If you have a low credit score, you may still be eligible for some balance transfer cards that you could switch to and save money in interest repayments
• Leave the balance on the card and pay interest - consider paying as much as you can towards the debt on the card so that you’ll pay less interest over time

If you’re struggling with your credit card payments you can speak to your credit card provider who may be able to provide you with options to help.